Dorato Resources Inc.: Initial Drill Results for Cobrecon Copper-Gold Porphyry Target
13 Juni 2011 - 3:01PM
Marketwired Canada
Dorato Resources Inc. ("Dorato" or the "Company") (TSX
VENTURE:DRI)(OTCQX:DRIFF)(FRANKFURT:DO5) announces receipt from Minera Afrodita
of drill core assay results from the first four holes drilled at the Cobrecon
copper-gold porphyry target, in the Condor Copper-Gold District in northern
Peru. Cobrecon is the northern of two large, parallel porphyry systems, the
southern system being Cobrecon South, which is yet to be drill-tested. Dorato
has a right to acquire 100% of Minera Afrodita.
The upper portion of hole CBC-01 intersected 0.16% Cu, 0.03g/t Au, and 0.002% Mo
over 100 metres, and a second, deeper intercept returned 0.12% Cu, 0.02g/t Au,
and 0.002% Mo over 165 metres. Hole CBC-02 intersected 228 metres of 0.16% Cu,
0.04g/t Au, 0.002% Mo, from 6 to 234 metres, including 126 metres of 0.19% Cu,
0.04g/t Au, 0.002% Mo.
Average grades in holes CBC-01 and CBC-02 are consistent with rock samples
collected at surface, which ranged from 0.1% to 0.2% copper. Drill testing has
confirmed similar grades at depth and for significant thicknesses, as would be
expected in a porphyry system.
Two additional holes have been completed approximately 700 metres to the
southeast to test a recently discovered area of surface mineralization, where
multiple rock samples grade 0.2% to 0.5% copper. Drilling continues with at
least five additional holes planned.
Results in Detail
Six holes at Cobrecon are now complete (total 2250m) with holes CBC-07 and 08 in
progress (Figure 1). Final results have been received for holes CBC-01 to 04;
with assay highlights included as Table 1 (Figure 1:
http://media3.marketwire.com/docs/fig10612.pdf).
Table 1: Cobrecon Significant Drill Intersections
----------------------------------------------------------------------------
Moly Gold Silver
Hole From (m) To (m) Interval Copper% (ppm) g/t g/t
----------------------------------------------------------------------------
CBC-01 0 20.5 20.5 0.1018 10.9 0.033 2.8
----------------------------------------------------------------------------
20.5 121 100.5 0.1626 16.5 0.027 0.6
----------------------------------------------------------------------------
163.11 183.7 20.59 0.1819 4.7 0.037 0.5
----------------------------------------------------------------------------
240 405.47 165.47 0.1181 20.5 0.017 0.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CBC-02 5.74 234 228.26 0.1607 15.7 0.041 0.7
----------------------------------------------------------------------------
including 5.74 108.25 102.51 0.1212 13.5 0.039 0.9
----------------------------------------------------------------------------
108.25 234 125.75 0.1930 17.5 0.043 0.7
----------------------------------------------------------------------------
234 264 30 0.1425 12.3 0.017 0.4
----------------------------------------------------------------------------
346 430 84 0.1196 15.6 0.032 0.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CBC-03 10.3 94 83.7 0.1558 27.0 0.039 0.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CBC-04 0 61.65 61.65 0.1236 12.7 0.062 0.8
----------------------------------------------------------------------------
Interpretation
The four holes were drilled in pairs from two platforms in order to better
determine the centre of the mineralization. The west-directed holes (CBC-03 and
CBC-04) collared in mineralization but drilled out of it to the west and at
depth - this suggests that holes CBC-01 to -04 are located close to the edge of
the porphyry system. East-directed holes (CBC-01 and CBC-02) intersected
mineralization from near-surface to end of hole (ending in mineralization),
suggesting that the porphyry system remains open to the east and at depth
(Figures 2 and 3: http://media3.marketwire.com/docs/fig2-30613.pdf).
