"More on Los Azules
Value of the prise in the ground at Los Azules is rising with every drill hole. It is very important to see that the best grade was in a step out hole 300m to the North - we have a very big chances of increasing size of the deposit at Los Azules. The step out hole 51 and majority of the High Grade Core of the deposit are located on Xstrata's part of the property, back in right into which is now the subject of legal dispute between TNR Gold, Xstrata and Minera Andes."
"Interesting - it is the only comment we can make...now we can finally see the legal position of TNR Gold in this litigation process, history of relationship between Xstrata and Minera Andes and what has happened according to lawyers of TNR Gold behind the curtain. We guess that TNR Gold litigation team with George K. Macintosh, Q.C, from Farris, who signed the Statement of Defence, will not allow any baseless conclusions and they have discovered some evidence to the actions described in article 15. These actions give an interesting interpretation to the true intentions and motivations of the different parties involved in the case if provided statements will be proven to be true in the court. Logic of waiving feasibility study and 5 million dollars in trust account to exercise the back-in right are described in details as well. We will refer you to the legal disclosure in the News Release."
We have a position in this company, please, do not consider anything as an investment advise, as usual, on this blog.
Minera Andes Reports Mineral Resource Increase at Los Azules Project
Press Release Source: Minera Andes Inc. On Monday June 21, 2010, 11:14 am EDT
TORONTO, ONTARIO--(Marketwire - 06/21/10) - Minera Andes Inc. (the "Corporation" or "Minera Andes")(TSX:MAI - News)(OTC.BB:MNEAF - News) is pleased to announce that the mineral resource at our 100% owned copper project, Los Azules, has been expanded and the confidence level increased. A total of 137 million tonnes of the previous inferred mineral resources have been upgraded to the indicated category, and an additional 116 million tonnes of inferred mineral resources have been added.
Rob McEwen, Chairman and CEO of Minera Andes commented:
"Los Azules is shaping up to be a world-class copper deposit, and we are excited about its upside potential We have commenced planning for the next field season with the objective of completing a pre- feasibility study by the end of 2011."
In September of 2008, two independent qualified persons, Robert Sim and Bruce Davis, completed a resource estimate for Los Azules showing inferred mineral resources of 922 million tonnes grading 0.55 percent copper, equivalent to 11.2 billion pounds of copper. Based on this season's drilling (23 holes totaling 10,007 meters) Mr. Sim and Mr. Davis have prepared an updated estimate, results of which are outlined in the table below. Due to tightening of the drill hole spacing, portions of the resource were upgraded to the indicated category. Also, the inferred mineral resources increased due to a combination of step-out holes drilled at the north end of the deposit and greater drill hole depths.
Press Release Source: Minera Andes Inc. On Monday June 21, 2010, 11:14 am EDT
TORONTO, ONTARIO--(Marketwire - 06/21/10) - Minera Andes Inc. (the "Corporation" or "Minera Andes")(TSX:MAI - News)(OTC.BB:MNEAF - News) is pleased to announce that the mineral resource at our 100% owned copper project, Los Azules, has been expanded and the confidence level increased. A total of 137 million tonnes of the previous inferred mineral resources have been upgraded to the indicated category, and an additional 116 million tonnes of inferred mineral resources have been added.
Rob McEwen, Chairman and CEO of Minera Andes commented:
"Los Azules is shaping up to be a world-class copper deposit, and we are excited about its upside potential We have commenced planning for the next field season with the objective of completing a pre- feasibility study by the end of 2011."
In September of 2008, two independent qualified persons, Robert Sim and Bruce Davis, completed a resource estimate for Los Azules showing inferred mineral resources of 922 million tonnes grading 0.55 percent copper, equivalent to 11.2 billion pounds of copper. Based on this season's drilling (23 holes totaling 10,007 meters) Mr. Sim and Mr. Davis have prepared an updated estimate, results of which are outlined in the table below. Due to tightening of the drill hole spacing, portions of the resource were upgraded to the indicated category. Also, the inferred mineral resources increased due to a combination of step-out holes drilled at the north end of the deposit and greater drill hole depths.
Table.
