Cobriza Completes Geophysical Survey at Arikepay, Drilling to Commence Early June
https://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0793882001&sourceType=1https://media3.marketwire.com/logos/20120229-CZALOGFULL.jpg VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/29/12 -- Cobriza Metals Corp. (TSX:CZA) ("Cobriza") is pleased to announce that the high resolution helicopter-borne magnetic survey of the Arikepay project, announced on March 1, 2012, is now completed and drilling is expected to commence on the project in early June.
"We are very excited to begin drilling at Arikepay, as there is near surface porphyry deposit potential evidenced by typical porphyry alteration in sparsely exposed outcrop, and strongly anomalous copper, gold, and molybdenum rock geochemistry, as well as 'blind' porphyry deposit potential along trend under gravel cover," said Michael Thicke, President of Cobriza Metals.
A total of 775 line kilometres (km) were flown during the high resolution helicopter-borne magnetic survey. Data processing and interpretation to help define geological and structural features, and to assist in selecting targets for the upcoming drill program is now underway.
All permits for drilling at the Arikepay project have been received and a contract has been signed with AK Drilling International S.A. for a minimum of 3,000 metres (m) in a reverse circulation (RC) drilling program. Access roads and drill platform preparation have been completed.
Drilling at Arikepay will focus on two areas. The first area consists of poorly exposed phyllic and silicic alteration covering an area measuring approximately 700m north-south by 900m east-west. Grab samples of these altered rocks, collected from small hand-dug pits, carry highly anomalous levels of copper, gold, and molybdenum ranging from 100 to 1,460 parts per million ("ppm") copper, 50 parts per billion ("ppb") to 2,560 ppb (2.5 grams per tonne ("g/t")) gold, and 0.5 ppm to 143 ppm molybdenum. These copper values are similar to leached rocks overlying other Andean porphyry copper deposits discovered in Peru, Chile, and Argentina such as the Cerro Colorado and Spence deposits. A minimum of 4 RC drill holes are planned to test the lateral and vertical extent of this alteration and associated mineralization in this area.
Drilling in the second area is planned to test potential northern and north-western extensions of the poorly exposed phyllic and silicic alteration. This area is covered by younger gravel cover and remains open for over 2,000m. A minimum of 8 RC holes are planned to be drilled in this area.
The Arikepay property covers two claim blocks totalling 4,000 hectares, is road accessible approximately 110 km south of the city of Arequipa, and lies 45 km south of the 3.5 billion tonne Cerro Verde copper-molybdenum mine (Freeport 54%, SMM Cerro Verde Netherlands 21%, and Buenaventura 19%) in southern Peru. Arikepay was explored previously (believed to be in the 1990s), but only a very small area appears to have been drill tested, and the copper and gold anomalies delineated by Cobriza remain untested by drilling.
The airborne magnetic survey crews and equipment are now en route to the Miraflores project, and once completed will mobilize to the Don Gregorio project, for a total of approximately 2,250 line-kms planned to be flown between the three project areas.
carlos