Tenke Mining Corp.
TSX : TNK

Tenke Mining Corp.

May 01, 2007 11:11 ET

Tenke Reports Argentina/Chile Exploration Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Tenke Mining Corp. ("Tenke") (TSX:TNK) is pleased to provide an update on its ongoing exploration activities in Argentina and Chile. Tenke maintains an exploration land package in Argentina and Chile in excess of 1.2 million hectares, comprising numerous prospective mineral properties. A multi-project exploration program continues across several projects in South America including the Cerro Cuadrado target in Patagonia and the Josemaria project in San Juan Province, Argentina; and the Los Helados project just across the border in the Copiapo region of Chile. An update on drilling at each of these projects follows below. Please see attached map (to view, please click http://www.ccnmatthews.com/docs/tnk0501.jpg).

Cerro Cuadrado - Santa Cruz Province, Argentina

Cerro Cuadrado (100% interest) is a poly-metallic epithermal vein-breccia system first discovered by the Company in 2004 during a reconnaissance program on several gold target areas in Santa Cruz province in southern Argentina. The project which has returned high grade silver, values from a first phase of drilling is located along a Jurassic volcanic trend referred to as the El Bagual Belt. The country rocks are similar in age and composition to those of the Jurassic Chon Aike Volcanics which host the Cerro Vanguardia gold/silver vein system as well as other advanced projects in the same geological region. Precious and base metal mineralized intervals are associated with epithermal-mesothermal vein-breccia systems with isolated outcrops.

In late 2006, the Company carried out an extensive sampling and mapping program on the property which outlined a sizeable target area. Mineralization occurs over a strike length exceeding 6 kilometres with widths averaging 1.5 metres and up to 7 metres. Channel samples averaged 130 grams per tonne silver from 250 samples. The Company has followed up on these results with an initial scout drilling program comprising approximately 546 metres of core drilling in seven holes. An expanded exploration program is now being developed based on the positive results received including geophysics and detailed mapping as a basis for the next phase of drilling to occur later this year. Highlights of the recent drilling program are shown in the attached table.

Los Helados - Region III, Chile

Los Helados (60% interest) is a new copper/gold/molybdenum porphyry discovery in Region III, Chile just east of Copiapo. The project is part of the Tenke/JOGMEC Vicuna region joint venture land package, which straddles the Argentina-Chile boundary and in which JOGMEC is earning a 40% interest. Los Helados lies several kilometres due south of the Caserones (formerly known as Regalito) project.

Geologically, the project area comprises Permo-Triassic granitoids that host a sequence of Cretaceous to Upper Tertiary intrusives which have resulted in extensive alteration zones with different degrees of alteration-mineralization models, all related to calkaline series of porphyries.

At Los Helados, a large geochemical anomaly (2.5 x 1.5 kilometres) has been defined by surface mapping and sampling showing overlapping Cu, Au and Mo talus values. This large geochemical anomaly also corresponds with a significant geophysical anomaly, both in ground magnetics and chargeability-conductivity which was the focus of an initial seven hole - 1,670 metre RC drill program during the recently completed high-Andes 2006/2007 exploration season.

Results of this first phase of drilling have indicated a large porphyry system with overlying epithermal zones. Mineralization and alteration are similar to the assemblages found at Tenke's Josemaria, Project several kilometers to the east. Further drilling is planned later this year for the Los Helados project. Highlights of the drilling at Los Helados are shown in the attached table.

Josemaria - Argentina

The Josemaria Project (earning 100 %) is the Company's most advanced project in Argentina. Josemaria is located in San Juan Province, northwest Argentina, at elevations ranging from 3,900 to 4,700 metres above sea level.

Mineralization at Josemaria is controlled by the interaction of regional NNE and WNW fracture systems, and hosted in andesitic to dacitic volcanic units of middle Tertiary age. Characteristic minerals are pyrite, chalcopyrite and bornite, disseminated and in quartz veinlets.

Based on 13,697 metres of reverse circulation and diamond drilling at the project, during the 2003-2004 and 2004-2005 field seasons, Josemaria has an inferred resource of 374 million tonnes at 0.40% TCu and 0.29 g/t Au at a 0.30% Cu cutoff. Reference is made to the report entitled "Preliminary Resource Estimate for the Josemaria Project, San Juan Province, Argentina" dated January 23, 2006 prepared by Messrs. John Nilsson, P.Eng. and Mario E. Rossi, Min. Eng., MSc. (the "Josemaria Project Report"), in accordance with NI 43-101, a copy of which is available on SEDAR at www.sedar.com.

