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TORONTO,
Jan. 9, 2014 /CNW/ - Ecuador Gold
& Copper Corp. (TSX-V: EGX), (the "Company" or
"EGX") is pleased to announce drill results at its flagship
Santa Barbara Au-Cu porphyry deposit located within the Company's
8,300 hectare Condor Gold and Copper Project in the Zamora Gold and
Copper Belt, Southeast Ecuador.
Assay results from drill hole DSB-38 have now been received that
include 294 meters of 0.53 g/t gold and 0.14% copper starting at
surface and a further 28 meters of 0.61 g/t gold and 0.21% copper
between 408 meters and 436 meters. DSB-38 was the first hole
collared in the recently announced 3,000 meter resource expansion
program at the Santa Barbara North Zone about 1,000 meters
northeast of the Santa Barbara South deposit where resources now
stand at 236.1 million tonnes at 0.57 g/t gold and 0.1% copper
(4.33 million ounces gold and 520.0 million lbs. copper) in the
Indicated category and 102 million tonnes at 0.50 g/t gold and 0.1%
copper (1.6 million ounces gold and 225 million lbs. copper) in the
Inferred category. For details of previously reported
resources at the Condor Gold and Copper Project, see the Company's
technical report (the "Technical Report") prepared pursuant
to National Instrument 43-101 Standards for Disclosure for Mineral
Projects ("NI 43-101") dated effective October 16, 2013, signed November 28, 2013, and filed on SEDAR on
November 29, 2013 at www.sedar.com,
and the Company's news releases dated October 16, 2013 announcing the increased
resources at Santa Barbara South Zone available for viewing at
www.ecuadorgoldandcopper.com.
Previous drilling at the Santa Barbara North
Zone target defined a small Inferred resource of 5 million tonnes
of 0.9 g/t Au (145,000 ounces) reported in the Technical Report.
The objective of the current drill program is an expanded Santa
Barbara North Zone resource targeting the volcanic rocks further to
the east and north, similar in composition to the basaltic
andesites that hosted the majority of the mineralization at the
Santa Barbara South Zone. The Company's geologists in
Ecuador have been mapping and
exploring in the Santa Barbara North Zone area and have defined
north-northwest trending drill targets to the east and north of the
known Inferred resource.
Table 1: Summary of EGX drill results
at Santa Barbara North (length weighted average assays,
uncapped)
Drill Hole |
From
(m) |
To
(m) |
Interval
(m) |
Au (g/t) |
Cu (%) |
AuEq (g/t) |
DSB-38 |
0.00 |
294.00 |
294.00 |
0.53 |
0.14 |
0.72 |
including |
94.00 |
294.00 |
200.00 |
0.60 |
0.16 |
0.82 |
Including |
266.00 |
294.00 |
28.00 |
0.94 |
0.19 |
1.19 |
and |
408.00 |
436.00 |
28.00 |
0.61 |
0.21 |
0.89 |
- g/t = grams per metric tonne.
- Gold equivalent grade (AuEq) is calculated assuming 90%
recovery of copper with a $3.00/lb.
long term price of copper and $1,400/ounce long term price for gold.
- The true width of down hole interval lengths are estimated
to be approximately 25% to 50%.
Existing Resources
The Condor Gold and Copper Project contains an
Indicated mineral resource of 6.365 million ounces gold (within
318.9 Mt grading 0.62 g/t gold). Additional Inferred mineral
resources contain 2.06 million ounces gold (within 127.0 Mt
grading 0.52 g/t gold). In addition the El Hito Cu-Mo porphyry
deposit hosts an Inferred copper resource of 161 million tonnes
grading 0.31% copper (1.1 billion pounds of Cu). For more
information, please see the Company's resource table at
www.ecuadorgoldandcopper.com or its Technical Report dated
effective October 16, 2013 which is
available under the Company's profile on SEDAR at
www.sedar.com.
These resources were calculated and updated by
Philip Jones of Al Maynard and Associates Pty Ltd. of
Perth, Australia effective as of
October 16, 2013 and are described in
the Technical Report. Philip
Jones and Al Maynard of
Al Maynard and Associates Pty Ltd.
and Robert Suda are authors of the
Technical Report and are qualified persons who are independent from
the Company under NI 43-101. Recent updates to the Santa
Barbara resources were also announced in the Company's October 16, 2013 news release.
Qualified Person
Mit Tilkov, P.Geo., Vice-President Exploration
of Ecuador Gold and Copper Corp. is a qualified person, as defined
by NI 43-101, supervised the project field work, and is responsible
for the preparation of the technical information in this news
release.
Cautionary Note
The Company has not completed a preliminary
economic assessment or feasibility study of the Condor Gold and
Copper Project under NI 43-101, and there is no assurance that the
exploration and subsequent development operations of the Condor
Gold and Copper Project will be economically or technically
viable.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Ecuador Gold and Copper Corp.