AQM Copper Inc.
TSX VENTURE : AQM
BVLAC : AQM

AQM Copper Inc.

January 04, 2011 09:31 ET

AQM Reports 2010 Achievements and Announces Latest Zafranal Drill Results-Including 342 metres of 0.55% Cu-First NI 43-101 Compliant Resource to be Announced

-- AQM completes 74,000m of drilling in 2010

-- First NI 43-101 Compliant Resource for Zafranal project to be announced imminently

-- ZFDDH10-150 drills 125m of 0.86% copper and 0.07g/t gold

-- Step-out holes ZFDDH10-138 and 143 expands Main Zone mineralization to the South

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - AQM Copper Inc. (TSX VENTURE:AQM)(BVLAC:AQM) ("AQM" or "the Company") is pleased to provide results for the remaining 24 diamond drill holes of its 2010 drilling campaign, in addition to a summary of the year's achievements. 

In 2010, AQM successfully expanded the Zafranal Main Zone to 2.8km by 600m and up to 500m thick including both the supergene blanket and primary mineralization zones; the Company also identified several satellite zones of significant copper mineralization within the 25,000 hectare Zafranal project. 

After a total of US$18.2M in project expenditures AQM fulfilled its 50% stake in the Joint Venture with Teck (who originally discovered Zafranal in 2003). Going forward, Teck and AQM will fund the project's ongoing development in proportion to their joint venture interests. 

AQM completed a total of 68,500m of RC and Diamond drilling on the Main Zone and will publish Zafranal's first NI 43-101 compliant resource estimate imminently. Drilling has systematically tested the Main Zone porphyry system over a 2.8km strike length, encountering both secondary and primary copper-gold mineralization over widths of up to 600m and thicknesses of up to 500m.

AQM also completed 5,500m of RC drilling on its Sicera Sur and Sicera Norte satellite prospects. Drilling in Sicera Norte encountered several intercepts with significant primary copper mineralization starting near surface. Subsequent detailed mapping identified a 2.8km x 1.4km alteration zone, which AQM intends to systematically drill test during 2011. These two targets are located 6km West and North West, respectively, from the Zafranal main zone.

Juan Villarzu, the Company's Chairman declared, "Few companies are capable of executing in one year a program such as the one AQM has performed in 2010 at Zafranal, and as a result of this effort, we will soon be announcing the first official report regarding the resources contained in the main zone of the project."

As for 2011, AQM as operator of the joint venture has proposed a $20M program to continue drilling to expand the Main Zone towards the east, undertake a scoping study on the project's development and drill test several other targets identified by company geologists, including systematic drill testing at Sicera Norte. Final approval of the 2011 program and budget by the joint venture is pending.

The year's remaining drill holes reported herein were aimed at extending the known mineralization of the Main Zone, in addition to infill drilling and furthering the understanding of the geological body by drilling East-West oriented holes. Drill holes ZFDDH10-134, 136, 138, 139, 141, 143, 145, 146, 148 and 153 were aimed at testing the southern limits of the Main Zone. Of particular significance were drill holes ZFDDH10-138 and 143 which intercepted thick supergene mineralization further south than previously identified. These assays confirm that the zone remains open to the South along their respective section.

Drill holes ZFDDH10-131, 132, 133, 142, 144 and 151 tested the northern extension of the Main Zone. All of these drill holes, except ZFDDH10-151, cut potentially economic copper mineralization at the northern edge of the Main Zone, and confirm AQM´s geological interpretation of an elongated east-west porphyry system controlled by regional-scale structural features.

