Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

QRS Capital Completes Option Agreement for the Aurum Copper Property in Chile

THUNDER BAY, ONTARIO -- (Marketwire) -- 02/19/13 -- QRS Capital Corp. (TSX VENTURE:QRS) ("QRS" or the "Company") is pleased to announce that it has entered into an option agreement (the "option agreement") to acquire 100% of a 3,560 hectare portion of the Aurum Copper Project, a 7,960 hectare copper, silver and gold mineralized property located in the Third Region, Southern Atacama at 1,200 m.a.s.l. on the Coastal Cordillera of Central Chile.

Highlights


--  Located 12 km from Teck Resources Ltd. 3.2 million tonnes contained
    copper in indicated resource Relincho copper-molybdenum deposit. 
--  Excellent mining friendly location, all-weather road access, close to
    power and ports, low altitude year-round exploration, and only 70 km
    from Enami's custom processing facility at Vallenar. 
--  Existing shallow high-grade copper deposit with historical resource
    estimates as high as 20 million tons grading 1% copper. 
--  Work planned to immediately upgrade historical estimates to a NI 43-101
    compliant mineral resource, negotiate and fast track the deposit into
    medium-scale production. 
--  IP and magnetic geophysical ground survey combined with detail
    geological mapping and rock geochemistry has identified six (6)
    significant mineralized targets. Two (2) drill-ready targets are
    available to immediately commence a systematic exploration program. 
--  The presence of copper rich sulphides at depth are probably related to a
    younger porphyritic intrusive mineralized body.

QRS's President Diego Benalcazar, stated, "We are very excited with the addition of a near-term copper production project into the QRS project portfolio. In parallel to the possibility of fast-tracking early copper production, the Aurum Copper Project can be explored for large tonnage porphyry type copper deposits along an identified copper belt system extending in excess of 15 km."

Project Description

The Aurum Copper (Aurum) project consists of 17 individual concessions located in Chile's Atacama Region (Region III), Huasco Province and Commune of Alto del Carmen. Totaling 3,560 ha, the property covers a 20 km2 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 12km from Teck Resources Ltd.'s El Relincho copper-molybdenum deposit that has 3.2 millon tonnes contained copper in indicated resource.. There has been extensive historical small scale high-grade copper mining throughout the property, and modern exploration, over the past 50 years, including geological mapping, soils geochemistry, surface trenching and an Induced Polarization (IP) survey that delineated an open-ended northeast anomaly approx. 150-400m wide and 2.2 km long. A number of historical mineral resource estimates have been calculated with estimates as high as 20 Mt @ 1% copper oxide at surface around one of the main anomalies.

Historical Work

The area is known to have been worked for silver and gold as far back as the late 1800s with copper being high-graded in the 1930s through to the late 1960s. It is estimated that approximately 5,000 tonnes of high-grade oxide ore may have been extracted from extensive mine workings located in the center of the Carmen/Tabaco Mine vein system to a depth of 90m, 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.

From 1962 to 2006, significant exploration work was carried out on a small part of the property that included geological mapping, chip and trench sampling, soils geochemistry, shallow percussion drilling, geophysics and follow-up reverse circulation and diamond drilling.

In 1962-1964, Minera Metalmine (Metalmine) completed 56 percussion drill holes totaling 1,680m to an average depth of 30m on the Aurum property and confirmed the presence of a shallow copper oxide deposit over an area of approximately 170,000m2.

In 1992-1993, a small geochemical soils sampling program was carried out adjacent to the deposit by Blue Ridge Resources.

In 2002, International PBX Ventures Ltd (IPBX) completed geological mapping, soils geochemistry (785 samples), surface trenching and a 30 line km Induced Polarization (IP) geophysical survey. The IP survey delineated an open-ended northeast elongate anomaly some 150-400m wide and 2.2 km long flanking and extending a further 700m northeast and 800m southwest of the Metalmine drilling.

From 2003 to 2006, IPBX executed two drill programs (primarily diamond drilling) totaling 92 holes (8,340m) to investigate the source of the IP anomaly and to provide the basis for a preliminary resource estimate of the copper oxide zone. Holes drilled to test the IP anomaly intersected significant widths of copper sulphides including 25m @ 1.61% Cu and 144m @ 0.43% Cu and confirmed the source of the anomaly.

