Alturas Extends Its Joint Venture Agreement With Minera IRL on the
Huaquirca Copper-Gold District
TORONTO, ONTARIO and LIMA, PERU -- (Marketwire) -- 01/15/13 --
Alturas Minerals Corp. (the "Company" or "Alturas") (TSX
VENTURE:ALT)(LMA:ALT) announced today that it has entered into a
second amendment of a letter agreement with Minera IRL Limited
("IRL"), a Jersey-registered company listed on the Toronto Stock
Exchange, the London AIM market and the Lima Stock Exchange ("IRL"),
regarding the adjacent Utupara and Chapi Chapi properties within the
Huaquirca copper-gold district in south-eastern Peru ("Huaquirca
The amendment modifies an earlier letter agreement announced by the
Company on June 2, 2010 and grants Alturas extensions of the terms
within which to complete its exploration commitments at the Huaquirca
property block. Under the amended agreement Alturas has the option to
earn an 80% interest in the Huaquirca Joint Venture by resuming
exploration drilling no later than June 30, 2013 and completing a
further 9,502 meters of drilling on the Chapi Chapi Property and
completing a scoping study on any potential discovery before December
Miguel Cardozo, President and CEO of Alturas commented: "We are
pleased to have renegotiated the terms of the Huaquirca Joint Venture
with IRL, and look forward to continue exploration drilling on this
highly prospective district. Previous drilling of 5,498 meters
completed by Alturas in the Chapi Chapi area in 2012 identified
strong copper-gold-silver-molybdenum mineralization in the form of
porphyry, skarn and replacement ore bodies. A second drilling program
of 9,502 meters aimed to complete the 15,000 meters committed by
Alturas is planned to start on April 2013 subject to community,
environmental permits and financing."
Under the Letter Agreement and its two Amendments, the two parties
propose a Joint Venture ("Huaquirca Joint Venture") covering the
combined Chapi Chapi-Utupara properties, with IRL contributing the
Chapi Chapi property and Alturas contributing the adjacent Utupara
Once Alturas has fulfilled its obligations and have earned an 80%
interest in the Joint Venture, both parties would contribute pro-rata
according to their percentage interests, subject to usual
If IRL were to dilute below 20% interest it could convert that part
of its interest to a 2% NSR. If IRL were to further dilute its
interest to below 10%, it would be entitled to an additional 1% NSR
(for a total 3% NSR in consideration of its 20% interest). The NSR is
subject to a total buyout for US$ 5 million at Alturas's option.
About the Huaquirca copper-gold district
The Huaquirca copper-gold district is situated in the department of
Apurimac in southern Peru, within the emerging Apurimac-Cusco
porphyry-skarn belt of southeastern Peru. The 6,903 hectare Chapi
Chapi property block is immediately adjacent to Alturas' 5,276
hectare Utupara property. Together the two projects now comprise a
larger joint venture area ("Huaquirca Joint Venture") between Alturas
and Minera IRL Limited.
The limestones in the Huaquirca District are part of the same unit
(Ferrobamba Formation) that hosts world-class skarn deposits in the
Apurimac-Cusco porphyry-skarn belt, such as the Tintaya and Las
Bambas copper-gold skarn projects of Xstrata. The quartzite sandstone
unit (Hualhuani Formation) also hosts a significant copper oxide
resource at the nearby Antilla project of Panoro Minerals, situated
some 10 kilometers to the west. The Los Chancas copper porphyry
deposit (in feasibility stage by Southern Copper Corporation) is
hosted by a similar intrusive complex located 20 kilometers north of
the Huaquirca District and the Trapiche copper porphyry exploration
project of Buenaventura occurs 15 kilometers to the south.
At Utupara, previous work by Milpo and more recently by Alturas has
established the presence of a large disseminated copper-gold
porphyry/breccia system, with sulfide mineralization hosted by
intrusive breccias and associated with the potassic, phyllic and
transitional propyllitic phases of the alteration system. Alturas's
completed 4.933 meters of diamond drilling, totalling 21 drill holes,
between July 2007 and February 2008. Of this, a total of 10 holes for
2,999 meters were completed within the Cachorro Corridor over some
1.0 kilometers of strike length. All ten drill holes intersected
disseminated, low grade, copper-gold mineralization over wide
intervals extending up to 410 meters, with many reporting tens of
meter intervals of higher copper and gold grades (greater than 0.25 %
copper and 0.10 grams/tonne gold) within the intrusive breccias.
