Southern Peru Copper Hits 48 Metres of 0.36% Copper and Drops Option at Canadian Shield's Cerro Cori Property
2008年9月6日 - 2:50AM
Marketwired
Canadian Shield Resources Inc. (TSX VENTUERE: CSP) ("Canadian
Shield" or the "Company") is pleased to announce that Southern Peru
Copper - Surcusal del Peru ("Southern Peru"), the Peruvian branch
of Southern Copper Corporation has completed a 9 hole, 3,428 metre
diamond drilling campaign on the Company's Cerro Cori Property
located in the Department of Ayacucho in southern Peru.
Significant intersections from the program are:
Drill Hole From To Length (metres) Copper %
------------------------------------------------------------------------
CO-03 126 174 48 0.36
Including 132 156 24 0.58
The mineralization in hole CO-03 appears to be stratigraphically
controlled occurring in a porous, fragmental pyroclastic volcanic
rock variably altered by silica and clay. Copper minerals comprise
covelite and bornite with a trace of chalcopyrite. No appreciable
precious metals were recognized in any of the nine core holes.
Cerro Cori is considered a relatively high risk exploration play
where a very large (+20 sq km) alteration zone forms a "lithocap"
or zone of silica-clay alteration which contains very little
anomalous metal at surface. Large copper-gold porphyry and high
sulfidation gold-silver systems may have such lithocaps preserved,
overlying the productive part of the system. Abundant native
sulphur and barren pyrite in the drill core also indicates much of
the drilling did not penetrate depths below the paleo-water table
where base and/or precious metals would typically be found.
"While one significant intercept out of nine holes is not
considered highly successful drill results, Canadian Shield feels
this limited success is encouraging. Geologic and geochemical
vectors point south, down dip of both structure and stratigraphy
and to a large low lying area adjacent to the recently completed
drilling. Further drilling in this area will benefit from starting
holes some 200 metres lower in elevation the recent drilling, thus
increasing the odds of intersecting porphyry style copper +/- gold
mineralization" said Phil Anderson, VP Exploration.
Southern Peru began drilling February 2, 2008 and terminated the
last hole June 8, 2008. Difficult climatic conditions (typical of
the Peruvian Andes rainy season) were largely responsible for the
relatively slow progress of the program. Under terms of the earn-in
agreement between Southern Peru and Canadian Shield, Southern Peru
was obligated to spend $350,000 during the first year of
exploration which was completed. In addition Southern Peru paid
Canadian Shield US$150,000 in 3 cash payments. Canadian Shield
received the letter of termination of the earn-in agreement on July
18 and received final report materials on July 31, 2008.
"We greatly appreciate the hard work and fortitude shown by
Southern Peru required to complete this program. They did an
excellent job on environmental, archaeological and community
relations issues and have left the property in good standing" added
Mr. Anderson.
Canadian Shield also announces a change to its Board of
Directors. The Company would like to thank Leonard De Melt for his
support and contributions over the years as he stepped down from
the Board on August 13, 2008.
Investors are invited to visit the Canadian Shield IR Hub at
http://www.agoracom.com/IR/CanadianShield where they can post
questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to CSP@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
About Canadian Shield Resources Inc. (TSX VENTURE: CSP)
Canadian Shield acquires and explores strategically-located
precious and base metal properties in South America. The Company
currently controls a portfolio of eight exploration properties
located in Peru and Chile. Canadian Shield will continue to focus
on project generation and joint venture opportunities to provide
shareholders with interests in a broad portfolio of South American
mineral properties. The Company's shares are listed on the TSX
Venture Exchange (Trading Symbol TSX VENTURE:CSP). Further
information is available at Canadian Shield's website:
www.canadianshieldresources.com
STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL
INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE
PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE
FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON
NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS
A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING STATEMENTS.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Inc. Bernard Kraft Chairman
& CEO (416) 927-0025 Ext. 30 or Toll Free: 1-888-927-0025 (416)
927-1222 (FAX) Email: investor@canadianshieldresources.com Canadian
Shield Resources Inc. Phil Anderson VP Exploration (511) 719-6152
or VoIP Line: (416) 907-5690 (511) 446-1194 (FAX) Email:
panderson@canadianshieldresources.com
Website:www.canadianshieldresources.com AGORACOM Investor Relations
Email: CSP@Agoracom.com Website:
www.agoracom.com/IR/CanadianShield
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