Antares Files 43-101 Report for Initial Resource Estimate for the Haquira East Primary Sulphide Cu-Mo-Au Discovery, Peru
January 20 2009 - 2:05PM
Marketwired Canada
Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce the
filing of an independent National Instrument 43-101 compliant interim resource
estimate for its Haquira East Cu-Mo-Au discovery in southern Peru. The resource
estimate was prepared by Tetra Tech, Inc. of Golden, Colorado ("Tetra Tech") and
is the first estimation focused on the primary sulphide resources of the newly
discovered porphyry Cu-Mo-Au zone at Haquira East. Previous Haquira project
resource estimates prepared by Chlumsky, Armbrust, and Meyer L.L.C., ("CAM") of
Denver, Colorado (see press releases of October 9, 2007 and February 14, 2006)
focused on the near-surface, leachable secondary copper mineralization of both
the Haquira East and Haquira West zones.
Highlights of the resource estimate were reported by Antares on November 24,
2008 and the full report has now been filed on SEDAR. This resource estimate
utilizes all drill results up to and including drill-hole AHAD-120 (reported on
August 05, 2008) and is restricted to the Haquira East zone. Mineralization at
Haquira East remains open to depth as well as laterally to the northwest and
southeast. Highlights from this interim resource estimate at a cut-off of 0.3%
total Cu are as follows:
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Table 1. Mineral Resource Summary Haquira Project - 0.3% Cu cut-off
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Haquira East Primary Sulphide Mineral Resources (Tetra Tech Nov 2008) -
0.3% Cu cut-off
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lbs Cu
Resource Tonnes Cu Eq Cu Mo Au Ag lbs Cu Eq(1)
Classification (millions) % (1) % % g/t g/t (billions) (billions)
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Indicated 147.9 0.71 0.57 0.015 0.054 1.63 1.86 2.31
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Inferred less than
700m depth 205.2 0.69 0.56 0.014 0.055 1.56 2.53 3.13
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Inferred more than
700m depth 99.4 0.54 0.46 0.008 0.031 1.13 1.01 1.18
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Haquira East and West Secondary Cu Mineral Resources (CAM Oct 2007) - 0.3%
Cu cut-off
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Resource lbs Cu
Tonnes Cu Eq Cu lbs Cu Eq(1)
Classification (millions) (1) % % (billions) (billions)
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Indicated 133.7 0.53 0.53 1.55 1.55
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Inferred 43.6 0.44 0.44 0.43 0.43
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Primary sulphide resources also contain significant higher grade material
(cut-off of 0.7% Cu):
- Indicated Resource - 22.9 mt at 0.79% Cu, 0.022% Mo, 0.068 g/t Au, 2.21 g/t Ag
(0.99% Cu Eq(1))
- Inferred Resource - 48.8 mt at 0.84% Cu, 0.023% Mo, 0.072 g/t Au, 2.27 g/t Ag
(1.05% Cu Eq(1))
(1) CuEQ = Copper Equivalent is calculated for intervals dominated by primary
mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag and US$10.00/lb Mo
and is not adjusted for metallurgical recoveries as these remain uncertain.
Metallurgical recoveries and net smelter returns are assumed to be 100%. The
formula used is as follows: CuEQ = Cu% + (Au g/t x 0.4862) + (Mo% x 10.00/1.50)
+ (Ag g/t x 0.0077). Copper Equivalent contributions are only applied to primary
sulphide mineralization.
Antares has drilled an additional 41 holes (19,902 m) at the Haquira project
subsequent to the cut-off for inclusion in the preparation of the Tetra-Tech
report. Nine of these holes (9,443 m) were drilled to delineate further primary
mineralization at the Haquira East deposit, seven of these holes (5,076 m) were
drilled to test new primary sulphide targets at the Haquira West and Potato
Patch zones, and twenty-five of these holes (5,383 m) were drilled as infill
holes to improve the resource classification status of the near-surface,
leachable secondary copper mineralization of the Haquira West zone. The drill
program was completed in mid-December 2008. Results from these new holes will be
released over the next few weeks.
Qualified Persons
The mineral resource estimate presented here for the Haquira East portion of the
project was completed by or under the direction of John Rozelle, PG, Tetra
Tech's Mineral Resource Division Principal Geologist and an independent
Qualified Person as set forth by NI 43-101.
All of Antares' exploration programs and pertinent disclosure of a technical or
scientific nature are prepared by, or prepared under the direct supervision of
John Black, Antares' President and CEO, who serves as the qualified person (QP)
under the definitions of National Instrument 43-101. Antares' security, chain of
custody and quality control procedures are described on their website under the
section on best practices - sampling methodologies.
About the Haquira Copper Project, Peru
The Haquira project offers potential for a low-strip, low-cost SX-EW operation
in southern Peru as well as a good opportunity for an underlying higher grade
primary porphyry copper-molybdenum deposit. The project is located contiguous
to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au project. Antares
has an option agreement with Minera Phelps Dodge del Peru S.A.C. to acquire a
100% interest in the Haquira project by completing optional payments totalling
US$15 million over a five-year period (see Antares press release dated March 17,
2005). A total of US$6.5 million has been paid to date with the remaining US$8.5
million due as a payment of US$3.5 million on or before March 04, 2009 and a
final payment of US$5.0 million on or before March 4, 2010. Additional
information about the Haquira project is available on our website at
www.antaresminerals.com.
Antares has previously announced an updated resource estimate (October 09, 2007)
and Preliminary Economic Assessment (May 14, 2008) for the near-surface, SX-EW
amenable portion of the Haquira project. Haquira hosts an indicated resource of
133.7 million tonnes at 0.53% total Cu with an additional inferred resource of
43.6 million tonnes at 0.44% total Cu (0.3% total Cu cut-off, leachable
secondary copper sulphide and oxide mineralization only). This resource is
projected to support a 50,000 t/d SX/EW heap leach operation that will produce
an average of 109 million lbs of copper cathode for 11 years of mine life. The
capital cost to construct the operation is estimated at US$301 million with a
projected IRR of 26.9% and an NPV of US$224 million utilizing a copper price of
US$2.00/lb and a discount rate of 8%.
About Antares
Antares is a successful mineral exploration company with a highly experienced
technical and management team. The Company is focused on precious- and
base-metal exploration properties in Latin America that can be quickly and
cost-effectively advanced to the discovery and production stage. In addition to
the Haquira Project in Peru, Antares is also currently exploring the Rio Grande
(Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50
option/joint-venture agreement with Mansfield Minerals Inc.
All of Antares' exploration programs and pertinent disclosure of a technical or
scientific nature are prepared by, or prepared under the direct supervision of
John Black, Antares' President, who serves as the qualified person (QP) under
the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their
website under the section on best practices - sampling methodologies.
Mineral resources do not have demonstrated economic viability and future in-fill
drilling and scoping, pre-feasibility and feasibility studies will determine
what percentage of the inferred resource can be placed into the mineable
category. Antares is not aware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other issue which may materially affect
this estimate of mineral resources.
Certain disclosure in this release, including management's assessment of
Antares' plans and projects, constitutes forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating to Antares'
operation as a mineral exploration company that may cause future results to
differ materially from those expressed or implied. Readers are cautioned not to
place undue reliance on forward-looking statements.
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