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Los Andes Copper Ltd. ( TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company") provides the following update on its Vizcachitas Copper project in Chile and provides corporate milestones for 2022.
Summary Milestones
| -Report assay results from the completed 8,297 meters of drilling | April to June 2022 |
| -Updated Resource Estimation including 2022 drilling results | August 2022 |
| -Continued drilling operations, provided injunction is lifted | Q3 2022 |
| -Completion of a Pre-Feasibility Study ("PFS") | Q4 2022 |
R. Michael Jones, CEO, said: "We have sufficient new drill intercepts completed that a resource update is warranted as soon as the assays are in, and we can finalize an updated mine plan and the Pre-Feasibility Study in the next few months There is further resource potential from additional step out drilling which is planned for a further 10,000 meters."
The Company estimates that the current resource and additional intercepts are sufficient for a full PFS mine plan. The Company's plan is to resume drilling as soon as possible since a number of areas are not closed off. A request to lift the injunction for drilling to stop (announced recently) is being prepared.
Details
Los Andes Copper has completed 8,297 meters of diamond drilling and has reported the results for the first hole, CMV-001B, of 1,177 meters of 0.50% copper equivalent near the northwest edge of the deposit. Two further holes have been completed approximately 100 meters west and 200 meters west of the CMV-001B intersection. A total of 4,221 meters in 5 holes are sampled and awaiting assay results and a further 2,811 meters of drilling from 5 holes are in the logging and sampling process. Results are expected to become available in the coming weeks.
Los Andes Copper sees significant exploration potential at Vizcachitas and believes that further drilling to define the full potential of the property will benefit all stakeholders.
Considerable work has been completed over the past two years towards a PFS, including updates in metallurgy and engineering designs, capital and operating cost estimates. The final parts of the PFS are the updated resource model and the mine plans. The completed drilling will allow for this to be finalized with a focus on optimizing the initial years of the mine plan.
Further, the Company announces the appointment of Eduardo Covarrubias as Executive Chairman of the Company with immediate effect. Mr. Covarrubias is the representative of Turnbrook Mining Ltd. that owns 53% of the company's common shares and he has been involved in the project for decades.
Fernando Porcile, the former Executive Chairman of the Company, has announced his retirement effective as of 25 March 2022, and will be devoting his time to personal matters. Mr. Covarrubias and the Board of Directors and management of the Company thank Mr. Porcile for his years of invaluable contribution directing the advancement of the Vizcachitas Copper project to a Tier 1 Copper mining project.
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.
For more information please contact:
R. Michael Jones , P.Eng CEO
rmj@losandescopper.com
Tel: +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
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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; including, without limitation, Spinnaker's ability to raise capital, target and attract institutional and retail investors and focus on developing and expanding the network of investors, analysts and financial intermediaries who are interested in Los Andes. 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/118546
