Cobriza Metals Corp.
TSX : CZA

Cobriza Metals Corp.

August 10, 2012 04:00 ET

Cobriza Intersects 292 Metres of 0.33% Copper Equivalent(i) at Arikepay Copper-Gold Porphyry Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2012) -

Editors Note: There is one map associated with this press release.

Cobriza Metals Corp. (TSX:CZA) ("Cobriza") is pleased to announce that results from the final four drill holes have been received, and that additional significant copper-gold-silver ("Cu-Au-Ag") mineralization has been intersected at the Arikepay project, Peru. Highlights of these new results include:

  • RC-12-ARI-011: 292m averaging 0.10% Cu, 0.32 g/t Au and 1.1 g/t Ag (0.33% Cu Eq*)
    • including: 186m averaging 0.11% Cu, 0.43 g/t Au and 1.4 g/t Ag (0.43% Cu Eq*)

  • RC-12-ARI-013: 170m averaging 0.27% Cu, 0.039 g/t Au and 1.5 g/t Ag (0.31% Cu Eq*)
    • including: 122m averaging 0.31% Cu, 0.042 g/t Au and 1.8 g/t Ag (0.35% Cu Eq*)

"This initial drill campaign was very successful in the discovery of a large porphyry system which contains significant Cu, Au and Ag mineralization. We are now busy compiling and interpreting all of the results in order to plan Phase II of exploration at Arikepay," commented Michael Thicke, President of Cobriza Metals.

Six of the fourteen drill holes at Arikepay have now returned long intervals of significant copper-gold-silver (highlighted in Table 1 below), all of which were stopped in mineralization. Highlights include:

  • 142m of 0.51% Cu Eq* in hole RC-12-ARI-006

  • 186m of 0.43% Cu Eq* in hole RC-12-ARI-011

  • 292m of 0.39% Cu Eq* in hole RC-12-ARI-002

  • 170m of 0.31% Cu Eq* in hole RC-12-ARI-013

  • 146m of 0.31% Cu Eq* in hole RC-12-ARI-003, and

  • 80m of 0.35% Cu Eq* in hole RC-12-ARI-005

With these results from holes RC-12-ARI-011 through 014, all results have now been received from the initial 14 hole drilling program at Arikepay. Results of these new holes and those previously reported (see CZA NR-004 & 005 dated July 3 and 12, 2012) are detailed in Table 1 below.

A map of all 14 drill hole locations from the Arikepay drill program is below, or can be downloaded from http://www.cobrizametals.com/CZANR007Map.pdf.

Table 1 - Arikepay Project, Peru: RC Drilling Summary to July 31, 2012
Hole Total
Length
(m)
From
(m)
To
(m)
Width
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Cu Eq*
(%)
RC-12-ARI-001 300 0 300 300 0.07 % 0.11 1.5 0.16 %
including 0 16 16 0.15 % 0.05 0.6 0.19 %
RC-12-ARI-002 300 8 300 292 0.08 % 0.39 2.7 0.39 %
including 8 70 68 0.13 % 0.75 3.2 0.70 %
including 254 300 46 0.11 % 0.19 2.2 0.27 %
RC-12-ARI-003 300 32 300 268 0.17 % 0.09 5.1 0.29 %
including 70 216 146 0.16 % 0.08 8.2 0.31 %
RC-12-ARI-004 200 No Significant Values
RC-12-ARI-005 300 64 300 236 0.12 % 0.19 1.2 0.26 %
including 64 144 80 0.12 % 0.32 1.0 0.35 %
246 284 38 0.17 % 0.16 1.6 0.30 %
RC-12-ARI-006 300 62 300 238 0.29 % 0.13 1.7 0.394 %
including 62 204 142 0.36 % 0.17 2.0 0.51 %
RC-12-ARI-007 300 144 300 156 0.06 % 0.02 0.7 0.08 %
including 144 164 20 0.10 % 0.04 0.5 0.14 %
RC-12-ARI-008 300 148 300 152 0.05 % 0.03 0.5 0.08 %
RC-12-ARI-009 200 No Significant Values
RC-12-ARI-0010 220 No Significant Values
RC-12-ARI-0011 300 8 300 292 0.10 % 0.32 1.1 0.33 %
including 56 242 186 0.11 % 0.43 1.4 0.43 %
RC-12-ARI-0012 200 148 200 52 0.10 % 0.03 0.7 0.14 %
RC-12-ARI-0013 260 90 260 170 0.27 % 0.04 1.5 0.31 %
including 106 228 122 0.31 % 0.04 1.8 0.36 %
RC-12-ARI-0014 150 22 150 128 0.07 % 0.06 5.1 0.17 %
including 58 120 62 0.09 % 0.08 9.8 0.26 %
*Copper equivalent (Cu Eq) grades include gold and silver values based on 100% metal recoveries and the following metal price assumptions: US$1,200 per troy ounce gold, US$20 per troy ounce silver, and US$2.50 per pound copper.

