Azul Receives Additional Drilling and Underground Channel Sampling Results, Giving Extra Support to the Presence of Continuou...
14 Juni 2012 - 4:10PM
Marketwired Canada
Azul Ventures Inc. ("Azul", or the "Company") (TSX VENTURE:AZL) is pleased to
announce additional results from the first phase of drilling at its La Higuera
copper-iron project (I.O.C.G. style) in central Chile, as well as results from
the first phase of underground channel sampling. The drilling and channel
sampling completed to date supports management's belief that the main zone of
disseminated and stockwork copper(chalcopyrite) mineralization associated with
massive magnetite is continuous over a length in excess of one kilometre ("km")
and down to depths of several hundred metres ("m").
A total of 2,006 m of diamond drilling in five holes and 2,082 m of reverse
circulation ("RC") drilling in nine holes was completed. Analytical results are
available for the first eight RC holes and the first three diamond drill holes
as well as partial results for the other two diamond drill holes. In addition,
analytical results are available for 222 channel samples collected from the old
stoped areas that drilling failed to penetrate.
The next phase of drilling will be targeted to intersect the projection of the
high -grade copper zone at regular intervals (100 m) beneath the underground
workings in the San Antonio Zone and along strike from them. Also, in order to
more efficiently drill the deeper zones, a program of underground drilling is
planned, which will require the construction of drill bays within the Juan Munoz
Tunnel.
David O'Connor, President and CEO, said, "We are particularly encouraged by our
first channel sample results. Whereas several drill holes terminated in
underground workings and failed to test the higher grade parts of the system
(LHRC-1,-2,-8 and LHDD-12), our subsequent underground channel sampling has
shown the thickness of these richer, undrilled areas, which add considerably to
the overall grade of the system. It is very encouraging that we have channel
samples up to 23 m of 1.20% Cu and 32.7% Fe in an old mined area where higher
grade copper has already been mined. The holes away from the old stopes that
managed to penetrate the mineralized system, such as hole LHDD -13 (24 m of
0.47% Cu and 36.26% Fe), intersected broad disseminated and stockwork
chalcopyrite with massive magnetite mineralization, showing the thickness of the
system where tested. The core of the magnetic anomaly (the San Antonio Zone),
extends over a length of about 1.5 km and to depths of several hundred metres.
Results show that it contains a significant volume of magnetite mineralization,
together with substantial copper sulphide mineralization. Planned drilling is
expected to firm up the nature and extent of higher grade mineralization in this
zone and to expand it."
The first phase of underground channel sampling has been completed at La Higuera
in the stockwork and veinlet hosted chalcopyrite mineralization within the
magnetite zones, (see plan and photo below - Figures 1 and 2 at the end of this
press release). The old stoped area was accessed via the rehabilitated Juan
Munoz Tunnel which extends horizontally for approximately 1.5 km and connects
the historical underground workings. The workings, where the samples were
collected, are between 100-150 m below the surface. As the overall dip of the
mineralized system is approximately 60 degrees, the channel samples were taken
horizontally and are mainly one metre lengths.
Analytical results of underground channel samples are presented on the following
table.