Open System
The fact that the system is open is important for overall size potential
(tonnage) and will require more drilling to be fully tested. The area of surface
mineralization is open to the south (currently being drill-tested by CBC-05 and
CBC-06) where multiple surface rock samples returned grades between 0.2% and
0.5% copper. It is open to the north, where a surface sample grading 0.63%
copper and 0.48 g/t gold will be tested at depth by planned drilling. Finally,
the system is open to the east where surface soil anomalies are higher than
anywhere else within the anomaly.
Geology, Alteration & Structure
The better mineralization is related to, but not confined by,
northwest-trending, subvertical phreatic breccia dikes. Mineralization occurs as
fine disseminated chalcopyrite as well as coarser blebs in the breccia matrix.
Diorite, hornfels arenite, and diabase also host disseminated chalcopyrite.
Quartz-sericite-pyrite and argillic alteration predominates, with common
late-stage calcite veining within the breccia. Only one significant post-mineral
dike was intersected, in hole CBC-02, near the outer margin of the
mineralization. Copper grades decrease within more common early dacite porphyry
dikes, which are closely associated with the mineralization. These dacite dikes
precede the breccia.
The highest-grade copper interval is from CBC-02, which returned 0.19% Cu over
126m between 108-234m in an area of stronger potassic-silicic alteration and
better chalcopyrite-pyrite ratios. This is within a larger intercept of 228m of
0.16 Cu, from 6m below the surface down. Hole CBC-01 intersected similar grades,
including an upper intercept of 100 metres of 0.16% Cu and a deeper intercept of
165m of 0.12% Cu. Both holes ended in mineralization at their target depths.
Cordillera Del Condor Background
The Cordillera del Condor has been one of the most important gold-bearing areas
in Ecuador and Peru since pre-Incan times. On the Ecuador side of the border,
historical high-grade, small scale gold production is reported to have exceeded
100,000 oz per year.
Modern exploration on the Ecuadorian side of the border has resulted in the
discovery of multiple, significant and world-class gold and base metal-bearing
districts, such as Kinross Gold Corp's Fruta del Norte Gold deposit with an
inferred resource of 13.6 million contained ounces of gold averaging 7.23 g/t
gold), the Mirador Copper-Gold porphyry deposit (recently sold by Corriente
Resources Inc.) with measured & indicated resources of 438 million tonnes at
0.61% copper, 0.19 g/t gold plus inferred resources 235 million tonnes at 0.52%
copper, 0.17 g/t gold, and the Mirador Norte Copper-Gold porphyry deposit
(indicated 171 million tonnes at 0.51% copper, 0.09 g/t gold; inferred 46
million tonnes at 0.51% copper, 0.07 g/t gold), and Dynasty Metals & Mining
Inc.'s Jerusalem Gold deposit in the Chinapintza district with measured &
indicated resources of 0.58 million contained ounces gold at 12.4 g/t gold plus
an additional 0.71 million ounces inferred contained ounces averaging 11.5 g/t
gold). The technical information with respect to the above deposits was obtained
through the respective companies' public disclosure documents available on
SEDAR.
Qualified Person
John Drobe, P.Geo., Dorato's Vice President of Exploration and a qualified
person as defined by National Instrument 43-101, has reviewed the scientific and
technical information that forms the basis for this news release. Mr. Drobe is
not independent of the Company as he is an officer and a shareholder.
The geochemical results were reviewed by Tansy O'Connor-Parsons, Senior
Geochemist. Minera Afrodita on-site personnel rigorously collect and track
samples which are then security sealed and shipped to ACME Laboratories, Lima,
Peru for assay. ACME's quality system complies with the requirements for the
international standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy
and precision are monitored by the analysis of reagent blanks, reference
material and replicate samples. Quality control is further assured by the use of
international and in-house standards. Blind certified reference material is
inserted at regular intervals into the sample sequence by field personnel in
order to independently assess analytical accuracy. In addition, representative
blind duplicate samples are routinely forwarded to ACME and an ISO-compliant
third party laboratory for additional quality control.
About Dorato Resources Inc.
