Trading Symbol: CCY
VANCOUVER, June 8 /CNW/ - Catalyst Copper Corp. (the "Company" or "Catalyst") today announced initial results from its ongoing Induced Polarization ("IP") geophysical survey at the La Verde project located in Michoacan State, Mexico.
La Verde copper porphyry mineralization has been explored since the 1970s. Two mineralized copper zones have been discovered; East Hill and West Hill. Previous geological and geophysical programs at La Verde demonstrated a strong association between IP responses and porphyry copper mineralization hosted in the multistage La Verde intrusive system.
The objective of the 2010 IP field program is to search at depth under cover for as yet unidentified hidden copper occurrences. This program also includes a reassessment of past geophysical surveys on the property. The ongoing survey work is being performed by Pacific Geophysics Ltd. Some 50 line kilometers of IP surveying had been completed by the end of May 2010.
Significant results to date include:
1. Strong and as of yet untested (by drilling) IP responses occur to the
north and northwest of the West zone and at depth between the West
and East zones. This information will guide drilling for additional
copper mineralization in the vicinity of the known resource.
2. An untested IP response occurs at a depth under valley cover about
1.5 kilometers south of the East zone.
3. Newly discovered IP responses in the southeast of the property, where
surface exposures display oxide copper mineralization and alteration
associated with a brecciated intrusive.
Additional survey lines have been laid out over the newly discovered IP targets.
The 2010 exploration budget of US $4.0 million also includes costs associated with a minimum 10,000 meters of diamond drilling. A drill company has been selected, all drilling permits have been received and drills are expected to be mobilized to the property within the week. Initial drill targets include confirmation holes over the known mineralization as part of the support required to bring the property into NI 43-101 compliance, as well as the commencement of drilling previously untested IP targets.
The Company can earn a 60% interest in the La Verde Project by advancing US$6 million (paid) to Teck Resources Limited's Mexican subsidiary, Minera Torre de Oro, S.A. de C.V., and incurring aggregate exploration expenditures of US$10 million on the La Verde Project on or before December 31, 2012. Required exploration work under the agreement includes 30,000 meters of core drilling and 200 line kilometers of geophysical surveys (see December 8, 2009 news release for complete option details).
Catalyst Copper is a Vancouver-based publicly traded mine development company (TSX-V: CCY) that optioned the La Verde copper porphyry project in Michoacan, Mexico from a subsidiary of Teck Resources Limited.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"Terence W. Hodson"
TERENCE W. 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.
SOURCE Catalyst Copper Corp.
For further information: For further information: Corporate Communications Officer: Denby Greenslade, (604) 687-6690