FIRST RESULTS OF DRILL HOLE V2017-01A CONTINUE TO SUPPORT PRESENCE OF HIGHER GRADES IN THE CENTRAL CORE INCLUDING A NEAR SURFACE 302-METRE INTERSECTION OF 0.55% CU (0.59% CUEQ)
Vancouver, BC – Los Andes Copper Ltd. (“Los Andes”, or the “Company”, TSX Venture Exchange: LA) is very pleased to announce the initial results of the 2017 diamond drill program. Assay results for the first 698 metres of V2017-01A have been released. These assay results confirm the presence of higher grade mineralization in the project’s central core.
The key results from the drill hole V2017-01A are:
302.1 m @ 0.55% Cu, 115 ppm Mo and 1.4 g/t Ag from 71.9 m downhole
28.0 m @ 0.61 % Cu, 42 ppm Mo and 1.6 g/t Ag from 134.0 m downhole.
134.0 m @ 0.60 % Cu, 150 ppm Mo and 1.5 g/t Ag from 226.0 m downhole.
These results demonstrate the continuity of the higher mineralization intersected during the successful 2015/2016 drilling campaign 150 metres to the north of drill holes V2015-03 (39.1 m @ 0.74 % Cu, 145 ppm Mo, 1.9 g/t Ag from 44.1 m downhole) and V2015-05 (120.0 m @ 0.54 % Cu, 169 ppm Mo, 1.4 g/t Ag from 72.0 m downhole). The drill hole is also 100 metres south of the 2015 drill hole V2015-08 (502.0 m @ 0.63 % Cu, 209 ppm Mo and 1.3 g/t Ag from 130 m downhole).
Cautionary Statement: All thicknesses from intersections from drill holes are down-hole drilled thicknesses. True widths cannot be determined from the information available.
Historical drilling was carried out on the Vizcachitas project in three campaigns during 1993, 1996/1997 and 2007/2008. However, the higher grade central core had only been drilled in the 1990’s campaigns and with generally shallower drill holes, therefore not properly reflecting the potential of this core area.
During 2014, a complete review of the historical information was performed to better understand the project, including the re-logging all of the 146 drill holes located within the property. The re-logging was led by Gonzalo Saldias, a Chilean geologist and one of the most recognized experts in Chilean porphyry systems. This detailed review showed that the historical logging and geological model had not properly identified the importance of the higher grade early diorite porphyry and hydrothermal breccias. The re-logging showed that these higher grade geological units extend over a distance of 1,400 metres north-south and 700 metres east-west. The mapping showed that these breccias have grades increasing with depth and demonstrates the potential for higher grades below the historical drilling.
In 2015, Los Andes began a drill program to confirm a new geological model and to demonstrate the extent of the central core mineralisation. A first stage of this campaign was completed in 2015/2016, with eight diamond drill holes totaling 3,661 metres. During 2017, Los Andes has carried out a second stage of this campaign with the purpose of demonstrating the northern and southern extension of the high grade core.
Location of Drill Holes:
All coordinates are in UTM WGS84
A drill hole location plan is available on our website: www.losandescopper.com
Summary of Drill Holes
Drill Hole V2017-01A
This hole was drilled on the southwestern part of the central core with a southeastern direction. The drill hole is 150 metres north the 2015 drill holes V2015-03 (39.1 m @ 0.74 % Cu, 145 ppm Mo, 1.9 g/t Ag from 44.1 m downhole) and V2015-05 (120.0 m @ 0.54 % Cu, 169 ppm Mo, 1.4 g/t Ag from 72.0 m downhole). The drill hole is also 100 metres south of the 2015 drill hole V2015-08 (502.0 m @ 0.63 % Cu, 209 ppm Mo and 1.3 g/t Ag from 130 m downhole).
