CST: 30/06/2016 01:55:42   

Los Andes Announces Results of First Four Drill Holes of 2015-2016 Drill Program at the Vizcachitas Deposit

124 Days ago

Drilling Confirms the Presence of Higher Grades in the Central Core and Confirms New Geological Model

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 26, 2016) - Los Andes Copper Ltd. ("Los Andes", or the "Company") (TSX VENTURE:LA)(OTC PINK:LSANF) is pleased to announce the results from the first four drill holes of the 2015-2016 diamond drill program. The assay results from these drill holes confirm the presence of higher grade mineralization in the project's central core.

Historical drilling was carried out on the Vizcachitas project in three campaigns during 1993, 1996/1997 and 2007/2008. However, the higher grade central core had only been drilled in the 1990's campaigns and with generally shallower drill holes, therefore not properly reflecting the potential of this core area.

Los Andes has begun a drill program to confirm a new geological model and to demonstrate the extent of the central core mineralisation. A first stage of this campaign has been drilled, with eight diamond drill holes totaling 3,661 metres.

Highlights from these four drill holes are:

  • The results confirm the new geological model showing how the central higher grade core extends over an area of at least 700 metres north-south and 700 metres east-west.
  • The project is still open to the east, west, north and at depth.
  • The presence of silver mineralisation in the range of 0.8 g/t to 2 g/t is confirmed.
  • The drilling intersected long sequences of greater than 0.6 % Cu with significant Mo and Ag credits. See table below.
Hole_ID Depth From
(m)
Depth To
(m)
Length
(m)
Cu % Mo ppm Ag g/t
V2015-01 322.0 386.0 64.0 0.601 258 1.2
V2015-02 142.0 194.0 52.0 0.602 170 1.8
V2015-03 44.1 83.2 39.1 0.743 145 1.9
V2015-03 44.1 110.0 65.9 0.601 187 1.7

As part of the preparatory work for this drilling campaign, the Los Andes geologists re-logged all of the 146 drill holes located within the property. The re-logging was led by Gonzalo Saldias, a geologist well recognised in Chilean porphyry systems. This detailed review showed that the historical logging and geological model had not properly identified the importance of the higher grade early dioritic porphyry and hydrothermal breccias. The recent logging showed that these higher grade geological units extend over distance of 1,400 metres north-south and 700 metres east-west. The mapping shows that these breccias have grades increasing with depth and demonstrate the potential for higher grades at depth.

The current drill hole program was designed to test this geological model and confirm the extent of the higher grade central core.

Location of Drill Holes:

Hole Easting Northing Elevation
(metres)
Azimut
(degrees)
Inclination
(degrees)
Final depth
(metres)
V2015-01 365,798 6,413,746 2,015 110 -65 476.35
V2015-02 365,792 6,413,387 1,990 290 -75 459.80
V2015-03 365,928 6,413,393 1,995 290 -75 535.00
V2015-04 365,685 6,413,882 2,040 110 -60 656.00
V2015-05 366,182 6,413,275 2,050 290 -60 638.00
V2015-06 366,050 6,413,931 2,130 110 -75 51.30
V2015-06b 366,044 6,413,855 2,105 80 -74 67.00
V2015-07 366,239 6,413,137 2,030 290 -70 52.00
V2015-08 366,159 6,413,538 2,150 290 -75 725.50
All coordinates are in UTM WGS84

A drill hole location plan is available on our website: www.losandescopper.com

Summary of Drill Holes

Drill Hole V2015-01

This hole was drilled in the northern part of the central core. The purpose of this hole was to confirm whether the high grade mineralisation associated with the dioritic porphyry extended 200 metres to the west from the historical drill holes.

The top of bedrock was located at 68.7 metres and the drill hole intersected the dioritic porphyry with potassic alteration at a depth of 216 metres and continued within this unit to the end of the hole at 476 metres. The average grade with the diorite porphyry was 0.467 % Cu, 285 ppm Mo and 1.0 g/t Ag over a length of 260.4 metres, including 0.601 % Cu, 258 ppm Mo and 1.2 g/t Ag over a length of 64.0 metres.

The drill hole confirmed the continuity of the higher grade diorite porphyry to the west and demonstrated that the mineralisation is open at depth.

