Trading Symbol: CCY
VANCOUVER, Dec. 17 /CNW/ - Catalyst Copper Corporation ("Catalyst
Copper" or "the Company") today announced that Micon International
Engineering of Vancouver has completed a NI 43-101 compliant
independent Resource estimate of the La Verde copper project, Michoacan
Using a 0.2% copper cut-off grade, the East and West Hill deposits at La
Verde contain Measured and Indicated Resources of 210.5 million tonnes averaging 0.46% total copper (TCu) contains 2.1
billion pounds of copper. An Inferred Resource of 130.8 million tonnes grading 0.46% TCu contains 1.3 billion pounds of
The Micon report indicates that there is potential for additional
tonnage in both deposits especially at depth. Micon therefore
recommends that additional delineation drilling around the perimeter of
the deposits and at depth should be initiated.
The Resource has been calculated at various copper cut-off grades and is
based on drill results including 596 drill-holes totalling 80,606
meters conducted by previous owners. Results from these historic holes
were verified with 11 diamond drill-holes totalling 6,319 meters plus
nine definition drill-holes totalling 5,957 meters completed by
Catalyst Copper this year.
"We are extremely pleased with the increased size of the deposits
utilizing a 0.2% Cu cut-off and the potential to further improve on the
size with the 2011 drill program. These two deposits are exposed at
surface and amenable to low-cost open-pit mining. This, along with the
is excellent infrastructure that exists on site, should reduce future
anticipated capital and operating costs for this project," says Terry
Hodson, Catalyst's VP Exploration.
A summary of Measured and Indicated and Inferred Resources at various
cut-off grades is shown in Table 1 below.
Measured, Indicated and Inferred Resouces
Total East Hill plus West Hill
It cannot be assumed that all or any part of an Inferred Mineral
Resource will be upgraded to an Indicated or Measured Resource as a
result of continued exploration.
Mineral Resources are not Mineral Reserves because there is insufficient
studies to demonstrate economic viability.
Mineral Resources are global insitu totals.
Mineral Resource numbers have been rounded and may not add up in the
A NI 43-101 Technical Report detailing the Mineral Resource estimate
will be filed on SEDAR within the next 45 days.
Copper mineralization associated with the deposits is primarily
chalcopyrite and to a lesser extent, bornite. Historically gold (Au),
silver (Ag) and molybdenite (Mo) values are known to be associated with
the deposits; currently the number of assays available for these
elements is insufficient to interpolate Au, Ag and Mo grades into the
The project 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 150 km from the site.
Significant upside potential remains for the two known zones of
porphyry style copper, gold and molybdenum mineralisation as the 2010
drill program has shown both deposits remain open to depth and along
The Resource was prepared by D. Makepeace, P.Eng., senior geologist for
Micon who is an independent qualified person as defined by NI 43-101.
The Mineral Resource estimate was completed using a 3D computer model.
The drill hole database was based on 616 drill holes which totaled
92,881 meters. A composite interval of 5 meters was used and
constrained to geological rock types. A single block model (10 x 10 x
10 meters) was created to envelope both mineralized deposits. Block
grades were interpolated using the inverse distance squared technique.
The estimate did not employ a high grade copper cap. A density
(specific gravity) of 2.70 g/cm3 was used for the East Hill deposit (porphyry style mineralization)
while the West Hill deposit (chalcopyrite vein style mineralization)
used 2.75 g/cm3, based on historical density measurements. All QA/QC requirements have
been followed including incorporating standards, blanks and duplicates
into the assay procedures and independent check analyses by a second
La Verde property is subject to an option agreement with a Mexican
subsidiary of Teck Resources Limited (Teck) whereby Catalyst's 100%
Mexican subsiderary, 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. During 2010, Catalyst drilled 12,27 6 meters and completed 150
kilometers of Induced Polarization surveys (IP). 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.
Catalyst Copper currently has approximately $3.5 million dollars in
working capital, as a result of the addition of $1.4 million from the
exercise of warrants to purchase 10 million shares at $0.14 per share.
An agressive work program is planned for 2011 including commencement of
environmental baseline studies, metallurgical testwork, continued
definition drilling at the East and West Hill deposits, plus drill
testing of various geophysical anomalies.
Catalyst Copper is a Vancouver-based publicly traded mine development company (TSX-V:
CCY) that optioned the La Verde copper porphyry target from a
subsidiary of Teck Resources Limited.
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 geochemical analysis of copper with all values of
greater than 1.000 parts per million copper being reanalyzed by assay
methods for copper, gold and silver.
SOURCE Catalyst Copper Corp.
For further information: For further information:
Corporate Communications Officer: Denby Greenslade, (604) 638-5900