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VANCOUVER, Feb. 19, 2013 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX), (the "Company" or "EGX") is pleased to announce assay results from drill hole DEH-05 at its El
Hito copper porphyry deposit. The El Hito deposit is located within the
Company's 8,300 hectare Condor Gold and Copper Project in the Zamora
Gold and Copper Belt, Southeast Ecuador. Numerous intercepts are
highlighted by two continuous intersections of a 31.85 meter interval
with 0.42% Cu and 1.2 g/t Ag and a further 229 meter interval with
0.40% Cu and 0.71 g/t Ag including 41.55meters of 0.73% Cu and 3.20 g/t
This is the first EGX drill hole at El Hito, part of the previously
announced 10,000 meter Phase I drill program on the Company's extensive
Condor Gold and Copper Project. DEH-05 encountered a number of long
mineralized intervals that confirm the potential for a significant
porphyry copper deposit at El Hito. For further details see the
Company's web site at www.ecuadorgoldandcopper.com or the June 14, 2012 Technical Report at www.sedar.com.
DEH-05 was collared approximately 200 meters south of four shallow
discovery holes drilled in the late 1990s by previous operators and was
drilled to the east to a depth of 711meters. Table 1 summarizes the
Table 1: Summary of Results from El Hito Drill Hole DEH-05 (length
weighted average assays, uncapped)
g/t = grams per metric tonne.
The true width of down hole interval lengths are estimated to be
approximately 50% to 60%.
Drill hole DEH-05 intersected relatively continuous copper
mineralization over 703 meters from 8.0m to 711.0m grading an average
of 0.31% Cu and 1.18 g/t Ag over the entire length. Porphyry copper
mineralization is associated with a Late Jurassic dioritic intrusive
complex hosted by Jurassic age plutonic rocks of the Zamora batholith.
Two major structural orientations are exhibited by steeply dipping
intrusive contacts, quartz veins, sulfide-mineral veinlets, and faults
striking north and northwest. The majority of the diorite complex is
moderately to strongly quartz-sericite-pyrite (phyllic) altered,
overprinting potassic alteration at depth. The 40km long Zamora Gold
and Copper Belt in Southeastern Ecuador is host to Ecuacorriente's
Mirador, Panantza and San Carlos copper porphyry deposits and Kinross's
Fruta del Norte epithermal gold deposit of the same age. The Company
cautions that reference to the nearby deposits is for information
purposes only and there is no assurance that its Condor gold and copper
concessions will develop into economically viable producing deposits.
10,000 Meter Phase I Drill Program
El Hito is one of four targets including two epithermal gold deposits:
the Los Cuyes deposit (where previously released results on 29 January
2013 showed 149.0 meters @0.84 g/t Au and 9.0 g/t Ag including
14.1meters @ 5.00g/t Au and 39.0 g/t Au); the Soledad deposit in the northern part of the gold and copper
concessions of the Condor Gold Project; and the Santa Barbara deposit,
a gold-copper porphyry south of the epithermal district and 5 km west
of the El Hito deposit.
EGX is currently drilling four more holes at the El Hito copper porphyry
target and seven follow up holes at the Santa Barbara gold-copper
porphyry target to the west where previously released results showed
420 meters of 0.571 g/t Au including 101meters grading 1.017 g/t (see
Company News Release, October 17, 2012).
Drilling completed to the end of January, 2013 totaled approximately
7,000 meters and new holes are in progress at Santa Barbara and El Hito
with two drill rigs currently turning.
The Condor Gold Project contains a Measured & Indicated Mineral Resource
of 1.52 million ounces gold (within 50.4 Mt grading 0.94 g/t gold).
Additional Inferred Mineral Resources contain 1.28 million ounces gold
(within 28.4 Mt grading 1.4 g/t gold). The measured resource consists
of 54,000 ounces of gold (within 147.0 Mt grading 1.0 g/t gold) and the
indicated resources consist of 1.47 million ounces gold (within 50.3 Mt
grading 0.94 g/t). For more information, please see the Company's
resource table at www.ecuadorgoldandcopper.com or its Technical Report dated June 14, 2012 which is available under
the Company's profile on SEDAR at www.sedar.com.
The Company has implemented a quality assurance and quality control
program to ensure that the transport, sampling and analysis of all
samples is conducted in accordance with the best possible practices.
Drill core is transported from the drill by employees to the Company's
secure core logging facility at its camp where, after geotechnical and
geological logging, it is marked for sampling. The entire hole is
sampled and core samples are generally 2m in length, varying at
geological contacts to between 1.5m and 2.5m and are split in half by
EGX employees. One half is retained in a secure storage facility and
the other half is transported by EGX employees or a bonded courier to
ACME Labs' sample preparation facility in Cuenca, Ecuador where the
core sample is crushed so that 80% passes a 10 mesh screen and a 250g
split is pulverized so that 85% passes a 200 mesh screen. From Cuenca
ACME Labs ships the samples to their laboratory in Santiago, Chile for
analysis. The lab is ISO/IEC 17025:2005 (CAN-P-4E) certified. Where
appropriate, samples are analyzed for gold by 30-gm fire assay with an
AA finish and by gravimetric methods for assays over 10 ppm. Samples
are analyzed for silver and copper by ICP-ES after a four acid
digestion. For silver assays over 200 ppm, samples are analyzed using
ACME Labs 7AR method consisting of hot aqua regia digestion and ICP-ES
analysis. Copper assays over 10,000 ppm are re-analyzed using four acid
digestion with ICP-ES finish (ACME Labs 7TD method). ACME Labs are
independent from the Company.
Under the Company's QA-QC procedures, samples are submitted for
re-analysis based on their proximity to a certified reference standard
that returns a value greater than three standard deviations higher or
lower than the mean value for that standard. In addition, any two
consecutive reference standards falling outside the two standard
deviation threshold will be considered to have failed. Since every
twentieth sample is a reference standard, ten samples above and below a
failed standard will be re-analyzed. The same protocol will be applied
to duplicate samples considered to have unacceptably divergent gold
values. Periodically, random samples will be submitted to another
laboratory as an external check on the results provided by the primary
Mit Tilkov, P.Geo., Vice-President Exploration of Ecuador Gold and
Copper Corp. is the qualified person, as defined by National Instrument
43-101, supervised the project field work, and is responsible for the
preparation of the technical information in this release.
The Company has not completed a preliminary economic assessment or
feasibility study of the Condor Gold Project under National Instrument
43-101, and there is no assurance that the exploration and subsequent
development operations of the Condor Gold Project will be economically
or technically viable.
Neither the 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.
SOURCE: Ecuador Gold and Copper Corp.
For further information:
Vice-President, Corporate Development
Telephone: (604) 569-0721