Abundant Stockwork Chalcopyrite in Historical Drill Core from Azul Ventures' Caballo Blanco Project
28 Juni 2012 - 3:18PM
Marketwired Canada
Azul Ventures Inc. ("Azul", or the "Company") (TSX VENTURE:AZL) is pleased to
announce that it has acquired core from previous drilling on its Caballo Blanco
project. This shows that the chalcopyrite mineralization occurs in broad
stockwork and alteration zones associated with magnetite within andesitic rocks,
adjacent to dioritic intrusives, which is similar to Azul's nearby La Higuera
project.
A total of 15 broad spaced reconnaissance holes were completed at Caballo
Blanco, with 10 reverse circulation ("RC") holes by Latin American Copper in
2002 and 5 diamond holes by Peregrine Metals Ltd. in 2008. Significant
intercepts from these historical holes are tabulated below.
David O'Connor, President and CEO, said, "We are very pleased with what we saw
of the drill core from Caballo Blanco. This clearly shows broad intercepts of
disseminated chalcopyrite in stockwork style zones associated with alteration
and magnetite, similar to that intercepted in drilling at La Higuera. The
pervasive style of this copper-iron mineralization at La Higuera and Caballo
Blanco suggests the potential for large tonnages, and the flat terrain and
shallow intercepts at Caballo Blanco would make it amenable to open pit mining.
Also, the large extent of the Caballo Blanco magnetic anomaly shows considerable
exploration potential for magnetite related copper-iron mineralization."
Historical drill results at Caballo Blanco are shown in Figure 1. The drilling
was essentially broad spaced reconnaissance testing, with most holes drilled in
the northern part of the magnetic anomalies, as shown on the map (Figure 2).
Some holes (e.g. CB-01 with 40.0 m of 0.40% Cu, 18.5% Fe) were drilled in an
area of small surface copper workings, but hole CAB-006 obtained 82.0 m of 0.35%
Cu, 19.2% Fe in an area covered by recent colluvium. This indicates a potential
for broader areas of mineralization. In diamond drill holes CB-02 and CB-03
significant zones of stockwork and disseminated sulphide mineralization were not
sampled by the previous operators. Azul plans to sample and assay these
unsampled zones cut by the diamond holes in the near future. Photos of drill
core from Caballo Blanco are found in Figure 3.
Azul plans a campaign of surface geological mapping and geochemical sampling
supported by ground geophysics to define drill targets at Caballo Blanco.
Drilling is planned for later in 2012.
The Company has not independently verified the historical drilling results on
Caballo Blanco, and thus the drilling results should not be relied upon by
shareholders, potential investors or any other individual or company. The
Company is only using this historical information to assist with the planning
and prioritization of exploration targets.
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.
Loan from Officer and Director
On June 25, 2012, the Company entered into a loan agreement with Tony Wonnacott,
a director of the Company and Brad Boland, the Company's Chief Financial Officer
and Corporate Secretary. A total of $650,000 has been made available and
advanced to the Company. The loan accrues interest at a rate of 10% per annum
and is payable at the end of the term of the loan on September 15, 2012. The
funds will be used to pay for costs related to the expanded drill program,
underground rehabilitation, mapping and sampling, and working capital and
general corporate purposes. The loan is unsecured and there are no conversion
provisions.
The loan from the officer and director along with the previous announced
deferral to December 2012 of most of the option property payments originally
scheduled for June and July of 2012 will provide the Company with the time
required to fully assess the results of its recently completed exploration
activities and finalize the budgets required to further advance its La Higuera
and Caballo Blanco projects.
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 two prospective copper-iron properties in La Higuera, Chile: the La
Higuera Property and the Caballo Blanco Property. The properties are located
approximately 600 km north of Santiago in a prolific I.O.C.G. belt surrounded by
excellent infrastructure in a mining friendly jurisdiction.
The La Higuera Property was assembled as a result of the first-time
consolidation of mining rights and covers a historic copper mining district with
mining activity dating back to at least the late 18 th 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.
The Caballo Blanco Property, which is located approximately 6 km southwest of
the La Higuera Property, has historical copper workings and a total of 15 broad
spaced reconnaissance holes were completed at Caballo Blanco by previous option
holders. The Company has received and logged the core from these historical
drill holes.
Cautionary Statements
The Company has not independently verified the historical drilling results on
Caballo Blanco, and thus the drilling results should not be relied upon by
shareholders, potential investors or any other individual or company. The
Company is only using this historical information to assist with the planning
and prioritization of exploration targets.
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.
FIGURE 1
CABALLO BLANCO MINERALIZED INTERCEPTS
----------------------------------------------------------------------------
Drill Hole From To Width Copper Iron
ID Metres Metres Metres % %
----------------------------------------------------------------------------
10 88 78 0.22 14.2
------------------------------------------------------------
CAB0001
------------------------------------------------------------
includes 10 0.43 17.2
----------------------------------------------------------------------------
0 54 54 0.35 13.5
------------------------------------------------------------
CAB0002
------------------------------------------------------------
includes 18 0.50 12.7
----------------------------------------------------------------------------
12 76 64 0.25 11.3
------------------------------------------------------------
includes 8 0.35 11.1
------------------------------------------------------------
CAB0005
------------------------------------------------------------
and 10 0.38 16.2
------------------------------------------------------------
and 4 0.42 21.1
----------------------------------------------------------------------------
64 146 82 0.35 19.2
------------------------------------------------------------
includes 6 0.85 18.4
------------------------------------------------------------
CAB0006 and 4 0.64 15.6
------------------------------------------------------------
and 6 0.78 24.5
------------------------------------------------------------
and 12 0.50 26.1
----------------------------------------------------------------------------
54 62 8 0.38 7.7
------------------------------------------------------------
104 114 10 0.49 8.7
------------------------------------------------------------
includes 6 0.66 7.5
------------------------------------------------------------
124 164 40 0.40 18.5
------------------------------------------------------------
includes 10 0.97 24.4
------------------------------------------------------------
CB-01 168 194 26 0.14 21.3
------------------------------------------------------------
194 206 12 0.40 16.3
------------------------------------------------------------
228 234 6 0.62 19.7
------------------------------------------------------------
246 262 16 0.22 18.4
------------------------------------------------------------
322 332 10 0.06 25.0
------------------------------------------------------------
340 348 8 0.62 21.9
----------------------------------------------------------------------------
CB-04 202 206 4 0.31 10.4
----------------------------------------------------------------------------
38 48 10 0.19 30.8
------------------------------------------------------------
includes 4 0.32 37.5
------------------------------------------------------------
CB-05 124 130 6 0.02 24.6
------------------------------------------------------------
148 158 10 0.03 25.9
------------------------------------------------------------
200 214 14 0.01 23.7
----------------------------------------------------------------------------
To view the Figures associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/AzulVenturesIncFigures.pdf.
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