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Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes", "LA" or the "Company") reports excellent continued deeper results from Hole CMV-001B and aggregate from 64m to 1265.15 meters the copper equivalent grade is 0.50%, including 0.43% copper and 198 parts per million ("ppm") molybdenum (with 24 meters of lost core not reported). The average grades include, newly reported 0.47% copper equivalent including 0.38% copper and 260 ppm molybdenum from 820m to 1265.15m down the hole. Assay grades for silver for the complete interval reported are still pending.
R. Michael Jones, CEO of Los Andes, commented: "A 1,177-meter intercept of copper mineralization is impressive and the area west of this intersection is open. We plan to systematically look for the limits of the Vizcachitas porphyry copper deposit with our continued drilling. We have completed approximately 6,000 meters of new drilling and, along with the approximately 52,000 meters in previous drilling, our data is increasing. However, we are early in our understanding of this 1.2 billion tonne plus mineralized copper system in one of the best copper belts in the world."
The area to the west of drill hole CMV-001B remains open and two drill rigs are completing holes in this area. As drill results become available, we will be assessing the impact on the resources and potential mine plan. Tetra Tech Engineering has been contracted to enable the implications of new large drill intercepts to be dynamically assessed on the resources and pit plans and this work can direct further drilling. Drilling is continuing with four drill rigs at Vizcachitas with the objectives of expanding the resources within and outside the boundaries of the open pit designed in the Preliminary Economic Assessment, (PEA, 2019). One drill rig is working on the east side of the deposit, and an additional rig is working in the South Breccia zone of the deposit.
The current Phase 1 drill program will continue with four diamond drill rigs and one reverse circulation drill rig. Approximately 6,000 meters of drilling have been completed. The full Phase 1 drill program consists of 30,000m of drilling with potential for further expansion.
Drilling results
The details of Hole CMV-001B are shown in the table below:
| Table | Meters | Cu % | Mo ppm | Ag-pending CuEq % | |||
| 64.00 - 156.00 | 92.00 | 0.57 | 63 | 0.59 | |||
| 156.00-180.00 - lost core | |||||||
| 180.00 - 820.00 | 640.00 | 0.44 | 174 | 0.50 | |||
| Average of | 732.00 | 0.46 | 160 | 0.51 | |||
| 820.00 - 1265.15 | 445.15 | 0.38 | 260 | 0.47 | |||
| Average of | 1177.15 | 0.43 | 198 | 0.50 | |||
* Copper equivalent grade has been calculated using the following calculation: Cu Eq (%) = Cu (%) + 3.33 x Mo (%) using the metal prices: 3.00 USD/lb Cu, 10.00 USD/lb Mo. No allowance for metallurgical recoveries has been considered. These are the same reference prices as in reporting of the 2019 PEA. This means that the reported intercepts can be compared directly with the results published in the PEA. Approximate relative value on the PEA pricing is 93% Cu, 6% Mo and 1% silver.
All thicknesses from the drill hole intersections are down-hole drilled thicknesses. True widths will be estimated as the deposit model is updated and information becomes available.
The ongoing drilling program is targeting areas on all sides of the current resource.
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the Vizcachitas Project in Chile. Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.
The Project is a copper-molybdenum porphyry deposit, located 120 kilometres north of Santiago, in an area of very good infrastructure. The Company's Preliminary Economic Assessment (the "PEA"), delivered in June 2019, highlights that the Project has a post tax NPV of $1.8 billion and an IRR of 20.77%, based on a $3 per pound copper price. It also has a Measured Resources of 254.4 million tonnes having a grade of 0.439% copper and Indicated Resource of approximately 1.03 billion tonnes having a grade of 0.385% copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report dated June 13, 2019, with an effective date of May 10, 2019 and titled, "Preliminary Economic Assessment of the Vizcachitas Project," prepared by Tetra Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Qualified Person ("QP") and Quality Control and Assurance
Antony Amberg CGeol FGS, the Company's Chief Geologist, is the qualified person who has reviewed and approved the scientific and technical information contained in this news release. The QP has validated the data by, supervising the sample collection process, through chain of custody records and inspecting the detailed technical data and quality control and assurance information.
Los Andes Copper has a strict Quality Assurance and Quality Control (QA QC) protocol, which is consistent with industry best practices. There is a strict chain of custody from the project site to laboratory via the Company's core cutting facility. The QA QC protocol includes the insertion of field duplicates, coarse duplicates, pulp duplicate, pulp and coarse blanks and Certified Reference Materials supplied by Ore Research and Exploration, Australia.
The core was analysed in the Santiago laboratory of the Geo Assay Group. Using a 4-acid digestion all samples were analysed for copper and molybdenum using Atomic Absorption. The Company has not received results for Silver that meet its quality control standards.
For more information please contact:
R. Michael Jones, P.Eng CEO
rmj@losandescopper.com
+44 203 4407982
BlytheRay, Financial PR
Megan Ray
Rachael Brooks
Tel: +44 207 138 3203
E-Mail: info@losandescopper.com or visit our website at: www.losandescopper.com
Follow us on twitter @LosAndesCopper
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Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information. Such Forward-Looking Information includes, without limitation, the timing of and ability to obtain TSX-V and other regulatory approvals and the prospects, details related to and timing of the Vizcachitas Project. Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy and the Company's production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115865
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