Drilling this year was also successful in further delineating and expanding the high-grade secondary enrichment zone. We use a cut-off grade of 0.70% copper to define "high-grade" mineralization. The high-grade mineralization approximates the secondary enrichment zone, but it is not exactly coincident. The portions of the deposit that exceeded the 0.70% copper limit based on previous drilling totaled 161 million tonnes at an average grade of 0.87% copper. The updated estimate shows a slight increase in grade for portions exceeding 0.70% copper compared to the previous resource estimate. Results are outlined below.
The approximate limits of the mineralization are shown on the attached plan view map (Figure 1). Longitudinal and cross sections through the central portions of the deposit generated from the mineral resource model are shown on Figures 2 and 3.
Drilling Results
The location of the 23 holes drilled during the 2009-2010 field season are shown on Figure 1, and the assay results for the final six holes of this season are reported in Table 1. The results from these holes are generally consistent with the results of the other holes drilled this year, and were included in the new mineral resource estimate. Highlights include good intercepts in the secondary enrichment zone of 0.70% Cu over 118 meters in Hole 62 and 0.81% Cu over 138 meters in Hole 63. Hole 63 also contains 0.74% Cu as primary mineralization in the bottom 141 meters of the hole.
Geophysical Survey
During this field season Quantec Geoscience Ltd. completed a Titan 24™ Deep Earth Imaging geophysical survey. The purpose of this survey was to identify drilling targets at Los Azules.
The survey identified a number of promising anomalies, particularly to the southwest of the existing deposit.
The results of the geophysical survey for Los Azules will be integrated with an updated geological interpretation of this year's drilling in order to pinpoint new targets for the coming field season.
About Los Azules
Los Azules is a large copper porphyry system located in western San Juan Province, in Argentina. The Los Azules project is contained in a region consisting of other major porphyry copper deposits straddling the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine, a large primary silver producer that produced 4,998,000 million oz silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. The Corporation had $15 million USD in cash as at March 31, 2010 and no debt.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation.
For further information, please contact: Jim Duff or visit our Web site: http://www.minandes.com/.
Drilling this year was also successful in further delineating and expanding the high-grade secondary enrichment zone. We use a cut-off grade of 0.70% copper to define "high-grade" mineralization. The high-grade mineralization approximates the secondary enrichment zone, but it is not exactly coincident. The portions of the deposit that exceeded the 0.70% copper limit based on previous drilling totaled 161 million tonnes at an average grade of 0.87% copper. The updated estimate shows a slight increase in grade for portions exceeding 0.70% copper compared to the previous resource estimate. Results are outlined below.
The approximate limits of the mineralization are shown on the attached plan view map (Figure 1). Longitudinal and cross sections through the central portions of the deposit generated from the mineral resource model are shown on Figures 2 and 3.
Drilling Results
The location of the 23 holes drilled during the 2009-2010 field season are shown on Figure 1, and the assay results for the final six holes of this season are reported in Table 1. The results from these holes are generally consistent with the results of the other holes drilled this year, and were included in the new mineral resource estimate. Highlights include good intercepts in the secondary enrichment zone of 0.70% Cu over 118 meters in Hole 62 and 0.81% Cu over 138 meters in Hole 63. Hole 63 also contains 0.74% Cu as primary mineralization in the bottom 141 meters of the hole.
Geophysical Survey
During this field season Quantec Geoscience Ltd. completed a Titan 24™ Deep Earth Imaging geophysical survey. The purpose of this survey was to identify drilling targets at Los Azules.
The survey identified a number of promising anomalies, particularly to the southwest of the existing deposit.
The results of the geophysical survey for Los Azules will be integrated with an updated geological interpretation of this year's drilling in order to pinpoint new targets for the coming field season.
About Los Azules
Los Azules is a large copper porphyry system located in western San Juan Province, in Argentina. The Los Azules project is contained in a region consisting of other major porphyry copper deposits straddling the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine, a large primary silver producer that produced 4,998,000 million oz silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. The Corporation had $15 million USD in cash as at March 31, 2010 and no debt.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation.
For further information, please contact: Jim Duff or visit our Web site: http://www.minandes.com/.
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