Tickers: XTSX:ASQ
Tags: Mining
Vancouver, British Columbia / TheNewswire / November 24th, 2017 - Astorius Resources Ltd. (TSX-V: ASQ, Frankfurt: 47A) ("Astorius" or the "Company") is pleased to announces that the Company has initiated an exploration program in Argentina aiming to explore the recently optioned Taca Taca West Property ("TTW Property"), located in the Sierra Taca Taca which hosts First Quantum's 3.1 billion ton Cu-Mo-Au porphyry deposit. First Quantum currently has a reported National Instrument 43-101 indicated mineral resource estimate of approximately 21.15 billion pounds of copper (9.6 million tonnes of copper) contained in 2.17 billion tonnes grading 0.44% copper, 0.08g/t gold and 0.013% molybdenum (0.57% copper equivalent) and an inferred mineral resource estimate of approximately 7.55 billion pounds of copper (3.4 million tonnes of copper) contained in 921 million tonnes grading 0.37% copper, 0.05g/t gold and 0.012% molybdenum (0.47% copper equivalent), using a 0.3% copper equivalent cut-off. These estimates are defined by 148,000 metres of drilling. The deposit remains open in some areas to depth and along the southern boundary of the northeastern limb.
The TTW property is located approximately 8 km from the First Quantum's porphyry deposit, in the geographic region known as the Puna (High Plateau), in Northwest Argentina, close to the Salar de Arizaro and covers approximately 1,511 hectares (15.11km?, resp. 3,734 acres). The TTW Property consists of a single mineral concession that is part of a large, prolific porphyry-epithermal mineral system located in the homonymous Sierra de Taca Taca.
Sandy MacDougall, Chairman and Director of Astorius says: "The Company is very pleased to have this exceptional property under our control. It is strategically situated on the eastern flank of the Vega de Arizaro and is regionally surrounded by several rapidly evolving mineral districts which host many advanced stage exploration projects in the Mining Province Salta..." referring to TacaTaca (First Quantum), Lindero and Arizaro (Fortuna), Rio Grande (Regulus).
Figure 1: Location Map. Sierra de Taca Taca, Department of the Andes, Salta, Argentina
The property is located about 30 km west in straight line to the village of Tolar Grande and 55 km to the East of the Socompa Pass (Chilean Boarder). Drive time from Salta to the Project is approximately 7-7.5 h over a road distance of 420 km. It is accessed by all-weather roads (paved National Route N? 51 following the graveled Provincial Route N? 27) bordering the western edge of Salar Arizaro and the FQM's Grupo Taca Taca. The railway line that connects Chile and Argentina and in the near future will cross the northern part of the property.
The company has developed an operational plan of a Phase 1 exploration program on the 1,511 hectares as a function of the currently approved Environmental Impact Assessment ("EIA") that enables basic geophysical and geotechnical exploration of shallow depth. For that purpose, Astorius has organized an exploration team and the started logistic preparations for the campaign.
"We will handle the first stage of mapping, prospecting, and geochemical sampling through our local team in Salta strengthened by supporting Geologists with a proven record of local exploration experience in the Taca Taca District and the Puna Region. The exploration of the TTW property will be supervised and directed by the Company's P.Geo." confirms Sandy MacDougall.
Figure 2: Proposed Sample Areas. LandSat Image 743 + DS
The first stage consists of property recognition, initial mapping and geochemical sampling (Rock Chip and Sediments) in order to identify rocks and/or structural outcrops and associated alteration phenomena within the property's confines. Adjacent project data related to Taca Taca Medio and a report of former Atena Project in the northern part of the Sierra de Taca Taca (considered indicative information) offer a few glimpses concerning possible mineralization and mineral occurrence in the TTW zone:
--A principal Cu Porphyry system with characteristic outcrops, IOCG related mineralization and disseminated fracture-related Uranium. Values are > 1% Cu, 162,6 g/t Au y 248 ppm Mo and 1599 ppm U respectively.
--A polymetallic veins system - rich in Au-Ag - with classic textures of breccia and shears showing three mineralization events: Malaquite-Azurite, Sulfates-Iron Oxide and Manganese Oxides.
"We are very excited about the strategic location and discovery potential of the recently optioned TTW Exploration Prospect. If the results from the initial sampling are proven positive - which is expected to happen in Q1 2018 - we will immediately submit a more comprehensive EIA in order to receive the formal permit for subsequent work and drilling programs." stated Sandy MacDougall.
About Astorius
Astorius Resources Ltd. (www.astoriusresources.com) is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in Argentina, Ecuador and Nevada.
On Behalf of the Board
s/ "Sandy MacDougall"
CEO and Chairman
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the exploration results on the Taca Taca West Property mining concession.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Copyright (c) 2017 TheNewswire - All rights reserved.