Holes RC-12-ARI-011, 012, 013 and 014 all encountered significant sulphide mineralization over their entire length and vary from gold-dominant to copper-dominant to silver-dominant. These holes are located up to approximately 1.5 kilometres from the zone of sparsely exposed altered outcrop. With the exception of hole RC-12-ARI-014, all holes were collared in gravel cover with depth to basement ranging from 8-148m.

Hole RC-12-ARI-012 shows characteristics of moderate propylitic alteration, variable concentrations of pyrite mineralization and significant copper mineralization. Holes RC-12-ARI-011, 013 and 014 show characteristics of phyllic alteration overprinting possible potassic alteration and contain variable concentrations of pyrite mineralization and significant copper, gold and silver mineralization. Various samples have been collected for petrographic analyses to help better define alteration types.

The Arikepay porphyry system measures approximately 2,200m by 700-1,200m, is elongated north-northwest and extends to a depth of at least 300m. Within this larger area lies an area of significant Cu-Au-Ag mineralization that measures approximately 1,200m by 800m, trends to the northwest and extends to a depth of at least 300m. The area of significant Cu-Au-Ag mineralization is defined by holes RC-12-ARI-001, 002, 003, 005, 006, 011, 013, 014 and appears to be zoned with respect to Cu, Au and Ag grades. This mineralization is open to depth and to a limited extent to the north.

Sample Preparation and Analysis

Five kilogram (kg) samples were collected at 2m intervals from each RC hole, placed in plastic sample bags and sent to SGS Laboratories in Lima, Peru for preparation and analysis. Each sample was dried (if necessary) crushed to -10 mesh, homogenized and reduced to a 250 gram sample using a riffle divisor. The 250 gram sample was pulverized to -140 mesh. Gold analysis was done by fire assay with an atomic absorption finish and copper, silver, and molybdenum values were determined by ICP. Every 25m in each hole a blank, standard, or duplicate sample was inserted.

About Cobriza Metals

Cobriza Metals Corp. is a TSX listed mineral exploration company focused on exploration and development of base metal mining projects in Peru and Latin America, initially focused on exploration of three of its 100% owned projects: Arikepay, Don Gregorio, and Miraflores.

The Arikepay property is road accessible approximately 110 km south of the city of Arequipa, and lies 45 km south of the 3.5 billion tonne Cerro Verde copper-molybdenum mine (Freeport 54%, SMM Cerro Verde Netherlands 21%, and Buenaventura 19%) in southern Peru.

Don Gregorio is a 2,700 ha under-explored porphyry copper-gold system located approximately 140 km north-northeast of Chiclayo in northern Peru. Previous exploration by other companies included 1,648m drilled in 12 holes, with assays from this work including 153.3m of 0.394% copper and 0.18 grams per tonne gold.

Miraflores is a 100% owned, 1,800 hectare (ha) under-explored porphyry copper-gold-molybdenum system in northern Peru, 70 km NE of Trujillo. Surface rock sampling includes copper grades of up to 1.2%, gold grades of up to 15 g/t, and molybdenum grades of up to 200 ppm. High resolution airborne magnetics and radiometrics surveying was recently completed at Miraflores (CZA NR-006 dated July 18, 2012).

Michael J. Thicke, P.Geo., President and Joanne C. Freeze, P.Geo., CEO, are the Qualified Persons as defined by National Instrument 43-101 for all of the projects discussed above. They have reviewed and approved the contents of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geotechnical assumptions, geological interpretations, receipt of property titles or permits, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Cobriza Metals relies upon litigation protection for forward-looking statements.

On behalf of the Board of Cobriza Metals Corp.

Michael Thicke, M.Sc., P.Geo., President & Director

NR-007

To view the map associated with this press release, please visit the following link: http://www.marketwire.com/library/20120809-cza-0810-map-arikepay.jpg.

Contact Information

  • Cobriza Metals Corp.
    John Foulkes, VP Corporate Development
    local: + 1 (604) 689-1957 ext 2
    toll free: 1 (877) 689-1964 ext 2
    info@cobrizametals.com
    www.cobrizametals.com

    Cobriza Metals Corp.
    Walter Spagnuolo
    Manager, Investor Relations
    mobile: +1 (604) 306-8477 or local: + 1 (604) 689-1957 ext 3