Dorato Resources Inc. is mineral exploration company focused on the highly
prospective Cordillera del Condor Gold District in northern Peru and adjacent to
the border with Ecuador - one of the most important gold-bearing districts in
the region since pre-Incan times. Dorato, through a series of option agreements
has the right to wholly acquire an extensive land package of approximately
1,050-square-kilometres - providing the Company with the largest land position
in the Cordillera del Condor and a highly strategic position in this emergent
gold district. Dorato is well funded and possesses experienced management with a
proven track record.
On behalf of the board of directors of DORATO RESOURCES INC.
Keith Henderson, President & CEO
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking
information (collectively, "forward-looking statements") within the meaning of
applicable Canadian and US securities legislation. All statements, other than
statements of historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost of
exploration programs, anticipated exploration program results, the discovery and
delineation of potential mineral deposits/resources/reserves, business and
financing plans and business trends, are forward-looking statements. Although
the Company believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. The Company cautions investors
that any forward-looking statements by the Company are not guarantees of future
results or performance, and that actual results may differ materially from those
in forward looking statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any mineral
deposits that may be located, variations in the market price of any mineral
products the Company may produce or plan to produce, the Company's inability to
obtain any necessary permits, consents or authorizations required for its
activities, the Company's inability to produce minerals from its properties
successfully or profitably, to continue its projected growth, to raise the
necessary capital or to be fully able to implement its business strategies, to
obtain the required supremem decree from Peruvian authorities and other risks
and uncertainties disclosed in the Company's Amended 2010 Annual Information
Form filed with certain securities commissions in Canada and the Company's 2010
Annual Report on Form 40-F filed with the United States Securities and Exchange
Commission (the "SEC"), and other information released by the Company and filed
with the appropriate regulatory agencies. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com and its United States
public disclosure filings may be accessed via www.sec.gov, and readers are urged
to review these materials, including the latest technical report filed with
respect to the Livengood Property.
Cautionary Note Regarding References to Resources and Reserves
National Instrument 43 101 - Standards of Disclosure for Mineral Projects ("NI
43-101") is a rule developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. Unless otherwise
indicated, all resource estimates contained in or incorporated by reference in
this press release have been prepared in accordance with NI 43-101 and the
guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum
(the "CIM") Standards on Mineral Resource and Mineral Reserves, adopted by the
CIM Council on November 14, 2004 (the "CIM Standards") as they may be amended
from time to time by the CIM.
United States shareholders are cautioned that the requirements and terminology
of NI 43-101 and the CIM Standards differ significantly from the requirements
and terminology of the SEC set forth in the SEC's Industry Guide 7 ("SEC
Industry Guide 7"). Accordingly, the Company's future disclosures regarding
mineralization may not be comparable to similar information disclosed by
companies subject to SEC Industry Guide 7. Without limiting the foregoing, while
the terms "mineral resources", "inferred mineral resources", "indicated mineral
resources" and "measured mineral resources" are recognized and required by NI
43-101 and the CIM Standards, they are not recognized by the SEC and are not
permitted to be used in documents filed with the SEC by companies subject to SEC
Industry Guide 7. Mineral resources which are not mineral reserves do not have
demonstrated economic viability, and US investors are cautioned not to assume
that all or any part of a mineral resource will ever be converted into reserves.
Further, inferred resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot
be assumed that all or any part of the inferred resources will ever be upgraded
to a higher resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of a feasibility study or
prefeasibility study, except in rare cases. The SEC normally only permits
issuers to report mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without reference to unit
amounts. The term "contained ounces" is not permitted under the rules of SEC
Industry Guide 7. In addition, the NI 43-101 and CIM Standards definition of a
"reserve" differs from the definition in SEC Industry Guide 7. In SEC Industry
Guide 7, a mineral reserve is defined as a part of a mineral deposit which could
be economically and legally extracted or produced at the time the mineral
reserve determination is made, and a "final" or "bankable" feasibility study is
required to report reserves, the three-year historical price is used in any
reserve or cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate governmental
authority.
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