Trading Symbol: CCY
VANCOUVER, Sept. 6, 2011 /PRNewswire/ - Catalyst Copper Corp. (the "Company" or "Catalyst") is pleased to release the latest drill results from the on-going drill program at the La Verde copper porphyry project in Michoacán state, Mexico.
Drill holes LV11-020, LV11-024 and LV11-025 were drilled on the East Hill deposit. LV11-020 returned 0.51% copper, 0.045 g/t gold and 3.3 g/t silver over 58.00 meters and 0.41% copper, 0.065 g/t gold and 4.2 g/t silver over 133.50 meters. Drill hole LV11-024 returned 0.50% copper, 0.073 g/t gold and 5.0 g/t silver over 358.90 meters including 0.63% copper, 0.105 g/t gold and 8.8 g/t silver over 112.70 meters. LV11-025 returned 0.22% copper, 0.034 g/t gold and 1.5 g/t silver over 239.00 meters. Total results for these East Hill drill holes are shown in Table 1.
Drill holes LV11-021 to Lv11-023 were drilled to test a geophysical (Induced Polarization) anomaly located 1.5 kms south of the main La Verde deposits. Only two of the three drill holes penetrated the thick overburden found in this area. These drill holes intersected iron sulfides (pyrite), iron oxides (magnetite) which would explain the IP anomaly.
TABLE 1. 2011 Drill Results
|Drill Hole||From||To||Length||Cu%||Au g/t||Ag g/t||Mo%||Location|
|LV11-021||No significant assays||IP Anomaly|
|LV11-022||Did not reach target||IP Anomaly|
|LV11-023||No significant assays||IP Anomaly|
|Previously released 2011 drill holes|
Drill hole LV11-020 was drilled on section 812350 in the eastern part of the East Hill deposit in an area previously drilled with shallow drill holes (<300 m length). Results from LV11-020 show the copper-gold-silver mineralisation extends further south and significantly further to depth than previously modelled (Figure 1 - http://files.newswire.ca/949/Figure_1_2_&_3.pdf). Further drilling is required in this area to see how far this deeper zone extends to the east as no historic drilling has tested this area.
Drill hole LV11-024 intersected 0.50% copper, 0.073 g/t gold and 5.0 g/t silver over 358.90 meters. Drilled on East Hill section 812150 East (Figure 2 - http://files.newswire.ca/949/Figure_1_2_&_3.pdf), this drill hole targeted an area of inferred mineralization outlined by older holes on this section (LV10-011 with 0.32% Cu; 0.055 g/t Au; 2.7 g/t Ag over 348.70m and V-118 with 0.55% Cu over 98.5m).
Drill hole LV11-025 (Figure 3 - http://files.newswire.ca/949/Figure_1_2_&_3.pdf) was drilled on East Hill section 812200 East and was targeted to test for extensions to the west of mineralisation intersected by LV11-019 (0.57% Cu; 0.117 g/t Au; 6.1 g/t Ag over 460.15m) to the east.
Terry Hodson, VP Exploration for Catalyst Copper is very pleased with the latest results and what they mean for the La Verde deposit: "In January, 2011 we filed our first NI 43-101 Measured and Indicated resource containing 2.1 billion lbs of copper. I expected the 2011 drill program to expand this resource and the results from this year's drilling are confirming this. We are therefore going to update our resource model this fall and will include Au and Ag values in this new model."
Table 2. La Verde Resources (January 2011)
|Measured + Indicated||Copper||Inferred||Copper|
|tonnes||Cu (%)||(billion lbs)||tonnes||Cu (%)||(billion lbs)|
1.Based on 0.20% Cu cut-off
2.Does not include potential Au-Ag-Mo credits.
3.See January, 2011 press release for complete details.
The 2011 drill program at La Verde commenced on January 28, 2011. As of August 20, 2011, 16 holes have been completed or are in progress for a total of 10,720 meters. Drilling continues. During 2011, Catalyst plans to drill 20,000 meters at La Verde.
Additional work planned for 2011 includes environmental studies, metallurgical test work and updating the NI43-101 resource estimate to incorporate new drill results.
A map showing previous and current drill holes is available on the Catalyst website at www.catalystcopper.com.
T.W. Hodson, P.Geo. is the qualified person as defined by National Instrument 43-101, and has reviewed the technical disclosure contained herein and accepts responsibility for such disclosure.
About La Verde
La Verde is located in an area with excellent infrastructure. Power, rail and water all cross the property. Lazaro Cardenas, Mexico's third largest port on the Pacific Ocean coast is 180 km from the site. Significant upside potential remains for the two known zones of porphyry style copper, gold and molybdenum mineralization as the 2010 drill program has shown both deposits remain open to depth and along strike.
La Verde property is subject to an option agreement with a Mexican subsidiary of Teck Resources Limited (Teck) whereby Catalyst's 100% Mexican subsidiary, Minera Hill 29, may earn a 60% interest in La Verde by making US$10,000,000 in exploration expenditures (including 30,000 meters of drilling and 200 kilometers of IP) by December 31, 2012. Upon Catalyst earning a 60% interest, Teck has the option to increase its interest to 60% by incurring aggregate expenditures equal to two times the amount spent by Catalyst. Should Teck fail to exercise its option to earn a 60% interest, Catalyst can acquire a 100% interest in La Verde by paying to Teck US$20 million. The property is subject to an underlying 0.5% NSR.
ON BEHALF OF THE BOARD OF DIRECTORS OF CATALYST COPPER CORP.
"Terence W. Hodson, P.Geo."
TERENCE HODSON, V.P. EXPLORATION
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Quality Assurance: The Company employs a system of quality control for drill results which includes the use of blanks, certified reference materials (standards) and check assaying. Core is logged on site and split with a diamond saw. Samples are shipped to Acme Analytical Laboratories Ltd. for analysis. All elements with the exception of gold are analyzed by Aqua Regia digestion and ICP-ES analysis. Gold is analyzed by fire assay method.
SOURCE Catalyst Copper Corp.