AQM Announces Results From the PFS Drilling ProgramTORONTO, ONTARIO--(Marketwired - March 10, 2015) - AQM Copper Inc. (TSX VENTURE:AQM)(BVL:AQM) ("AQM" or the "Company") is pleased to announce results from its Preliminary Feasibility Study (PFS) drilling program at its 30% owned Zafranal Cu-Au Project located in southern Peru. The initial stage of the program was aimed at upgrading the resource category, from Inferred to Indicated, for oxide and mixed portions of the Project's mineral resource as well as better defining the peripheral limits of mineralization. The program was carried out between September 2014 and January 2015 as part of the ongoing Pre-Feasibility work program fully funded by the Project partners.
A total of 39 diamond drill holes, totaling 5534 metres, have been completed. The results, once compiled and interpreted, will allow more detailed geological modeling of the oxide and mixed zones, which were not the focus of the Company's earlier resource delineation programs. The new model to be constructed, alongside an ongoing re-logging effort for all previous drilling, will be used to better constrain the block model and hence upgrade the resource category for this style of mineralization. The updated PEA, published on October 4, 2013, highlighted the economic potential to include a SX-EW facility that would produce an average of 5,949 tons per year of cathode, in addition to the planned 44,000 tons per day (tpd)-flotation plant at Zafranal.
Most of the drill holes in the initial PFS drilling program were targeted to reach the bottom of the oxide/mixed zones, as most of the underlying higher-grade supergene enrichment zone had been previously classified in the indicated and measured categories of mineral resource.
Results from the initial program are shown in Table 1, with comments on the style of mineralization (oxide, mixed and supergene sulphide). The results are in line with what was expected from earlier geological models.
Soluble copper (sulphuric acid and cyanide soluble - CuSol%) results are shown for all mineral zones. A portion of the copper in the oxide zone is found in goethite and chlorite oxide mineral phases, which are not readily leachable in sulphuric acid or by bacterial activity, and these have not been considered as soluble copper. A 0.15% CuSol% cut-off has been used to report the oxide and mixed intervals. A 0.15% CuT% cut-off has been used to report the hypogene and supergene sulphide intervals. An updated drill hole plan for the in-fill drilling program is available on the Company's website (www.aqmcopper.com).
Table 1: Program Results
| Hole Number |
From
(m) |
To
(m) |
Length1
(m) |
Cu
T% |
Au
ppm |
CuSol2
% |
Mineral
Zone3 |
| ZFDDH14-256 |
No Significant Results |
| ZFDDH14-257 |
128 |
186 |
58 |
0.39 |
0.03 |
0.34 |
Supergene |
| ZFDDH14-258 |
40 |
70* |
30 |
0.28 |
<0.01 |
0.26 |
Oxide |
| ZFDDH14-259 |
75.75 |
100 |
24.25 |
0.29 |
0.02 |
0.27 |
Supergene |
| ZFDDH14-260 |
6 |
28 |
22 |
0.50 |
0.16 |
0.34 |
Oxide |
| And |
39.8 |
52.3 |
12.5 |
0.60 |
0.13 |
0.54 |
Supergene |
| And |
61.5 |
134* |
72.5 |
0.95 |
0.14 |
0.84 |
Supergene |
| ZFDDH14-261 |
24 |
48 |
24 |
0.46 |
0.14 |
0.28 |
Oxide |
| And |
102.7 |
121 |
18.3 |
0.71 |
0.04 |
0.64 |
Supergene |
| ZFDDH14-262 |
92 |
106 |
14 |
1.39 |
0.10 |
1.23 |
Supergene |
| And |
106 |
120 |
14 |
0.44 |
0.09 |
0.11 |
Hypogene |
| ZFDDH14-263 |
110 |
168* |
58 |
0.50 |
0.13 |
0.41 |
Supergene |
| ZFDDH14-264 |
No Significant Results |
| ZFDDH14-265 |
120 |
191* |
71 |
0.56 |
0.05 |
0.51 |
Supergene |
| ZFDDH14-266 |
No Significant Results |
| ZFDDH14-267 |
No Significant Results |
| ZFDDH14-268 |
34 |
44 |
10 |
0.55 |
0.03 |
0.46 |
Supergene |
| And |
54 |
83* |
29 |
0.27 |
0.02 |
0.22 |
Supergene |
| ZFDDH14-269 |
62 |
80 |
18 |
0.40 |
0.05 |
0.32 |
Supergene |
| ZFDDH14-270 |
58 |
71.4 |
13.4 |
0.83 |
0.08 |
0.66 |
Oxide |
| And |
71.4 |
86 |
14.6 |
0.23 |
0.06 |
0.02 |
Hypogene |
| ZFDDH14-271 |
46 |
90 |
44 |
0.84 |
0.08 |
0.73 |
Oxide + Supergene |
| Including |
46 |
60 |
14 |
0.28 |
0.07 |
0.18 |
Oxide |
| Including |
60 |
90 |
30 |
1.11 |
0.08 |
0.99 |
Supergene |
| ZFDDH14-272 |
No Significant Results |
| ZFDDH14-273 |
No Significant Results |
| ZFDDH14-274 |
92 |
124* |
32 |
0.33 |
0.05 |
0.29 |
Mixed |
| ZFDDH14-275 |
No Significant Results |
| ZFDDH14-276 |
No Significant Results |
| ZFDDH14-277 |
92 |
112 |
20 |
0.16 |
0.02 |
0.12 |
Supergene |
| ZFDDH14-278 |
No Significant Results |
| ZFDDH14-279 |