Historical Resource

In 1964, Metalmine estimated a resource of 18 Mt @ 1% soluble copper to a vertical depth of 30m, covering some 750m of the 2,200m of strike of the main copper bearing skarn zone, which is one of three such zones on the property. In 1993 Blue Ridge Resources estimated, within the same area and to a depth of 25m, a similar resource.

In 2006, International PBX Ventures Ltd. contracted SRK Consulting to estimate a copper resource based on 74 out of the 92 holes (6,637m) drilled and reported a current indicated mineral resource of 1.827 Mt @ 0.59% Cu oxides with a secondary enriched zone 1.743 Mt @ 0.70% Cu, and inferred resources of 0.836 Mt @ 0.59% Cu oxides with a secondary enriched zone of 1.193 Mt @ 0.49% Cu as stated in the unpublished January 25, 2007 technical report.

The data used to estimate the above historical resources no longer exists either whole or in part. Hence at this time such estimates cannot be verified by a qualified person as current NI 43-101 compliant mineral resources and the Company is not treating them as such. Re-logging, check assaying of the mineralized intervals and rock density studies on the IPBX drill core, which is still stored on site, will need to be undertaken by a qualified person, as a minimum to verify and validate the 2007 historical resource.

Location and Access to Infrastructure

The Aurum property is located approximately 85 km east-southeast of Vallenar and is reached from Vallenar by paved (27 km) and gravel roads constructed and maintained by Teck to service its El Relincho Project. Industrial use water is available in the Corral de Pirca creek within the property limits and water rights to several claims in the creek valley are included with the mining title. The site is located 12 km from Alto del Carmen and the main Chilean northern electrical grid. The favorable climate provides year-round working conditions and there is cell phone coverage in the area for communications.

QRS Due Diligence Work

Before signing the Option agreement, QRS completed thorough technical and legal due diligence. All mining rights are valid and there are no legal issues outstanding nor any disputes or community problems.

QRS's technical due diligence program (See Figure 1) included the following:


--  Regional geological and structural mapping 
--  World-view and Aster Image interpretation of alteration 
--  45 line kilometer IP pole-dipole and magnetometry geophysics survey 
--  Extensive outcrop sampling program - 38 out of 60 rock samples from old
    workings and surface outcropping structures returned grades greater than
    0.4% Cu 
--  Completion of an internal geological model

Land Tenure

Approximately 55% of the Aurum Copper land package has been staked by QRS and is 100% controlled by QRS. The remaining 45% of the land package is held under an option agreement (see November 1, 2012 news release for details) whereby QRS will earn 100% control after 51 months subject to a number of conditions including:


--  Cash payments of US$2.8 million during the first three years 
--  Additional cash payments of US$ 4.9 million in the latter stages of the
    agreement 
--  A resource payment of US$0.02/lb of recoverable copper contained in
    resources up to 80,000,000 tons and US$0.01/lb for any copper contained
    in resources in excess of 80,000,000 tons as demonstrated by a Bankable
    Feasibility Study. 
--  The Company is also committed to an Exploration Work program totaling
    US$12 million over a four-year period.

Qualified Person

Mr. Terence Walker, M.Sc., P.Geo., and Mr. Hernan Guasumba, P.Eng., both qualified persons within the meaning of National Instrument 43-101 has reviewed and approved the contents of this news release. Mr. Walker is an independent consultant to the Company.

About QRS Capital Corp.

QRS is a mineral exploration company actively seeking exploration stage copper and gold targets in South America, particularly in Chile, Colombia, Brazil and Ecuador.

ON BEHALF OF THE BOARD OF DIRECTORS

Diego Benalcazar, President and Director

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about future acquisitions and objectives, exploration results relating to the Aurum-Copper property, expected time of completion of the definitive option agreement, exploration plans for the Aurum-Copper property and the completion of the acquisition of the Aurum-Copper property by QRS. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

To view figure 1, "QRS due diligence - technical compilation", please visit the following link: http://media3.marketwire.com/docs/QRSfigure1.pdf.

Neither 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
SYS-CON Events announced today TMCnet has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business-to-business and integrated marketing media company, servicing niche markets within the com...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...