A subsequent RC drill program was just completed in March 2007 totaling 6,092 meters. New areas of disseminated mineralization of similar grades and depths were encountered extending the north west boundary of the previously defined resource.

An update of the NI 43-101 mineralized resource will be completed over the next few months and initial scoping evaluations will be performed.

The best results from the 2006/2007 season are shown in the attached tables.

Tenke's exploration programs in Argentina and Chile are carried out under the direction and management of J. Patricio Jones, PhD. and Ricardo Martinez, MSc. (Geology). Dr. Jones holds a Master of Science degree in geology from Witwatersrand University and a Doctorate from La Plata University. Dr. Jones and Mr. Martinez both have many years of experience as exploration geologists and were the same team that discovered the Veladero gold deposit in Argentina and responsible for the initial development of the Alumbrera copper/gold project. Information and results from the exploration programs carried out on Tenke's properties are reviewed by Mr. Paul K. Conibear, P.Eng., President of Tenke Mining Corp., who is an appropriately qualified person as defined by National Instrument 43-101. Samples are sent to ALS Chemex labs in Mendoza Argentina and Santiago, Chile, for analysis using conventional ICP methods with multi-acid digestion. A 50 gram fire assay with AA (atomic absorption) finish is run on all samples for gold. A series of blanks are routinely introduced with each batch of samples. Quality controls include preparation and analysis statistics performed to industry standards.

Forward-Looking Statements

Certain information regarding the Company set forth in this press release, including the Company's future plans contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of mineral estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievements could differ materially from those expressed in or implied by, these forward looking statements and accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward looking statements will provide any benefits to the Company.

On Behalf of the Board

Paul K. Conibear, President



Cerro Cuadrado
Santa Cruz Province, Argentina
Drill Results

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Depth Interval From To Ag Zn Pb Au
Hole # (m) (m) (m) (m) (g/t) (%) (%) (g/t)
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--------------------------------------------------------------------------
CC-01 81.00 2.05 23.00 25.05 338 4.77 2.63 0.23
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including 1.55 23.50 25.05 494 7.08 3.88 0.34
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less
than
2.30 70.30 72.60 79.6 11.26 1.03 0.1
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including 1.40 71.20 72.60 111.1 15.55 1.44 0.13
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CC-02 69.20 3.30 21.90 25.20 84.05 2.71 0.64 0.18
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including 2.60 22.60 25.20 96.46 3.02 0.66 0.18
--------------------------------------------------------------------------
less
than
0.90 51.50 52.40 38.90 2.06 1.91 0.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
less
than
CC-03 64.30 4.45 24.45 28.90 18.80 1.93 0.60 0.1
--------------------------------------------------------------------------
less
than
including 2.35 26.55 28.90 20.95 3.10 0.99 0.1
--------------------------------------------------------------------------
0.40 49.30 49.70 28.60 4.55 1.42 0.13
--------------------------------------------------------------------------
1.60 60.40 62.00 10.10 1.16 0.30 0.12
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--------------------------------------------------------------------------
CC-04 75.20 0.50 34.60 35.10 14.10 1.79 0.57 0.12
--------------------------------------------------------------------------
0.95 72.05 73.00 9.60 1.06 0.20 0.17
--------------------------------------------------------------------------
--------------------------------------------------------------------------
less
than
CC-05 81.30 3.70 23.70 27.40 172.00 0.61 0.33 0.1
--------------------------------------------------------------------------
including 0.55 25.45 26.00 229.00 0.86 0.68 0.03
--------------------------------------------------------------------------
less
than
1.80 41.00 42.80 190.00 1.95 0.4 0.1
--------------------------------------------------------------------------
less
than
including 0.90 41.40 42.30 441.00 4.34 0.84 0.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CC-06 66.10 0.25 15.10 15.35 63.90 7.65 4.58 0.27
--------------------------------------------------------------------------
less
than
0.50 34.90 35.40 10.10 1.51 0.67 0.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
less
than
CC-07 108.45 1.00 26.05 27.05 53.00 2.19 0.92 0.1
--------------------------------------------------------------------------
less
than
0.50 56.10 56.60 1880.00 2.18 1.28 0.1
--------------------------------------------------------------------------
less
than
1.70 69.45 71.15 8.10 3.8 1.08 0.1
--------------------------------------------------------------------------
less
than
1.40 94.50 95.90 270.00 0.43 0.34 0.1
--------------------------------------------------------------------------