Depth From (m) Depth To (m) Length (m) Cu % Mo ppm Ag g/t
68.7 476.4 407.7 0.411 204 0.9
including
216.0 476.4 260.4 0.467 285 1.0
and
322.0 386.0 64.0 0.601 258 1.2

Drill Hole V2015-02

This hole was drilled on the western edge of central core. The aim of this hole was to drill to the west of the known mineralisation, seeking to intersect the lower grade granodiorite intrusive which defines the western limit of the project.

The drill hole did not intersect the granodiorite intrusive but drilled the andesitic host rock with potassic alteration from a depth of 60.15 metres to a depth of 288.0 metres where it intersected a tonalite porphyry which continued to the end the hole at 459.8 metres.

Within the andesite, from a depth of 142.0 metres, the average grade was 0.60 % Cu, 170 ppm Mo and 1.84 g/t over 52.0 metres, associated with stronger alteration. The average grade for the whole drill hole was 0.35 % Cu, 107 ppm Mo and 1.0 g/t over a length of 399.65 metres.

While the drill hole did not reach the western limit of the project, it showed that the mineralised system extended further westward than the proposed model and demonstrated the core of the project has significant sections with grade of greater than 0.6 % Cu.

Depth From (m) Depth To (m) Length (m) Cu % Mo ppm Ag g/t
60.15 459.8 399.65 0.351 107 1.0
including
142.0 194.0 52.0 0.602 170 1.8

Drill Hole V2015-03

This hole was drilled in middle of central core, 140 metres to the east of V2015-02. The aim of the hole was to test the depth extension of the mineralisation identified in the shorter historical drill holes which finished in good mineralisation at a depth of approximately 200 metres.

The drill holes intersected andesitic bedrock with supergene mineralisation at a depth of 44.1 metres. The supergene mineralisation continued to approximately 80 metres and the grade over this sequence was 0.743 % Cu, 146 ppm Mo and 1.9 g/t Ag over 39.1 metres.

From a depth of 141.1 metres, the drill hole intersected a sequence of ingenious breccias, hydrothermal breccias and a diorite porphyry to a depth of 444.8 metres. The higher parts of the sequence are identified by the quartz sericite alteration and high pyrite to chalcopyrite ratio. With depth, the potassic alteration increases and the pyrite to chalcopyrite ratio decreases although never below 1:1. This would indicate the drill hole is still in the higher part of the porphyry system and there is potential for higher grades at depth. The grade over this sequence is 0.404 % Cu, 241 ppm Mo and 1.1 g/t Ag over a length of 303.7 metres.

At a depth of 444.8 metres the drill hole intersected an andesite with potassic alteration and is notable for the low copper grades and the higher molybdenum grade. The grades are 0.172 %Cu, 332 ppm Mo and 0.4 g/t Ag over a length of 90.2 metres. This andesitic sequence is interpreted as being the potassic central of the porphyry system.

Depth From (m) Depth To (m) Length (m) Cu % Mo ppm Ag g/t
44.1 444.8 400.7 0.436 235 1.2
including
44.1 83.2 39.1 0.743 145 1.9
including
83.2 141.1 54.9 0.420 277 1.3
including
141.1 444.8 303.7 0.404 241 1.1
444.8 535.0 90.2 0.173 332 0.4

Drill Hole V2015-04

This hole was drilled in the northern extent of the central core, 180 metres to the north-west of drill hole V2015-01, to test the northern extension of the mineralisation identified in the first drill hole.

The drill hole intersected the diorite intrusive bedrock at a depth of 64.9 metres and continued in the same type of rock to a depth of 656.0 metres, except for a short 15 metres sequence of tonalite porphyry. A leached cap extended from 64.9 metres to 186.0 metres.

From a depth of 186.0 metres to a depth of 656.0 metres, a length of 470.0 metres, the average grade was 0.350 % Cu and 152 ppm Mo with 0.8 g/t Ag. This included 44.0 metres with an average grade of 0.448 % Cu, 96 ppm Mo and 1.1 g/t Ag.

While this hole did not intersect the higher grade porphyry identified in historical drill hole V-39, it has shown that moderate grade mineralisation extends further north than previously demonstrated in the 2014 block model. The grades in this hole are generally higher than those reflected for this area in the 2014 block model and the mineralisation is still open at depth.