Hole No. From To Interval Cu% Au ppm
ZFDDH10-131 310 336 26 0.22 0.04
And 358 382 24 0.27 0.09
And 394 444 50 0.22 0.06
And 460 500 40 0.22 0.05
ZFDDH10-132 78.4 107.9 29.5 0.37 0.03
ZFDDH10-133 38.4 72 33.6 0.35 0.06
And 80 144 64 0.43 0.03
And 152 187 35 0.22 0.04
And 200 220 20 0.30 0.04
And 352 426 74 0.36 0.08
ZFDDH10-134 138 150 12 0.33 0.03
ZFDDH10-135 115.8 198 82.2 0.70 0.341
And 218 436 218 0.32 0.11
ZFDDH10-136 No Significant Results
ZFDDH10-137 116 126.5 10.5 0.59 0.05
And 166 274 108 0.69 0.07
Incl. 210 238 28 0.88 0.08
ZFDDH10-138 54 76 22 0.51 0.16
And 138 189 51 0.56 0.07
ZFDDH10-139 No Significant Results
ZFDDH10-140 84 178 94 0.41 0.07
And 278 386 108 0.26 0.06
ZFDDH10-141 90 114 24 0.56 0.05
ZFDDH10-142 80 92 12 0.32 0.02
And 213.25 234 20.75 0.37 0.03
And 272 280 8 0.85 0.23
And 296 318 22 0.32 0.10
ZFDDH10-143 10 44 34 0.28 0.15
And 120 188 68 0.60 0.07
Incl. 150 172 22 1.12 0.12
ZFDDH10-144 95 108 13 0.31 0.02
ZFDDH10-145 2 16 14 0.31 0.11
And 52.5 100 47.5 0.38 0.03
ZFDDH10-146 83.5 137.3 53.8 0.70 0.06
Incl. 106 137.3 31.3 0.88 0.07
And 154 175.22 21.2 0.81 0.07
ZFDDH10-147 46 388 342 0.55 0.06
Incl. 68 117.95 49.95 1.79 0.07
ZFDDH10-148 138 164 26 0.44 0.10
ZFDDH10-149 74.8 95 20.2 0.54 0.08
And 104.1 214.25 110.15 0.33 0.05
And 248 307 59 0.28 0.05
And 317 361 44 0.27 0.07
ZFDDH10-150 135 260 125 0.86 0.07
Incl. 135 160 25 1.01 0.11
Incl. 233 258 25 1.44 0.09
And 314 390 76 0.35 0.12
And 400 426.7 26.7 0.46 0.31
And 434 478.42 44.4 0.37 0.08
ZFDDH10-151 No Significant Results
ZFDDH10-152 29.5 54 24.5 0.68 0.01
ZFDDH10-153 48 64 16 0.33 0.02
ZFDDH10-154 149 240 91 0.78 0.15
Incl. 197.8 216 18.2 1.21 0.27
And 298 340 42 0.39 0.08
And 369.7 397.4 27.7 0.30 0.07
1 Gold grade cut back to 5 g/t
2 Hole ends in mineralization

Drill holes ZFDDH10-140, 147 and 152 were infill. Drill holes 135, 137, 149, 150 and 154 were drilled in an east-west orientation and were aimed at improving the geological knowledge in areas with a complex structural layout.

The Company has established a rigorous QA/QC program at Zafranal, which includes the insertion of blanks, duplicates and certified standards into the sample stream. Core is photographed on site and subsequently sawed in half, with one half sent for analysis and the other half stored for future reference and assay verification. RC chips are split twice on site using a riffle splitter, with 25% of the sample being sent to the laboratory for assay and the rest stored for future verification purposes. All Zafranal samples are shipped to ALS Chemex's sample preparation facility in the city of Arequipa, where they are crushed and pulverized. Prepared samples are shipped to ALS Chemex's certified laboratory in Lima where they are analysed for gold, copper and multi-element ICP.

Dr. Tom Henricksen, consultant geologist of the Company and Chief Geologist for AQM Peru, the Company's Qualified Person for the purposes of NI 43-101, has approved the information contained in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

Bruce Turner, President and CEO

ABOUT AQM: AQM Copper Inc. (formerly Apoquindo Minerals) is a Canadian based mineral exploration company developing copper deposits in South America. Through its wholly owned Peruvian subsidiary, Minera AQM Peru SAC, the company is developing the Zafranal Copper-Gold Porphyry Project located in Southern Peru. Management and directors have extensive experience working for the world's largest mining Copper producers. Please refer to the Company's website for further information regarding the Company and its projects.

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