Los Helados Drill Results

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Hole # Depth (m) Interval (m) From (m) To (m) g/t Au % Cu
--------------------------------------------------------------------------
--------------------------------------------------------------------------
VRC 40 300 300 0 300 0.229 0.225
--------------------------------------------------------------------------
including 12 60 72 0.624 0.370
18 220 238 0.243 0.310
52 246 298 0.390 0.500
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--------------------------------------------------------------------------
VRC 41 300 300 0 300 0.290 0.290
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including 12 42 54 0.489 0.390
22 76 98 0.345 0.330
38 116 154 0.311 0.350
54 168 222 0.436 0.370
72 228 300 0.215 0.360
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JOSEMARIA DRILL RESULTS- SEASON 2006-2007

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Final Mineralized
DRILLHOLE depth (m) interval (m) From (m) To (m) Au (g/t) Cu (%)
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JMRC_032(i) 397.00 397.00 0.00 397.00 0.32 0.37
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Including 262.00 42.00 304.00 0.35 0.44
--------------------------------------------------------------------------
Including 150.00 42.00 192.00 0.38 0.51
--------------------------------------------------------------------------
JMRC_033 400.00 400.00 0.00 400.00 0.35 0.34
--------------------------------------------------------------------------
Including 188.00 36.00 224.00 0.46 0.41
--------------------------------------------------------------------------
Including 96.00 128.00 224.00 0.52 0.50
--------------------------------------------------------------------------
Including 22.00 4.00 26.00 0.52 -
--------------------------------------------------------------------------
JMRC_034 400.00 400.00 0.00 400.00 0.34 0.40
--------------------------------------------------------------------------
Including 204.00 122.00 326.00 0.46 0.53
--------------------------------------------------------------------------
Including 122.00 204.00 326.00 0.53 0.62
--------------------------------------------------------------------------
JMRC_035 420.00 420.00 0.00 420.00 0.22 0.29
--------------------------------------------------------------------------
Including 138.00 120.00 258.00 0.28 0.39
--------------------------------------------------------------------------
Including 82.00 176.00 258.00 0.30 0.44
--------------------------------------------------------------------------
JMRC_036 400.00 400.00 0.00 400.00 0.20 0.19
--------------------------------------------------------------------------
Including 10.00 144.00 154.00 0.27 0.40
--------------------------------------------------------------------------
Including 74.00 0.00 74.00 0.35 0.20
--------------------------------------------------------------------------
JMRC_037 384.00 384.00 0.00 384.00 0.20 0.20
--------------------------------------------------------------------------
Including 16.00 120.00 136.00 0.21 0.48
--------------------------------------------------------------------------
Including 20.00 184.00 204.00 0.30 0.34
--------------------------------------------------------------------------
JMRC_038 420.00 390.00 0.00 390.00 0.14 0.22
--------------------------------------------------------------------------
Including 116.00 250.00 366.00 0.14 0.33
--------------------------------------------------------------------------
Including 56.00 264.00 320.00 0.16 0.35
--------------------------------------------------------------------------
JMRC_039 432.00 432.00 0.00 432.00 0.27 0.35
--------------------------------------------------------------------------
Including 258.00 120.00 378.00 0.32 0.46
--------------------------------------------------------------------------
Including 118.00 190.00 308.00 0.30 0.52
--------------------------------------------------------------------------
JMRC_040 427.00 427.00 0.00 427.00 0.16 0.28
--------------------------------------------------------------------------
Including 279.00 148.00 427.00 0.20 0.33
--------------------------------------------------------------------------
Including 102.00 178.00 280.00 0.23 0.40
--------------------------------------------------------------------------
JMRC_041 391.00 no significant intercepts
--------------------------------------------------------------------------
JMRC_042 150.00 no significant intercepts
--------------------------------------------------------------------------
JMRC_043 436.00 no significant intercepts
--------------------------------------------------------------------------
JMRC_044 204.00 no significant intercepts
--------------------------------------------------------------------------
JMRC_045 400.00 no significant intercepts
--------------------------------------------------------------------------
JMRC_046 400.00 12.00 130.00 142.00 0.31 0.32
--------------------------------------------------------------------------
JMRC_047 283.00 no significant intercepts
--------------------------------------------------------------------------
JMRC_048 324.00 no significant intercepts
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(i) Complete results - partial results previously reported (May 11, 2006)


Contact Information

  • Tenke Mining Corp.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    Website: www.tenke.com