Depth From (m) Depth To (m) Length (m) Cu % Mo ppm Ag g/t
186.0 656.0 470.0 0.350 152 0.8
including
250.0 294.0 44.0 0.448 96 1.1

Drill Hole V2015-06

This hole was drilled in the north east extent of the central core, 270 metres to the north-east of drill hole V2015-01, between two outcropping late stage diatremes. The new geological model indicates the potential for porphyry style mineralisation in this area. If proven this would open up a large area within the 2014 block model that is currently identified as waste rock.

The drill hole intersected a post mineral dacite dyke at a depth of 3.0 metres and was stopped at a depth of 67 metres. The drill hole has not been assayed.

Drill Hole V2015-07

This hole was drilled to 150 metres south of drill hole V2015-05 to test central core of the project area.

The drill hole could not pass through the gravels and was abandoned at a depth of 52 metres.

Drill Hole V2015-05 and V2015-08

Assay results are pending for these two drill holes and will be reported as they become available.

QA/QC

Quality assurance and quality control procedures include the systematic insertion of duplicate and standard samples in to the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and were shipped directly to the preparatory laboratory of ALS Minerals in Coquimbo, Chile. All geochemical analyses were performed by ALS Minerals in Lima Peru. All samples were assayed using the method ME-MS61, a four-acid digestion with an ICP-MS finish. Copper samples with grades above 0.6 % Cu were reanalysed using ALS method Cu-OG62, a four-acid digestion with an AAS finish.

Mr. Amberg is the Qualified Person responsible for the preparation of this news release.

Team Credentials

Mr. Amberg is a geologist who is a graduate of the Royal School of Mines, London, has an MSc. from University College and is also a Chartered Geologist with the Geological Society of London. He has close to 30 years of diverse experience having worked in Asia, Africa and South America for both multinational and junior companies. He began his career in 1986 working with Anglo American in South Africa before moving on to an exploration position with Severin-Southern Sphere. In 1990 Mr. Amberg moved to Chile where he first worked with Bema Gold on the Refugio project before taking up a position with Rio Tinto. At Rio Tinto he was involved in exploration programs in the Atacama and Magallanes Regions and managed the Barreal Seco (now part of Las Cenizas) exploration program. In 1996 he joined Kazakhstan Minerals Corporation in Kazakhstan, setting up and managing offices for the drilling and resource estimation for JORC compliant feasibility studies on three large projects that are now operating mines. He became General Director for two joint ventures in KazMinCo where he managed all technical and local issues. In 2001 he returned to Chile where he started a geological consulting firm specialising in project evaluation and NI 43-101 technical reports. Mr. Amberg's clients included Rio Tinto, Barrick, Codelco, Anglo American, Pan Pacific Copper and various junior mining companies. He joined Los Andes Copper in 2012 as Chief Geologist and is now also the President and Chief Executive Officer.

Mr. Amberg is a Qualified Person under NI 43-101.

Gonzalo Saldias is a geologist who is a graduate of Universidad Católica del Norte, Chile. He has over 35 years of experience working within Chile and internationally; mainly on copper porphyry, epithermal gold silver and iron-oxide copper gold systems. For the last seven years, he worked for Antofagasta Minerals evaluating copper porphyry projects within Chile, assessing their geological and economical potential. Prior to that he had worked for ten years with Placer Dome Latin America, generating and evaluating exploration projects within the region. Prior to Placer Dome, he worked for Codelco as head of exploration geology for the El Salvador Division, developing the prospective areas near to the mine. He also worked for Northern Resources, Homestake, Utah, Anaconda and as an independent consultant.

For more information, please visit our website at: www.losandescopper.com

Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information; including, without limitation, the achievement and maintenance of planned production rates, the evolving legal and political policies of Chile, the volatility in the Chilean economy, military unrest or terrorist actions, metal and energy price fluctuations, favourable governmental relations, the availability of financing for activities when required and on acceptable terms, the estimation of mineral resources and reserves, current and future environmental and regulatory requirements, the availability and timely receipt of permits, approvals and licenses, industrial or environmental accidents, equipment breakdowns, availability of and competition for future acquisition opportunities, availability and cost of insurance, labour disputes, land claims, the inherent uncertainty of production and cost estimates, currency fluctuations, expectations and beliefs of management and other risks and uncertainties, including those described in Management's Discussion and Analysis in the Company's financial statements.

Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy, and the Company's production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.

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Los Andes Copper Ltd.
Antony J. Amberg
President & CEO
(56-22) 954-0450
Los Andes Copper Ltd.
Aurora Davidson
CFO
604-697-6207
info@losandescopper.com
www.losandescopper.com