QRS Capital Completes Option Agreement for the Aurum Copper Property in Chile
THUNDER BAY, ONTARIO -- (Marketwire) -- 02/19/13 -- QRS Capital Corp.
(TSX VENTURE:QRS) ("QRS" or the "Company") is pleased to announce
that it has entered into an option agreement (the "option agreement")
to acquire 100% of a 3,560 hectare portion of the Aurum Copper
Project, a 7,960 hectare copper, silver and gold mineralized property
located in the Third Region, Southern Atacama at 1,200 m.a.s.l. on
the Coastal Cordillera of Central Chile.
-- Located 12 km from Teck Resources Ltd. 3.2 million tonnes contained
copper in indicated resource Relincho copper-molybdenum deposit.
-- Excellent mining friendly location, all-weather road access, close to
power and ports, low altitude year-round exploration, and only 70 km
from Enami's custom processing facility at Vallenar.
-- Existing shallow high-grade copper deposit with historical resource
estimates as high as 20 million tons grading 1% copper.
-- Work planned to immediately upgrade historical estimates to a NI 43-101
compliant mineral resource, negotiate and fast track the deposit into
-- IP and magnetic geophysical ground survey combined with detail
geological mapping and rock geochemistry has identified six (6)
significant mineralized targets. Two (2) drill-ready targets are
available to immediately commence a systematic exploration program.
-- The presence of copper rich sulphides at depth are probably related to a
younger porphyritic intrusive mineralized body.
QRS's President Diego Benalcazar, stated, "We are very excited with
the addition of a near-term copper production project into the QRS
project portfolio. In parallel to the possibility of fast-tracking
early copper production, the Aurum Copper Project can be explored for
large tonnage porphyry type copper deposits along an identified
copper belt system extending in excess of 15 km."
The Aurum Copper (Aurum) project consists of 17 individual
concessions located in Chile's Atacama Region (Region III), Huasco
Province and Commune of Alto del Carmen. Totaling 3,560 ha, the
property covers a 20 km2 northeast elongate copper, silver and gold
hosted in skarned volcanics, sediments and dacitic
porphyry bodies. The project is located within the regionally
extensive north trending San Felix fault system that hosts numerous
copper and gold bearing systems and is located 12km from Teck
Resources Ltd.'s El Relincho copper-molybdenum deposit that has 3.2
millon tonnes contained copper in indicated resource.. There has been
extensive historical small scale high-grade copper mining throughout
the property, and modern exploration, over the past 50 years,
including geological mapping, soils geochemistry, surface trenching
and an Induced Polarization (IP) survey that delineated an open-ended
northeast anomaly approx. 150-400m wide and 2.2 km long. A number of
historical mineral resource estimates have been calculated with
estimates as high as 20 Mt @ 1% copper oxide at surface around one of
the main anomalies.
The area is known to have been worked for silver and gold as far back
as the late 1800s with copper being high-graded in the 1930s through
to the late 1960s. It is estimated that approximately 5,000 tonnes of
high-grade oxide ore may have been extracted from extensive mine
workings located in the center of the Carmen/Tabaco Mine vein system
to a depth of 90m, some of which was reported to have run over 25%
copper, up to 12,500 g/t silver and from 1.5 to 30 g/t gold.
From 1962 to 2006, significant exploration work was carried out on a
small part of the property that included geological mapping, chip and
trench sampling, soils geochemistry, shallow percussion drilling,
geophysics and follow-up reverse circulation and diamond drilling.
In 1962-1964, Minera Metalmine (Metalmine) completed 56 percussion
drill holes totaling 1,680m to an average depth of 30m on the Aurum
property and confirmed the presence of a shallow copper oxide deposit
over an area of approximately 170,000m2.
In 1992-1993, a small geochemical soils sampling program was carried
out adjacent to the deposit by Blue Ridge Resources.
In 2002, International PBX Ventures Ltd (IPBX) completed geological
mapping, soils geochemistry (785 samples), surface trenching and a 30
line km Induced Polarization (IP) geophysical survey. The IP survey
delineated an open-ended northeast elongate anomaly some 150-400m
wide and 2.2 km long flanking and extending a further 700m northeast
and 800m southwest of the Metalmine drilling.
From 2003 to 2006, IPBX executed two drill programs (primarily
diamond drilling) totaling 92 holes (8,340m) to investigate the
source of the IP anomaly and to provide the basis for a preliminary
resource estimate of the copper oxide zone. Holes drilled to test the
IP anomaly intersected significant widths of copper sulphides
including 25m @ 1.61% Cu and 144m @ 0.43% Cu and confirmed the source
of the anomaly.