120 |
141* |
21 |
0.49 |
0.06 |
0.43 |
Supergene |
| ZFDDH14-280 |
92 |
104 |
12 |
0.28 |
0.08 |
0.18 |
Oxide |
| And |
136 |
172* |
36 |
0.73 |
0.05 |
0.64 |
Supergene |
| ZFDDH14-281 |
No Significant Results |
| ZFDDH14-282 |
108 |
152* |
44 |
1.15 |
0.25 |
1.05 |
Supergene |
| ZFDDH14-283 |
72 |
84 |
12 |
0.42 |
0.02 |
0.31 |
Oxide |
| And |
126 |
170 |
44 |
0.28 |
0.01 |
0.23 |
Mixed |
| ZFDDH14-284 |
78 |
90 |
12 |
0.34 |
0.17 |
0.18 |
Oxide |
| ZFDDH14-285 |
18 |
30 |
12 |
0.35 |
0.13 |
0.25 |
Oxide |
| ZFDDH14-286 |
No Significant Results |
| ZFDDH14-287 |
No Significant Results |
| ZFDDH14-288 |
66 |
88 |
22 |
0.54 |
0.01 |
0.50 |
Mixed |
| ZFDDH14-289 |
No Significant Results |
| ZFDDH14-290 |
50 |
78 |
28 |
0.18 |
<0.01 |
0.17 |
Oxide |
| ZFDDH14-291 |
94 |
152 |
58 |
0.73 |
0.03 |
0.67 |
Mixed |
| ZFDDH14-292 |
78 |
140* |
62 |
1.15 |
0.08 |
0.97 |
Supergene |
| ZFDDH14-293 |
52 |
150 |
98 |
0.75 |
0.17 |
0.63 |
Oxide + Supergene |
| Including |
48 |
70 |
22 |
0.58 |
0.04 |
0.45 |
Oxide |
| Including |
70 |
150 |
80 |
0.77 |
0.19 |
0.65 |
Supergene |
| ZFDDH14-294 |
60 |
180 |
120 |
0.30 |
0.04 |
0.20 |
Supergene |
| 1 |
All true widths are > 75% of reported widths unless otherwise stated. |
|
|
| 2 |
CuSol% values represent copper grades reporting in the sulphuric acid and cyanide leachable portions of a sequential copper analytical suite. These copper contents may be amenable to leaching with sulphuric acid and bioleaching. They are reported together in this table, pending further metallurgical testwork. |
|
|
| 3 |
A CuSol% cut-off grade of 0.15% was used to report intercepts for Oxide and Mixed copper mineralization, with a minimum interval length of 6 metres and a maximum internal dilution of 6 metres. A CuT% cut-off grade of 0.15% was used to report intercepts for Supergene and Hypogene copper mineralization. |
Bruce Turner, the Company's President and CEO commented: "The Project partners are very pleased to have completed the initial phase of the PFS drill program on time and below budget. The information obtained should allow us to include most of the identified oxide and mixed zones in our upcoming Pre Feasibility Study, enhancing the Project's economics and allowing for a more robust mine plan even in these challenging market environments. Confirming the potential for low cost SX-EW facility processing near surface material would be a welcome addition to an already compelling project".
As part of the program to ensure the quality of the mineral resource for the PFS a total of 83,934 metres of drill core have been re-logged under the supervision of Politax S.A., in association with GeoSystems International Inc. who have been contracted to model the mineral resource for the Zafranal PFS. In addition, Politax has developed alteration and lithology models for the Main Zone and Victoria deposits and Atticus S.A.C. has been retained to develop the geological model for the resource calculation of these deposits. A mineral reserve estimate will be completed to support the preliminary feasibility study and that the economic results will be based upon this mineral reserve estimate.
The second phase of drilling that has also recently been completed focused on providing additional samples for metallurgical flotation and leaching test work. A total of 2295 metres of HQ and 2671 metres of PQ-sized drilling have been completed and samples selected for test work.
The Company has implemented a rigorous QA/QC program at Zafranal, which includes the insertion of blanks, duplicates and certified standards into the sample stream. Core is photographed on site and subsequently sawed in half, with one half sent for analysis and the other half stored for future reference and assay verification. All Zafranal samples are shipped to ALS Chemex's sample preparation facility in the city of Arequipa, where they are crushed and pulverized. Prepared samples are shipped to ALS Chemex's certified laboratory in Lima where they are analyzed for gold, copper and multi-element ICP. Additionally, 10% of pulps are sent to a secondary laboratory, with additional control samples inserted, where they are assayed using the same protocols as the main laboratory.
Alvaro Fernández-Baca, P.Geo, consultant geologist acting as the Company's Qualified Person for the purposes of NI 43-101, has approved the geological information contained in this news release.
On Behalf of the Board
Bruce L. Turner, President and Chief Executive Officer