Exploration Update on Carol Copper Project, Sonora, Mexico
VANCOUVER, British Columbia--(BUSINESS WIRE)--Tosca Mining Corp. (TSQ-TSX-V) (OTC-TSMNF) (FSE-TQ4) announces results from recent exploration activity carried out on its Carol Copper project, located in the State of Sonora, Mexico.
Sonora is Mexico’s most important copper producing state, accounting for more than 75% of the metals annual output.
The Carol project lies 5 km northeast of the producing Piedras Verdes mine, Mexico’s third largest copper producer, at more than 70 million lbs per year.
Previous work by past operators identified widespread polymetallic skarn- style mineralization in a number of areas of the property, including the Balde Sur target, where 12 trenches were completed.
Tosca re-opened select portions of two of these trenches, BS-06 and BS-08, to validate past results in preparation for a proposed drill program. Continuous chip channel sampling, conducted at one metre intervals, has confirmed the presence of significant mineralization in both trenches as follows:
|Trench||Width (m)||Cu (%)||Ag (g/t)||Zn (%)||Au (g/t)|
Additionally, two grab samples taken from historic workings located in the immediate vicinity of trench BS-06 (one to the south and one to the north) returned significant high grade results as follows:
|Sample||Width (m)||Cu (%)||Ag (g/t)||Zn (%)||Au (g/t)|
These recent results confirm the quality of past work performed on the property, and will assist in targeting drill holes to investigate mineralization at depth. No previous drilling has been carried out on the property.
About the Carol Copper Project
The Carol Copper project covers over 750 hectares and is located in southern Sonora State, Mexico, approximately 5 km northeast of the producing Piedras Verdes Copper mine, Mexico’s third largest. Operated by Cobre del Mayo (SA de CV), the mine produces over 70 million lbs of copper annually, at a cash cost of $1.62 per lb copper, with an estimated mine life remaining of 17 years (Cobre del Mayo Presentation October 2013).
At Carol, polymetallic (Cu-Ag-Zn-Au) skarn mineralization has been outlined in two mineralized zones: one measuring 1,100 metres by 400 metres and the second 700 metres by 180 metres. Due to extensive, shallow overburden, the true extent of mineralization is unknown.
Tosca has the right to acquire a 100% interest in the Carol project from Alta Vista Ventures (AVV-TSX-V) under an option agreement further described in its October 14th, 2013 news release.
A 43-101 technical report on the Carol Project has recently been filed on SEDAR and can be viewed on the Company’s website at www.toscamining.com
Samples from Carol were prepared and analyzed by IPL Inspectorate in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold, silver, copper, lead and zinc were analyzed as part of a multi-element ICP package using an aqua regia digestion. Over limit samples with greater than 1% Cu, Pb and Zn were re-analyzed using ore grade detection limits. Samples with greater than 20% Zn were re-analyzed a second time for using even higher parameters.
Ian Foreman, P.Geo., president of Alta Vista Ventures and independent to Tosca, is the Qualified Person, as defined by NI 43-101, for the Carol Project and is responsible for the technical information in this news release.
On behalf of the Board of Directors,
Neither 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.
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.