TABLE OF UNDERGROUND CHANNEL SAMPLING RESULTS
------------------------------------------------------------------------
Channel From To Width Copper Iron
ID Metres Metres Metres % %
------------------------------------------------------------------------
------------------------------------------------------------------------
0 16 16 0.28 37.0
------------------------------------------------------------
JMS-01 16 39 23 1.20 32.7
------------------------------------------------------------
includes 11 1.54 31.3
------------------------------------------------------------------------
------------------------------------------------------------------------
JMS-02 0 6 6 0.71 35.8
------------------------------------------------------------------------
------------------------------------------------------------------------
0 11 11 0.53 35.1
------------------------------------------------------------
JMS-03 includes 7 0.65 40.1
------------------------------------------------------------------------
0 8 8 0.93 33.1
------------------------------------------------------------
JMS-04 includes 5 1.24 29.2
------------------------------------------------------------------------
------------------------------------------------------------------------
0 14 14 0.57 33.2
------------------------------------------------------------
JMS-05 includes 6 0.73 29.2
------------------------------------------------------------------------
------------------------------------------------------------------------
0 10 10 0.30 35.8
------------------------------------------------------------
JMS-06 includes 2 0.81 28.9
------------------------------------------------------------------------
------------------------------------------------------------------------
0 8 8 0.58 32.4
------------------------------------------------------------
JMS-07 includes 5 0.73 31.8
------------------------------------------------------------------------
------------------------------------------------------------------------
JMS-08 2 4 2 0.68 35.1
------------------------------------------------------------------------
------------------------------------------------------------------------
JMS-09 1 4 3 0.44 29.7
------------------------------------------------------------------------
------------------------------------------------------------------------
0 23 23 0.68 35.9
------------------------------------------------------------
JMS-11 includes 9 0.84 35.6
------------------------------------------------------------
and 7 0.91 35.8
------------------------------------------------------------------------
------------------------------------------------------------------------
0 8 8 0.58 25.7
------------------------------------------------------------
JMS-12 includes 3 0.88 34.0
------------------------------------------------------------
and 2 0.78 22.3
------------------------------------------------------------------------
------------------------------------------------------------------------
JMS-13 1 9 8 0.94 26.7
------------------------------------------------------------------------
------------------------------------------------------------------------
JMS-14 0 10 10 1.13 34.7
------------------------------------------------------------------------
------------------------------------------------------------------------
0 7 7 0.80 20.4
------------------------------------------------------------
JMS-17 includes 4 1.18 20.2
------------------------------------------------------------------------
------------------------------------------------------------------------
Earlier channel sampling in the open pits obtained the following results:
--------------------------------------------------------------
Channel From To Width Copper
ID Metres Metres Metres %
--------------------------------------------------------------
--------------------------------------------------------------
332 0 6 6 1.01
--------------------------------------------------------------
334 0 9 9 1.26
--------------------------------------------------------------
337 0 12 12 0.94
--------------------------------------------------------------
341 0 6 6 0.90
--------------------------------------------------------------
343 0 21 21 0.42
--------------------------------------------------------------
355 0 18 18 0.64
--------------------------------------------------------------
361 0 12 12 0.54
--------------------------------------------------------------
365 0 32 32 0.77
--------------------------------------------------------------
373 0 16 16 0.76
--------------------------------------------------------------
H024 0 20 20 0.76
--------------------------------------------------------------
H035 0 8 8 1.31
--------------------------------------------------------------
H098 0 6 6 0.80
--------------------------------------------------------------
H132 0 5 5 1.02
--------------------------------------------------------------
H217 4 15 11 0.65
--------------------------------------------------------------
H223 0 8 8 0.95
--------------------------------------------------------------
H281 0 17 17 1.48
--------------------------------------------------------------
--------------------------------------------------------------
(Iron content not available as assaying included only partial
digestion)
Many of the holes drilled beneath the open pits failed to penetrate the main
mineralized zone due to encountering underground workings which extend deeper
than anticipated. Higher grade copper mineralization was encountered immediately
adjacent to the workings in some holes (e.g. LHRC-03 - 164-166 m; 2 m at 2.38%
Cu). Channel sampling has tested a part of the system where drilling from
surface failed to penetrate and has augmented the drill results, showing that
the high-grade copper zone extends to a considerable depth, as indicated by a
magnetic anomaly.
Holes which did not hit workings show the thickness of the mineralized system.
These include LHDD-13, LHDD-14 and LHRC-07. These have the following intercepts:
LHRC-07: 54 m of 0.35% Cu and 15.95% Fe
LHDD-13: 24 m of 0.47% Cu and 36.26% Fe
LHDD-14: 10 m of 0.89% Cu and 31.40% Fe (partial results)
As intersected in drilling, the channel sampling demonstrates that copper
sulphide mineralization at La Higuera is not restricted to the historically
mined high-grade structures, but is developed extending beyond these zones.
Mapping and sampling of these mineralized areas underground is providing
valuable geological information regarding the controls of mineralization and
will assist in planning future drill campaigns.
Drill hole positions from the first phase drill program are shown on Figure 3
and drill cross-sections on are shown in Figures 4-7.
