Click here to close now.

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 MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a business application to multiple users (multi-tenancy). Docker, a container technology, was used to ...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.