The top of bedrock was intersected at 71.9 metres in diorite porphyry with disseminated chalcopyrite which continued to a depth of 238.0 metres. Within this sequence there was secondary enrichment from 134 to 162 metres where the average grade was 0.61 % Cu, 42 ppm Mo and 1.6 g/t Ag. At a depth of 238 metres the rock type changed to medium grained diorite and continued to a depth of 513.15 metres. Within this sequence there is a well mineralised sequence running from 226 metres to 360 with 0.60 % Cu, 150 ppm and 1.5 g/t Ag. From a depth of 513.15 to the end of the drill hole at depth of 851.25 metres the drill hole is primarily in igneous breccias and a hydrothermal breccias. The assay results are pending from 698 metres to the end the drill hole.
This drill hole has demonstrated the continuity of the mineralisation between the drill holes 2015/2016 drill holes to the north and south. This near surface mineralisation would be mined during the first few years of an operating mine. It also shows the high primary grades within the medium grained diorites. These early phase diorites consistently have grades above 0.5 % Cu and are the target of this drilling campaign.
Key intersections from drill hole V2017-01A:
* Copper equivalent grade has been calculated using the following expression: Cu Eq (%) = CuT (%) + 2.5 x Mo (%) + 110.55 x Ag (%), using the metal prices: $ 2.2 / lb. Cu, $5.5 / lb. Mo and $15.2 / Oz (same reference prices as in reporting of 2015/2016 results). All thicknesses from intersections from drill holes are down-hole drilled thicknesses. True widths cannot be determined from the information available.
Quality assurance and quality control procedures include the systematic insertion of duplicate and standard samples in to the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and were shipped directly to the preparatory laboratory of ALS Minerals in Coquimbo, Chile. All geochemical analyses were performed by ALS Minerals in Lima Peru. All samples were assayed using the method ME-MS61, a four-acid digestion with an ICP-MS finish. Copper samples with grades above 0.6 % Cu were reanalysed using ALS method Cu-OG62, a four-acid digestion with an AAS finish.
Mr. Amberg is the Qualified Person responsible for the preparation of this news release.
Mr. Amberg MSc CGeol FGS is a geologist who is a graduate of the Royal School of Mines, London, has an MSc. from University College and is also a Chartered Geologist with the Geological Society of London. He has close to 30 years of diverse experience having worked in Asia, Africa and South America for both multinational and junior companies. He began his career in 1986 working with Anglo American in South Africa before moving on to an exploration position with Severin-Southern Sphere. In 1990 Mr. Amberg moved to Chile where he first worked with Bema Gold on the Refugio project before taking up a position with Rio Tinto. At Rio Tinto he was involved in exploration programs in the Atacama and Magallanes Regions and managed the Barreal Seco (now part of Las Cenizas) exploration program. In 1996 he joined Kazakhstan Minerals Corporation in Kazakhstan, setting up and managing offices for the drilling and resource estimation for JORC compliant feasibility studies on three large projects that are now operating mines. He became General Director for two joint ventures in KazMinCo where he managed all technical and local issues. In 2001 he returned to Chile where he started a geological consulting firm specialising in project evaluation and NI 43-101 technical reports. Mr. Amberg’s clients included Rio Tinto, Barrick, Codelco, Anglo American, Pan Pacific Copper and various junior mining companies. He joined Los Andes Copper in 2012 as Chief Geologist and is now also the President and Chief Executive Officer.
Mr. Amberg MSc CGeol FGS is a Qualified Person under NI 43-101.
Gonzalo Saldias is a geologist who is a graduate of Universidad Católica del Norte, Chile. He has over 35 years of experience working within Chile and internationally; mainly on copper porphyry, epithermal gold silver and iron-oxide copper gold systems. For the last seven years, he worked for Antofagasta Minerals evaluating copper porphyry projects within Chile, assessing their geological and economical potential. Prior to that he had worked for ten years with Placer Dome Latin America, generating and evaluating exploration projects within the region. Prior to Placer Dome, he worked for Codelco as head of exploration geology for the El Salvador Division, developing the prospective areas near to the mine. He also worked for Northern Resources, Homestake, Utah, Anaconda and as an independent consultant.
For more information please contact:
Antony J. Amberg, President & CEO
Tel: +56 2 2954-0450
Aurora Davidson, CFO
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