Minera Andes drilling cuts 217 meters (712ft) of 0.77 percent primary copper mineralization at Los Azules project
Fri Jun 6, 3:28 PMTSX: MAI
NASD-OTCBB: MNEAF
SPOKANE, WA, June 6 /CNW/ - Minera Andes Inc. (TSX: MAI; US OTC: MNEAF) is pleased to report assay results from the remaining core holes drilled during the 2007-2008 exploration field season at the Los Azules porphyry copper project. The best intercept is from hole AZ-08-37A which encountered 112 meters of 0.98 % copper within a larger zone of 217 meters of 0.77 % copper. This hole represents the largest interval of primary copper mineralization identified on the property to date, it extends the known mineralization an additional 400 m to the north and is the deepest hole drilled to date on the property by Minera Andes further confirming the limits of the copper system have not been defined.
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Intersection Total
TD From To Interval* Copper
Drill Hole (m) (m) (m) (m) (%)
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AZ-08-34 451.8 148 451.8 303.7 0.44
includes 148 262 114 0.57
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AZ-08-35 earlier news release
Includes
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AZ-08-36 387.8 104 182 78 0.42
Includes:
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AZ-08-37 229.1 114 143.95 29.5 0.52
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AZ-08-37A 541 324 541 217 0.77
includes 382 494 112 0.98
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AZ-08-38 341.3 115 304 106.9 0.37
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AZ-08-39 Failed to reach target depth
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AZ-08-40(xx) 146.5 104 146.5 40.9 0.69
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AZ-08-40B(xx) 204.75 124.2 162.2 38 0.56
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AZ-08-41 400.15 133 369 236 0.40
133 285 152 0.47
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AZ-08-42 Failed to reach target depth
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AZ-08-43 137.35 67 131 64 0.69
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AZ-08-44 413.05 164 348 184 0.21
includes 322 344 22 0.41
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* True thickness of the copper mineralization is undetermined.
(xx) Hole abandoned in copper mineralization and failed to reach targeted
depth.
A total of 5,438.34 meters were drilled in 15 vertical core holes during the 2007-2008 field season to complete Stage I of the exploration program discussed in Minera Andes News Releases dated November 14 and December 11, 2007. In this recent drilling holes AZ-08-39 and 42 failed to reach the copper target due to difficult drilling conditions and hole AZ-08-40, and its redrilled extension AZ-08-40B, only partially penetrated the copper target bottoming in copper mineralization. AZ-07-37 and -37A were drilled 400 meters north of the currently defined copper mineralization (see attached map, holes AZ-06-17 and AZ-07-30). AZ-07-37 was drilled to a depth of 229.1 meters before being abandoned due to poor drilling conditions. The hole was re-drilled as AZ-07-37A and encountered primary copper mineralization occurring as chalcopyrite and bornite from 324 meters to the end of the hole at 541 meters. Drill holes AZ-08-34, -38, -40, and -40B extended the drilled area to the east and indicate that medium to high grade copper mineralization is present to the eastern limit of drilling. Hole AZ-08-41 has expanded copper mineralization to the west of the known copper mineralization. Hole AZ-08-44 was drilled east of the high-grade copper mineralization intersected in hole AZ-08-37A and encountered only low grade copper mineralization, but may have been abandoned due to bad ground prior to reaching the deep mineralization encountered in hole AZ-08-37A. Holes AZ-08-36 and 43 further establish the continuity of mineralization in the core of the copper target.
Allen Ambrose, president of Minera Andes said "This field season's program has delivered exceptional copper results at Los Azules and the size of the target has expanded throughout the drilling program. Drill hole AZ-07-37A is exciting in that it shows our copper system is open to the north and has significant potential for target expansion. Our team of engineering consultants is completing a resource estimate and the necessary work on a NI 43-101 Preliminary Assessment (scoping study) that will include an economic analysis of the project."
The exploration program at Los Azules is designed to define an inferred resource and provide sufficiently detailed engineering and technical information to allow the completion of an economic scoping study (a Preliminary Assessment as defined by NI 43-101) of the property by the fourth quarter of this year.
Minera Andes is advancing the Los Azules project under an option agreement (see news release dated November 14, 2007) with Xstrata Copper, one of the commodity business units within Xstrata plc (London Stock Exchange: XTA.L and Zurich Stock Exchange: XTRZn.S). The scope and size potential of the project increased dramatically in 2006 when the Minera Andes drilling discovered a near surface high-grade area of copper mineralization, when AZ-06-19 encountered 221 meters of mineralization averaging 1.62% copper that was 200 meters from hole AZ-06-20 containing 173 meters of 1% copper. Drilling in several holes ended in copper mineralization, including two holes that bottomed in high-grade copper over 1%.
During the last few years, more than half the drilling to define a copper resource has been completed and drilling this field season was over the known area of leachable (chalcocite) and sulfide (chalcopyrite) copper mineralization as currently defined. The area drilled covers approximately 2.5 kilometers by 0.9 kilometers within the enriched copper target currently identified at Los Azules that is about 3.3 kilometers long and 0.9 kilometers wide. Holes were drilled at a nominal grid spacing of 200 meters east-west and 400 meters north-south. Where needed, select infill holes were drilled on the 200 meter north-south grid lines.
Most of the recent drilling has focused on the northern half of the mineralized copper target. The holes are being drilled to a depth of approximately 350-500 meters. This drilling tested a known area of leachable (chalcocite) and sulfide (chalcopyrite) copper mineralization currently defined by 40 drill holes.
All results have been reviewed by Brian Gavin, Minera Andes' vice president of exploration, an appropriately qualified person as defined by National Instrument 43-101. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to Alex Stewart Assayers, Argentina, S.A., in Mendoza, Argentina, for sample pulp preparation and to ALS Chemex Laboratories.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Corporation holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San José silver/gold mine that has recently commenced production. As discussed above, Minera Andes is exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,402,435 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, president and director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of base metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves, and other risks. Reference is made to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC.
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
the CNW Photo Network and archived at http://photos.newswire.ca.
Additional archived images are also available on the CNW Photo Archive
website at http://photos.newswire.ca. Images are free to accredited
members of the media/
ContactsArt Johnson at the Spokane office
or Krister A. Kottmeier
investor relations - Canada
at the Vancouver office. Visit our Web site: www.minandes.com Spokane Office: 111 East Magnesium Road
Ste. A
Spokane
WA
99208
USA
Phone: (509) 921-7322
E-mail: info@minandes.com Vancouver Office: 911-470 Granville Street
Vancouver
B.C.
V6C 1V5
Phone: (604) 689-7017
(877) 689-7018
E-mail: ircanada@minandes.com
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