At Chapi Chapi, Alturas conducted 104.7 line-km ground magnetic and
70.2 line-km induced polarization geophysical surveys during 2011.
Geophysical modeling, complemented by surface geochemical copper-gold
anomalies and extensive areas of mapped skarn mineralization,
hydrothermally altered sandstone horizons and strong alteration
within monzonitic intrusive rocks, together define a 4.5 kilometer by
2.5 kilometer zone of skarn-, replacement- and porphyry-style
An Initial dioritic, intrusive phase in the Chapi Chapi project area
produced an intense thermal metamorphism/metasomatism at the contact
with the sedimentary sequence, generating garnet-pyroxene skarns,
marble, hornfels and quartzites. This phase was followed by
subsequent phases of dioritic porphyries and monzodioritic
intrusives. A later phase of monzonitic intrusive was emplaced along
subvertical structures and as sills following stratigraphically
weaker zones, inducing an extensive hydrothermal alteration in
several successive phases.
Alturas has completed a first drilling program at Chapi Chapi,
comprising 16 diamond holes for 5,498 meters drilled over the central
part of the 4.5 x 2.5 kilometers mineralized area. The strong metal
values reported on a press release dated May 10, 2012 have confirmed
a large copper-gold-molybdenum system and highlight the need of a
follow-up drilling program to define possible extensions of the
intersected mineralized bodies and to explore numerous additional
untested drill targets.
For maps and an extended summary of previous exploration results,
refer to the Company's website
As required by the National Instrument 43-101, Alturas's designated
Qualified Person for the supervision of exploration of the projects
is Dr. Paul Pearson, F. AUSIMM, who has reviewed the technical
information reported in this News Release.
About Alturas Minerals Corp
Alturas is a Canadian corporation, and is the indirect parent of the
Peruvian company, Alturas Minerals S.A. ("Alturas Peru") and of the
Chilean company, Alturas Chile Limitada ("Alturas Chile"). Alturas
Peru has been exploring various mineral projects in Peru since
January 2004. Alturas Chile initiated exploration activities during
the second quarter of fiscal 2010. Alturas' exploration strategy is
focused on the discovery of large copper-gold porphyry/skarn deposits
and epithermal gold mineralized deposits.
The principal assets of Alturas are one project in drilling stage
Chapi Chapi-Utupara, and five drill-ready mineral exploration
projects located in Peru and Chile, including the Sombrero, Huajoto,
Ccaccapaqui and Pampa Colorada projects in Peru, and La Corina in
Chile. Alturas entered into a transfer agreement on its Pampa
Colorada property with Origen Group S.A.C. but maintains royalty
rights and a claw back clause on 6
0-100% of the mining rights under
certain conditions (see press release dated January 5th, 2012.
Alturas also executed an option agreement on its Ccaccapaqui project
with Compania de Minas Buenaventura S.A.A.(see press release dated
January 31st, 2012). Alturas is also advancing its two recently
acquired gold-copper projects Marilin and Quispe in the Maricunga
belt of northern Chile. In addition, Alturas has interests in three
other less-advanced exploration projects in Peru (Callejones, San
Antonio and La Divina).
For further information, please visit the Company's website at
Alturas Minerals Corp.
67 Yonge Street, Suite 1102, Toronto, ON Canada M5E 1J8
Av. Del Pinar 180, Suite 804, Chacarilla del Estanque, Lima 33, Peru
Should you wish to receive Company news via email, please email
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Cautionary Language and Forward-Looking Statements
This press release may contain "forward-looking statements", which
are subject to various risks and uncertainties that could cause
actual results and future events to differ materially from those
expressed or implied by such statements. Investors are cautioned that
such statements are not guarantees of future performance and results.
Risks and uncertainties about the Company's business are more fully
discussed in the Company's disclosure documents filed from time to
time with the Canadian securities authorities.
The TSX Venture Exchange and the Bolsa de Valores de Lima do not
accept responsibility for the adequacy or accuracy of this release.
Alturas Minerals Corp.
+ 51-1-372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)
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