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TORONTO, Nov. 5, 2013 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX), (the "Company" or "EGX") is pleased to report that it has mobilized two drill rigs to the Company's Condor Gold and Copper Project in southeast Ecuador to execute a 3,000 meter drill program at the Santa Barbara gold-copper porphyry deposit. This new program will target expansion of resources around the Santa Barbara North Zone, approximately 1,000 meters to the northeast of the mineralized centre of the Santa Barbara South Zone where resources now stand at 236.1 million tonnes at 0.57 g/t gold and 0.1% copper (4.33 million ounces gold and 520.0 million lbs. copper) in the Indicated category and 102 million tonnes at 0.50 g/t gold and 0.1% copper (1.6 million ounces gold and 225 million lbs. copper) in the Inferred category. For details of previously reported resources at the Condor Gold and Copper Project, see the Company's technical report (the "Technical Report") prepared pursuant to National Instrument 43-101 Standards for Disclosure for Mineral Projects ("NI 43-101") dated effective July 23, 2013 and filed on SEDAR on September 5, 2013, available at www.sedar.com and the Company's news release dated October 16, 2013 announcing the increased resources at Santa Barbara South Zone available for viewing at www.ecuadorgoldandcopper.com. An updated Technical Report is currently being prepared to be filed within 45 days of the October 16, 2013 news release.
Previous drilling at the Santa Barbara North Zone target indicated that the best gold intersections were in the eastern-most portion of the deposit. A small Inferred resource of 5 million tonnes of 0.9 g/t gold (145,000 ounces) has been calculated and reported in the July 23, 2013 43-101 Technical Report. The objective of the current drill program is an expanded Santa Barbara North Zone resource targeting the volcanic rocks further to the east, similar in composition to the basaltic andesites that hosted the majority of the mineralization at the Santa Barbara South Zone. The Company's geologists in Ecuador have been mapping and exploring in the Santa Barbara North Zone area for the past four months and have defined a drill target area extending to the east of the known Inferred resource and trending north-northwest.
EGX has engaged HP Drilling Services of Cuenca, Ecuador to complete the planned 3,000 meter drill program.
The Condor Gold and Copper Project contains an Indicated mineral resource of 6.365 million ounces gold (within 318.9 Mt grading 0.62 g/t gold). Additional Inferred mineral resources contain 2.06 million ounces gold (within 127.0 Mt grading 0.52 g/t gold). In addition the El Hito Cu-Mo porphyry deposit hosts an Inferred copper resource of 161 million tonnes grading 0.31% copper (1.1 billion pounds of copper). For more information, please see the Company's resource table at www.ecuadorgoldandcopper.com or its Technical Report dated July 23, 2013 which is available under the Company's profile on SEDAR at www.sedar.com.
These resources were calculated and updated by Al Maynard and Associates Pty Ltd. of Perth, Australia as of July 23, 2013 and are described in the Technical Report. Recent updates to the Santa Barbara resources were announced in the Company's October 16, 2013 news release and will be reported in a new technical report within 45 days of the news release.
Mit Tilkov, P.Geo., Vice-President Exploration of Ecuador Gold and Copper Corp. is a qualified person, as defined by NI 43-101, supervised the project field work, and is responsible for the preparation of the technical information in this news release.
The Company has not completed a preliminary economic assessment or feasibility study of the Condor Gold and Copper Project under NI 43-101, and there is no assurance that the exploration and subsequent development operations of the Condor Gold and Copper 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.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
SOURCE: Ecuador Gold and Copper Corp.
For further information:
Vice President, Corporate Development
Telephone: (604) 657 5871
Email: [email protected]
President and Chief Executive Officer
Telephone: (647) 865-3101
Email: [email protected]