In 1964, Metalmine estimated a resource of 18 Mt @ 1% soluble copper
to a vertical depth of 30m, covering some 750m of the 2,200m of
strike of the main copper bearing skarn zone, which is one of three
such zones on the property. In 1993 Blue Ridge Resources estimated,
within the same area and to a depth of 25m, a similar resource.
In 2006, International PBX Ventures Ltd. contracted SRK Consulting to
estimate a copper resource based on 74 out of the 92 holes (6,637m)
drilled and reported a current indicated mineral resource of 1.827 Mt
@ 0.59% Cu oxides with a secondary enriched zone 1.743 Mt @ 0.70% Cu,
and inferred resources of 0.836 Mt @ 0.59% Cu oxides with a secondary
enriched zone of 1.193 Mt @ 0.49% Cu as stated in the unpublished
January 25, 2007 technical report.
The data used to estimate the above historical resources no longer
exists either whole or in part. Hence at this time such estimates
cannot be verified by a qualified person as current NI 43-101
compliant mineral resources and the Company is not treating them as
such. Re-logging, check assaying of the mineralized intervals and
rock density studies on the IPBX drill core, which is still stored on
site, will need to be undertaken by a qualified person, as a minimum
to verify and validate the 2007 historical resource.
Location and Access to Infrastructure
The Aurum property is located approximately 85 km east-southeast of
Vallenar and is reached from Vallenar by paved (27 km) and gravel
roads constructed and maintained by Teck to service its El Relincho
Project. Industrial use water is available in the Corral de Pirca
creek within the property limits and water rights to several claims
in the creek valley are included with the mining title. The site is
located 12 km from Alto del Carmen and the main Chilean northern
electrical grid. The favorable climate provides year-round working
conditions and there is cell phone coverage in the area for
QRS Due Diligence Work
Before signing the Option agreement, QRS completed thorough technical
and legal due diligence. All mining rights are valid and there are no
legal issues outstanding nor any disputes or community problems.
QRS's technical due diligence program (See Figure 1) included the
-- Regional geological and structural mapping
-- World-view and Aster Image interpretation of alteration
-- 45 line kilometer IP pole-dipole and magnetometry
-- Extensive outcrop sampling program - 38 out of 60 rock samples from old
workings and surface outcropping structures returned grades greater than
-- Completion of an internal geological model
Approximately 55% of the Aurum Copper land package has been staked by
QRS and is 100% controlled by QRS. The remaining 45% of the land
package is held under an option agreement (see November 1, 2012 news
release for details) whereby QRS will earn 100% control after 51
months subject to a number of conditions including:
-- Cash payments of US$2.8 million during the first three years
-- Additional cash payments of US$ 4.9 million in the latter stages of the
-- A resource payment of US$0.02/lb of recoverable copper contained in
resources up to 80,000,000 tons and US$0.01/lb for any copper contained
in resources in excess of 80,000,000 tons as demonstrated by a Bankable
-- The Company is also committed to an Exploration Work program totaling
US$12 million over a four-year period.
Mr. Terence Walker, M.Sc., P.Geo., and Mr. Hernan Guasumba, P.Eng.,
both qualified persons within the meaning of National Instrument
43-101 has reviewed and approved the contents of this news release.
Mr. Walker is an independent consultant to the Company.
About QRS Capital Corp.
QRS is a mineral exploration company actively seeking exploration
stage copper and gold targets in South America, particularly in
Chile, Colombia, Brazil and Ecuador.
ON BEHALF OF THE BOARD OF DIRECTORS
Diego Benalcazar, President and Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute
"forward-looking information" under applicable Canadian securities
legislation. Forward-looking information includes, but is not limited
to, statements about future acquisitions and objectives, exploration
results relating to the Aurum-Copper property, expected time of
completion of the definitive option agreement, exploration plans for
the Aurum-Copper property and the completion of the acquisition of
the Aurum-Copper property by QRS. Forward-looking information is
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information, including the risks
identified in the Company's disclosure documents. There can be no
assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information contained in this news release is given
as of the date hereof and is based upon the opinions and estimates of
management and information available to management as at the date
hereof. The Company disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
To view figure 1, "QRS due diligence - technical compilation", please
visit the following link:
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Apex Capital Inc.
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