Trading Symbol: CCY
VANCOUVER, Sept. 12, 2011 /PRNewswire/ - Catalyst Copper Corp. (the "Company" or "Catalyst") today announced it has commenced metallurgical test work as part of the ongoing evaluation of the La Verde copper-gold-silver porphyry deposit located in Michoacán State, Mexico, 320 kilometres west of Mexico City.
Four composite samples from La Verde have been delivered to G&T Metallurgical Services Ltd. (G&T) located in Kamloops, B.C. Two samples from each of the West Hill and East Hill deposits will be tested. Grades of the four composite samples are shown in Table 1.
The purpose of the tests is to provide initial metallurgical recoveries to concentrate for copper gold and silver. These recoveries will then be utilized in a planned economic analysis of La Verde.
Each metallurgical sample weighed about 100 kilograms and was created by compositing drill core intersections taken from multiple drill holes. For both the West and East Hill deposits, one metallurgical sample is from the mixed oxide-sulfide zone located at surface and the second is from the sulfide zone. The sulfide zone is characterized by the presence of copper minerals chalcopyrite plus or minus bornite and forms the majority of the deposits. The narrow mixed oxide-sulfide zone is located at or near surface as indicated by the presence of oxide minerals malachite and limonite.
TABLE 1. La Verde Metallurgical Samples
|Location||Cu%||Au g/t||Ag g/t||Zone|
|East Hill East Hill||0.70 0.36||0.049 0.098||5.6 1.9||Sulfide Mixed|
|West Hill West Hill||0.61 0.33||0.023 0.002||2.4 0.9||Sulfide Mixed|
Total meters drilled on La Verde is now 104,237 meters. Of this total Catalyst had drilled 23,634 meters as of September 1, 2011.
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
"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.