MINERALIZED INTERCEPTS
DIAMOND DRILLING
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Drill Hole From To Width Copper Iron
ID Metres Metres Metres % %
--------------------------------------------------------------------------
--------------------------------------------------------------------------
63.0 66.0 3.0 0.01 26.73
-------------------------------------------------------------
84.0 89.0 5.0 0.02 22.41
-------------------------------------------------------------
103.0 109.0 6.0 1.00 25.37
-------------------------------------------------------------
LHDD-12 includes 4.0 1.45 16.23
-------------------------------------------------------------
107.0 125.0 18.0 0.05 24.45
-------------------------------------------------------------
191.0 197.1 6.1 0.73 16.89
--------------------------------------------------------------------------
288.0 298.0 10.0 0.89 31.40
-------------------------------------------------------------
LHDD-14 includes 8.0 1.10 31.97
-------------------------------------------------------------
Partial includes 4.0 1.76 32.30
--------------------------------------------------------------------------
--------------------------------------------------------------------------
REVERSE CIRCULATION DRILLING
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Drill Hole From To Width Copper Iron
ID Metres Metres Metres % %
--------------------------------------------------------------------------
--------------------------------------------------------------------------
86.0 90.0 4.0 0.82 9.00
-------------------------------------------------------------
LHRC-06 118.0 131.0 13.0 1.78 13.60
-------------------------------------------------------------
includes 11.0 2.08 14.90
--------------------------------------------------------------------------
--------------------------------------------------------------------------
62.0 84.0 22.0 0.33 26.86
LHRC-07 68.0 122.0 54.0 0.35 15.95
-------------------------------------------------------------
includes 22.0 0.42 20.14
--------------------------------------------------------------------------
--------------------------------------------------------------------------
165.0 167.0 no recovery
167.0 169.0 2.0 1.09 14.80
-------------------------------------------------------------
LHRC-08 169.0 170.0 no recovery
170.0 174.0(i) 4.0 0.61 24.86
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(i) last recovered sample before drillhole was lost in mine workings
All drill hole samples consist of split HQ and NQ diamond drill core. Core
samples were split at the ALS Chemex core cutting facility in Coquimbo, Chile.
Sample preparation and analysis was conducted by ALS Chemex lab in Coquimbo,
Chile and at Acme Analytical Laboratories in Santiago, Chile. Gold is determined
using fire assay using 30 g aliquots with an AAS finish. Copper and iron are
determined by four acid digestion followed by ICP-ES or ICP-AES analysis.
Channel samples were analyzed by Acme Analytical Laboratories in Santiago,
Chile, using the same analytical procedures. All samples are subject to a chain
of custody and are submitted with standards and blanks to check the assay
results. The laboratories also use internal standards and repeat analysis.
Since the mineralization is controlled by a complicated set of intersecting
structures it is difficult to comment on true width at this stage, but the angle
of hole LHDD-13 in relation to the overall mineralized system may have
exaggerated the width by approximately 30%.
Michael Easdon, M.Sc., CPG, an independent consultant to the Company, is a
"qualified person" as defined by National Instrument 43-101, and has reviewed
and approved the technical information and data included in this press release.
About Azul Ventures Inc.
Azul Ventures Inc. is a mineral exploration company with the rights, through its
wholly owned subsidiary Minera Azul Ventures Limitada, to acquire a 100%
interest in a prospective copper -iron property in La Higuera, Chile (the "La
Higuera Property"). The La Higuera Property, which is located approximately 600
km north of Santiago, was assembled as a result of the first -time consolidation
of mining rights in a historical I.O.G.C. mining center and is located in a
prolific I.O.C.G. belt surrounded by excellent infrastructure in a mining
friendly jurisdiction.
The La Higuera Property covers a historic copper mining district with mining
activity dating back to at least the late 18th century; however, there has been
no known modern exploration conducted on the property. Since the consolidation
of the mining rights in June of 2011, Azul has initiated a rock sampling
program, completed geophysical work which has generated intense magnetic and
chargeability anomalies coincident with existing copper workings, finalized a
4,088 m drill program, and commenced an underground mapping and sampling
program.
Azul also hold the rights to acquire a 100% interest in the Caballo Blanco
Property, a prospective copper-iron property located approximately 6 km
southwest of the La Higuera Property.
Cautionary Statements
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, are
forward-looking statements. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following risks: the need for additional financing;
operational risks associated with mineral exploration; market conditions;
fluctuations in commodity prices; title matters; environmental liability claims
and insurance; reliance on key personnel; the potential for conflicts of
interest among certain officers, directors or promoters with certain other
projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified in the "Risk
Factors" section of the Company's Filing Statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and Azul undertakes no obligation
to update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change, except as required by applicable securities
laws. Investors are cautioned against attributing undue certainty to
forward-looking statements.
To view FIGURES 1 to 7, please visit the following link:
http://media3.marketwire.com/docs/Figures1to7.pdf.
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