Thunder Bay, Ontario, November 1, 2012 - QRS Capital Corp. (TSXV: QRS)is pleased to announce a Letter of Intent (LOI) to enter into an Option agreement to acquire 100% of the Aurum Copper project in the III Region of Atacama, Chile.
Aurum Copper Project Highlights
- Large 3,560 ha land package adjacent to Teck’s 1,104 Mt @ 0.41% Cu El Relincho Project
- 8,340 m of historic drilling and historic small scale mining demonstrates encouraging results
- Historic non NI-43-101 compliant preliminary resource estimates of 20 Mt at 1% Cu*
- Extensive exploration program commencing to identify size and scope of deposits
The Aurum Copper (Aurum) project consists of 17 individual concessions located in the III Region of Atacama, Huasco Province and Commune of Alto del Carmen, Chile. Totalling an area of 3,560 ha, the property covers a 20km² northeast elongate copper, silver and gold bearing zone hosted in skarned volcanics, sediments and dacitic porphyry bodies. The project is located within the regionally extensive north trending San Felix fault system that hosts numerous copper and gold bearing systems and is located only 12km from Teck Resources Ltd.’s 1,104 Mt @ 0.41% El Relincho copper –molybdenum deposit. There had been extensive small scale high-grade copper mining throughout the property historically, and modern exploration over the past 50 years including geological mapping, soils geochemistry, surface trenching and a Induced Polarization (IP) survey which delineated an open-ended northeast anomaly ~150-400 m wide and 2.2 km long. A number of historic non-N1 43-101 reso urces have been calculated with estimates as high as 20 Mt of 1% Cu oxide at surface around one of the main anomalies.
QRS's CEO, John Seaman, stated, "We are very excited to have signed an LOI on the Aurum copper project. The Aurum project has only been partially explored with some significant high grade copper deposits and intersections discovered to date and there is every indication that it has the potential to host a large tonnage copper deposit. The property is ideally situated at low elevation with good road access, ready access to water, town, ports and power, and a year round hospitable climate. The historic work and historic resources provide and excellent foundation to build on and we look forward to rapidly advancing the project and expanding the resources to their full potential.”
The area is known to have been worked for silver and gold as far back as the late 1800’s with copper being high-graded in the 1930’s through to the late 1960’s. It is estimated that approximately 5,000 tonnes of high grade oxide ore may have been extracted from extensive mine workings located in the centre of the Carmen/Tabaco Mine vein system to a depth of 90 m, some of which was reported to have run over 25 % copper, up to 12,500 g/t silver and from 1.5 to 30 g/t gold.
If you have any questions or require any additional information, please do not hesitate to contact myself or Daniel Sorger, Corporate Development & Director at 647.925.8981.
T: 416 907 4148