Tosca to Acquire Carol Copper Project, Sonora, Mexico
25 10월 2013 - 3:26AM
Business Wire
Tosca Mining Corporation (TSQ-TSX-V) announces that it has
entered into a Letter of Intent (LOI) with Alta Vista Ventures
Ltd., to acquire a 100% interest in the Carol Copper Project,
Sonora, Mexico.
The Carol Copper Project consists of approximately 756 hectares
and is located 5km NE of the Pierdras Verdes Porphyry Copper Mine,
Mexico’s third largest copper mine, with measured and indicated
resources of 197 million tonnes grading 0.39 % Cu (Cobre Del Mayo
NI-43101 report, Feb 12, 2010).
Previous work by Alta Vista over a number of campaigns succeeded
in identifying widespread Cu-Ag-Zn-Au skarn-style mineralization in
outcrops and trenches over two zones covering 1,100 m by 400 m and
700 m by 180 m and the La Escondida occurrence, which is located
between the two zones. The most significant work program was
conducted in 2008 when a total of 232 samples were taken from 18
trenches with values ranging from trace to 7.67% copper, trace to
2.24 g/t gold, trace to 83.9 g/t silver, and trace to 15.3% zinc
with highlights from the trenching of:
Trench # Width (m) Average Grades Cu
(%) Ag (g/t) Au g/t) Zn (%) BS – 1 22.0 0.54
6.69 0.14 4.45 BS – 2 16.5 1.10 8.42 0.11 2.45 BS – 6 10.0 1.94
36.7 0.59 19.17 BS – 8 48.0 0.86 16.57 0.09 0.37 Inc 22.0 1.15
28.57 0.05 0.61 BS – 9 24.0 1.20 8.07 0.18 2.24
La Escondida 10.0 2.19 18.26 0.91 1.07
Additionally, two gold zones were discovered by trenching in the
southernmost portion of the project area. Zone 1 returned 0.60 g/t
Au over a 16 metre width, and Zone 2 returned 0.39 g/t Au over 16
metres. The two zones are separated by approximately 20 metres of
deeper overburden, possibly masking a continuous zone.
With more than 90% of outcrop hidden by overburden and no
previous geophysical nor drilling campaigns conducted on the
property, Tosca’s Management believes that excellent potential
exists for the discovery of a bulk-tonnage copper-silver skarn
deposit. Known mineralized zones may be significantly expanded with
Induced Polarization (IP) surveys and diamond drilling.
The project is easily accessed by 22 kilometres of all-weather
roads from the town of Alamos, and is close to power, water, and a
talented labour pool in the town of Navajoa and the neighboring
state of Chihuahua; Sonora is considered to be one of the safest
and most mining friendly states in Mexico.
Acquisition Terms:
To earn 100% interest in the Carol Project Tosca must pay
$50,000, issue 1 million shares and incur $2.2 million in
exploration expenditures over a five year period. The first two
years consist of $200,000 in expenditures, including a geophysics
program within the first six months and issuance of 150,000 shares
per year. The company has paid $5,000 and will issue 150,000 shares
upon the signing of the LOI and exchange approval. There is an
underlying 3% NSR on the property that can be bought from the
original Mexican owner for a total of $750,000.
Ian Foreman, P.Geo., President of Alta Vista Ventures, is the
Qualified Person according to NI 43-101 for the Carol Property and
is responsible for the technical information in this news
release.
On behalf of the Board of Directors,“Ron Shenton”
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.Statements in this press release, other
than purely historical information, including statements relating
to the Company's future plans and objectives or expected results,
may include forward-looking statements. Forward-looking statements
are based on numerous assumptions and are subject to all of the
risks and uncertainties inherent in resource exploration and
development. As a result, actual results may vary materially from
those described in the forward-looking statements.
Tosca Mining CorporationRon Shenton,
604-687-6562info@toscamining.com
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