Feb 23 2011
Redzone Resources Ltd. (TSX:REZ) reports more significant results from its 2010 drill program on the Lara copper-molybdenum property located in the northwestern extension of the Southern Peru Copper Porphyry Belt.
Highlights include:
- Hole LA10-32 establishes a higher-grade, east-west corridor on section 11350N by intersecting 108m (54-162m) of 0.81% Cu & 0.015% Mo (0.90% CuEq), including 40m (58-98m) of 1.39% Cu & 0.012% Mo (1.46% CuEq).
- Hole LA10-34 expands the enriched copper mineralization 225m to the east on section 11220N by intersecting 30m (56-86m) of 0.71% Cu.
- Hole LA10-36 expands mineralization to the south on section 11130N by returning 6m (24-30m) of 2.14% Cu and 94m (36-130m) of 0.38% Cu and 0.016% Mo (0.48% CuEq). Hole terminates in mineralization grading 0.30% Cu and 0.035% Mo (0.51% CuEq).
- Lara copper-molybdenum porphyry system remains open in all directions.
Michael Murphy, President & CEO of Redzone said, "The 2010 program confirms our belief that the Lara property hosts a robust copper-moly porphyry system. We have encountered wide spread near surface copper mineralization with economic potential in both an enriched zone and in the underlying sulphide zone. Now that we have comfort in the potential tenor of the mineralization, the next step is to determine the scale of the copper-moly mineralization by stepping out east of hole 35 towards the Socos prospect, which lies 800 metres away, as well as evaluating the potential for continuing the mineralization southwest of holes 36 and 38, plus the extension to the northeast to section 11515N where a 1997 RC hole returned 0.59% copper over 16 metres. Redzone will also closely examine the metallurgical characteristics of the near surface enriched zone to determine its amenability to low-cost leaching."
Hole LA10-32 was collared on section 11350N approximately 140 metres west of LRC-21 drilled in 1997 (0.76% copper over 36 metres and stopped in mineralization grading 0.46% copper at 114 metres with no analysis for molybdenum) and 275 metres west of hole LA10-35 ((0.57% copper and 0.042% molybdenum over 218 metres (press release February 1, 2011)).
Hole LA10-33 was collared on section 11130N approximately 60 metres east of 1997 drill hole LRC-02 (0.42% copper over 20 metres from surface and 0.46% copper over 26 metres from 42 metres downhole). This hole expands the mineralization to the east by returning 0.39% copper over 48 metres from 2 metres downhole.
Hole LA10-34 was collared on section 11220N approximately 225 metres east of 1997 drill hole LRC-24 (0.42% copper over 13 metres) and expanded the mineralization to the east by returning 0.71% copper over 30 metres.
Hole LA10-36 was collared on section 11130N approximately 270 metres west of hole LA10-33 and intersected an oxide sample at 26 metres downhole that returned 5.88% copper over 2 metres followed by 94 metres grading 0.38% copper and 0.016% molybdenum starting at 36 metres downhole. This hole terminated in mineralization grading 0.30% copper and 0.035% molybdenum.
Hole LA10-37 was collared 60 metres northwest of hole LA10-35 and hole LA10-38, which is the southwestern most drill hole, was collared on section 11130N approximately 65 metres southwest of 1997 drill hole LRC-23 (terminated in mineralization at 90 metres downhole with the final 64 metres grading 0.38% copper and no analysis for molybdenum).
The Lara property is favourably located at a moderate elevation only 40-km from the Pan American Highway near the southern coast of Peru. Redzone acquired the right to earn up to a 75% interest in the Project from Lara Exploration Ltd. (TSX VENTURE:LRA) via earning into Minas Dixon BVI ("Minas"), a wholly owned subsidiary of Lara. Under the agreement, Redzone must spend US$2.5 million in exploration on the Property and issue 850,000 Redzone common shares to Lara over a three year term to earn an initial 55% interest in the Project. Redzone can then elect to earn an additional 20% interest in the Project by completing a bankable feasibility study and making a one-time cash payment of US$1.5 million on or before January 28, 2015. Lara retains a 1% net smelter royalty on all production from the Project. Under the terms of the agreement, Redzone must spend US$500,000 on or before October 26, 2011 and this expenditure has been met.
Quality Control
The Company has established a rigorous QA/QC program at Lara, 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. All Lara samples are shipped to a CIMM certified laboratory in Lima and duplicate samples are sent to ALS Chemex laboratory, where they are analysed for copper (Total and Soluble), gold, and multi-element ICP.
Richard Graham, P.Geol., a director of Redzone and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, is responsible for the preparation and content of the technical information in this release.