Alturas Minerals Completes 100% Acquisition of the Huajoto Mining Property,
TORONTO, ONTARIO and LIMA, PERU -- (Marketwire) -- 01/24/13 --
Alturas Minerals Corp. (the "Company" or "Alturas") (TSX
VENTURE:ALT)(LMA:ALT) is pleased to announce that it has exercised
its option to acquire the 375 hectare Esperanza Uno mining concession
from its original owner Compania Minera Agregados Calcareos S.A.
("COMACSA"). Alturas now owns 100% of the mining rights of the 3,700
hectare Huajoto project in the Huancavelica region, Central Peru.
On December 28th, 2012 the Company and COMACSA signed a contract
terminating the local mining option and assignment agreement and
executing the transfer of the mining concession previously held by
COMACSA. In consideration for the Esperanza Uno concession, COMACSA
is entitled to a 5% net profit interest royalty on all metals
extracted from the Huajoto property block.
In compliance with the contract, the parties have agreed that: (i) If
after four (4) years of having entered into this agreement, the
construction of mining facilities within any of the Huajoto
concessions has not started in order to proceed with the commercial
production stage; or (ii) If after six (6) years of having entered
into this agreement, the commercial production within any of the
Huajoto concessions has not started, then ALTURAS shall pay COMACSA
an annual amount of US$ 50,000.00 (fifty thousand and 00/100 US
Dollars) as an advance on the net profit interest royalty.
Miguel Cardozo, President and CEO of the Company commented, "We are
pleased to now have 100% ownership of the mining concessions covering
the 3,700 hectare Huajoto project. Based on the positive exploration
results to date, we believe that the Huajoto property has the
potential to yield significant value to Alturas, including the zinc,
copper and rare earth mineralization indicated from prior drilling in
the Caty-Pablo area and the still unexplored gold-silver
high-sulfidation potential mineralization in the La Virgen area, that
may also eventually represent a mineralized lithocap overlying a
porphyry-related mineralization center."
About the Huajoto Zinc-Gold-Copper-Rare Earth Element project
The Huajoto Project is situated 22 kilometers northwest of the
ng town of Huancavelica in Central Peru. The project
is comprised of eight contiguous mineral concessions totaling 3,700
The property includes over 7.0 x 5.0 kilometers of strong
hydrothermal alteration centered on a Late Tertiary felsic eruptive
center. The system is the northern most of several alteration centers
distributed along a well-defined, NNW-SSE striking, +20 kilometer
long belt of skarn, polymetallic and epithermal deposits.
Geologically, the Huajoto Volcanic Complex (HVC) is a sill and flow
complex of felsic to intermediate composition cutting the Mesozoic
Pucara limestone dominated basement. Small diatreme breccia pipes
attest to explosive felsic eruptive activity. Airfall tuffs appear to
represent a synchronous or possibly later pyroclastic phase. Faulting
is complex and intense, probably reflecting strong extension in the
roof of a sub-circular, sub-volcanic/plutonic complex, which measures
around 10 x 10 kilometers in dimension.
There are surface and drilling reports of two different styles of
mineralization on the Huajoto Property: high-sulfidation epithermal
gold mineralization (La Virgen target) that may represent a
mineralized lithocap overlying a porphyry-related mineralization
center and zinc-skarn and replacement (Cathy-Pablo target) in the
peripheral volcanic and sedimentary sequence.
Alturas initiated an intensive surface exploration program in August
2007 followed up by a first phase drilling campaign of these targets
comprising 2,501 meters that was executed in the third quarter of
Best results reported were from drill hole JOT-08-01, which
intersected a near surface 106.5 meter thick polymetallic mineralized
package between 11.5 and 118.0 meters averaged 1.64% zinc and 0.09%
copper. This package includes an upper section of 48.5 meters
assaying 2.24% zinc and 0.13% copper from 11.5 to 60.0 meters and a
lower section of 17.0 meters assaying 3.26% zinc and 0.18% copper
from 101.0 to 118.0 meters. Within these two sections, higher grade
intervals of 5.80 meters assaying 3.48% zinc and 0.18% copper, and
4.40 meters assaying 7.28% zinc and 0.37% copper, were encountered.
Alturas has recognized that strongly anomalous rare earth element
(REE) values exist within the alkaline volcanic rocks hosting the
For maps and an extended summary of exploration results, refer to the
Company's website www.alturasminerals.com/project-pdfs.html.
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 comprise 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 of its Pampa
Colorada property with Origen Group S.A.C. but maintains royalty
rights and a claw back clause on 60-100% of the mining rights under
certain conditions (see press release dated January 5th, 2012).
Alturas also executed an option agreement of 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).
About Alturas's QA/QC Procedures
Strict sample integrity is maintained throughout the geochemical
sampling program at Huajoto. The bagged samples are transported by
Alturas staff to the city of Huancayo in central Peru where they are
shipped directly to Australian Laboratory Services (ALS) in Lima. At
the ALS's Lima facility, all samples are dried then crushed to 70%
-10 mesh (less than 2mm) size; then riffle split to obtain an
approximately 250 gram subsample. The subsample is further crushed to
85% -200 mesh (less than 75 microns) to obtain a 100 gram split ready
for analysis. All samples are routinely assayed for gold by
conventional fire-assay methods at ALS Lima facility and for 35
additional elements (including silver, copper, lead, zinc) using aqua
regia acid digestion followed by Inductively Coupled Plasma-Atomic
Emission Spectroscopy ("ICP-AES") analysis. Samples reporting greater
than 1% zinc are routinely assayed using a 4 acid
decomposition/volumetric technique and analyzed by Atomic Absorption
Spectroscopy. Rare Earth Elements assays are conducted in the
Canadian facilities of ALS and form part of a 38 element suite
analyzed using the Lithium Metaborate Fusion decomposition technique
followed by Inductively Coupled Plasma-Mass Spectroscopy ("ICP-MS")
analysis. Alturas follows a rigorous QC/QA progr
am, including routine
insertion of standards and blanks as well as assay of duplicate
samples at other independent laboratories. Certified standards of
known gold grade are inserted "blind" every 20th sample as an
independent check on assay accuracy.
Alturas follows a rigorous QC/QA program, including routine insertion
of standards and blanks as well as assay of duplicate samples at
other independent laboratories. Certified standards, of known gold
grade are inserted "blind" every 20th sample as an independent check
on assay accuracy.
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.
For further information, please visit the Company's website at
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)
Alturas Minerals Corp.
67 Yonge Street, Suite 1102,
Toronto, ON Canada
Alturas Minerals Corp.
Av. Del Pinar 180, Suite 804,
Chacarilla del Estanque,
Lima 33, Peru
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