Los Andes Copper Announces 732m at 0.51% Copper Equivalent Mineralization in Initial Drilling Results at Vizcachitas Copper Project, Chile
Los Andes Copper Announces 732m at 0.51%
Copper Equivalent Mineralization in Initial
Drilling Results at Vizcachitas Copper Project,
Chile
Vancouver, British Columbia; London, United Kingdom; and Santiago, Chile--(Newsfile Corp. - February
10, 2022) -
Los Andes Copper Ltd.
(TSXV: LA) (OTCQX: LSANF) ("
Los Andes
", "
LA
" or the
"
Company
") reports excellent initial results from Hole CMV-001B and aggregate of 732 meters ("m")
with estimated average grade of 0.51% Copper Equivalent. The average grades include 0.51% Copper
and 160 parts per million ("ppm") Molybdenum from 64m to 820m down the hole. Assay grades for the
interval reported for silver are still pending, as are the values from 820m down the hole to end of hole at
1,265.15m.
Drilling is continuing with four drill rigs at Vizcachitas with the objectives of expanding the resources
within the open pit designs and to explore the deposit below the boundaries of the open pit designed in
the Preliminary Economic Assessment, (PEA, 2019).
The current Phase 1 drill program will expand from four to five drill rigs with 18,000m of drilling planned.
The full Phase 1 drill program consists of 30,000m of drilling with potential for further expansion.
R. Michael Jones, P.Eng, CEO of Los Andes Copper, commented:
"Hole CMV-001B is important for two reasons: firstly, it demonstrates and confirms the scale of the good
grades at Vizcachitas starting from the collar in rock; secondly, the hole is near the western limit of the
resources and shows clear potential for further resources to the west. We look forward to the assays for
this hole below the current pit designs.
"Though we are still awaiting assay grades for the interval reported for silver, it is important to note that
silver typically reports to approximately 1% of the value on the deposit.
"The ongoing drilling program is testing areas in and below the PEA shell. There are several large areas
that are taken as waste inside the previous pit designs that are classified as waste due to having no, or
very limited drill testing. The historical fragmented land and permit position resulted in areas within the
PEA pit not having any proper drill testing. The current drill program has many opportunities to offset
known good grade holes with adjacent or deeper drilling into areas with no drill testing.
"Converting waste blocks inside the pit design to resources would add value and as the deposit and
grade profile changes, so too does the opportunity for an improved new mine plan.
"The geological team at Vizcachitas has been expanded to several senior geologists with decades of
experience on the largest porphyry copper deposits in Chile. The Vizcachitas project is being explored
for the first time in recent history with the ability to drill across the whole property. The controls of copper
and molybdenum mineralization are being modelled by the new team collaborating and having the ability
to explore the full project mineralizing system.
"We look forward to reporting further drill results, as we unlock the potential of this world-class deposit, in
the weeks and months ahead."
Drilling results
The details of Hole CMV-001B are shown in the table below. Unfortunately, a zone of lost core at 156m
to 180m adjacent to high grades resulted in this area not being representative and properly assayed.
These meters are not included in the overall average at this time. A twin hole to Hole CMV-001B will be
drilled and these meters will be assayed to add to the overall grade thickness assessment. The final
average from 64m to End of Hole will be reported as assays are available.
The area immediately west of Hole CMV-001B is largely open and drilling is underway with two
machines.
Table
Meters
Cu %
Mo ppm
Ag -Pending
CuEq %
64-156
92
0.57
63
0.59
156-180 - lost core
180 - 820 m
640
0.44
174
0.50
Average of
732m
0.51 % Cu
160 ppm Mo
0.51 % CuEq
* 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 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 available.
The ongoing drilling program is targeting areas on all sides of the current resource, including an area in
the southern region where previous drilling resulted in resource grades at approximately 150 meters.
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 near to San Felipe. 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. The Geo Assay Group is a
leading Chilean analytical laboratory providing analytical services to multinational companies in Chile.
The samples were prepared in the laboratory's fully automated robotic sample preparation area. Using a
4-acid digestion all samples were analysed for copper and molybdenum using Atomic Absorption.
For more information please contact:
R. Michael Jones, P.Eng CEO
+44 203 4407982
Blytheweigh, Financial PR
Megan Ray
Rachael Brooks
Tel: +44 207 138 3203
E-Mail:
or visit our website at:
www.losandescopper.com
Follow us on twitter
@LosAndesCopper
Follow us on LinkedIn
Los Andes Copper Ltd
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
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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,
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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,
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