Print article
Atlas Minerals Inc. provides the following update on the status of the Company's Tres Chorreras project ("the Project"), located in the Azuay Province, southern Ecuador, within the highly prospective "Quimsacocha – Ponce Enriquez Copper-Gold District".
As a follow-up to the January 14, 2008 news release, Atlas has received results of its rhenium analysis on 23 panel samples, 1 to 3 metres long by 0.5 metres wide collected from the Chorrones adit at the Breccia (3C) Prospect at Tres Chorreras.
Of 23 samples, 10 yielded rhenium values greater than 1 g/t. Rhenium values range from 12 ppb to 9950 ppb (0.012 to 9.95 g/t). The highest values appear to be from a zone within the Chorrones adit (and apparently near or along the eastern limit of the 3C zone) approximately 12.5 metres wide (see accompanying map for location within the Breccia (3C) zone). The arithmetic average of 13 panel samples (0.09 to 9.95 g/t) within this zone is 3.40 g/t Re.
Significant results returned:
Sample No. Panel Sample Length (m) Re g/t
---------- ---------------------- --------
T101229 2.0 m 9.95 g/t
T101243 3.0 m 6.57 g/t
T101669 3.0 m 5.85 g/t
T101232 3.0 m 4.44 g/t
T101232 3.0 m 3.37 g/t
T101234 3.0 m 2.39 g/t
Rhenium is one of the rarest but most dispersed metallic elements in the Earth's crust, with estimated dispersion to be about 1 part per billion. Molybdenite is the only significant host mineral for rhenium. Returned results are significant (up to 9,950 ppb) and will be followed up on all ongoing sampling and drilling programs at Tres Chorreras.
At current spot prices reported by BASF Corp. -$10,100 per kilogram / $10.10 per gram), the rhenium reported to date has the potential to add significant credits to the Tres Chorreras project.
About the Breccia 3C Prospect:
The Breccia (3C) is a polymetallic Mo-Cu-Au-Ag deposit. It has been interpreted as a zone of fracturing, faulting and brecciation which roughly parallels the contact between an irregular stock of silicified and tourmalinized microdiorite and host rhyolitic volcanic rocks. Molybdenite, chalcopyrite, pyrite, specularite, and magnetite occur disseminated in breccias, and locally occur massive in pockets or chimneys as higher grade. In addition mineralization is controlled by fracture stockwork of varying intensity beyond the breccias. The first 13 drill holes were started in the centre of the Breccia (3C) zone (for logistical purposes, i.e., topographical considerations, and starting at the highest elevations and working to lower elevations), to confirm and validate results obtained from the 1994 15 hole diamond drill program and to test the western limit of the zone.
The Breccia (3C) prospect, where the rhenium samples were collected, has not been fully defined on its eastern limit. Currently, the Company is drilling the 19th hole of a 30 hole drill program. These holes are starting in the western part of the epithermal zone and are testing the Breccia (3C) zone at depth, and also in part are testing the Epithermal Au-Ag prospect. Results from drill holes #5-9 (08-20 to 08-24) are expected to be released shortly. Rhenium analyses will be undertaken on a routine basis on samples with high molybdenum values.
About Atlas Minerals Inc.
Atlas Minerals is a new publicly held mineral exploration company incorporated in Canada with an attractive land package in Ecuador. Atlas Minerals is committed to maximizing shareholder value through our exploration efforts, to improving the social and economic atmosphere for local communities and to protecting the environment by adhering to industry best practice. Our goal is prosperity for all. – Edited Press Release