Surface sampling discovers new zone of mineralization with values up to 497 g/t silver and 1.73% copper.
Cardero Resource Corp. ('Cardero' or the 'Company') -- (TSX: CDU, AMEX: CDY, Frankfurt: CR5) is pleased to announce that a recent Induced Polarization (IP) geophysical survey has identified six new high priority targets at the former high-grade La Poma Silver-Lead Mine, Salta Province, north-western Argentina. The six priority targets are not associated with exposed mineralization and were not known prior to completion of the IP survey. The results suggest that mineralization continues to a depth of at least 240 metres from surface in addition to extending the system a minimum of 500 metres to the west under younger cover sequences. The anomalies and surface mineralization remain open in all directions and suggest the significant potential for new discoveries in this new emergent silver district. The potential for discovery is confirmed by the recent discovery of a new mineralized zone, with values up to 497 g/t silver and 1.73% copper, located 3 kilometres south of La Poma.
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La Poma Project Background
The La Poma Mine (Figure 1) was in production until 1964, with mine workings
extending over a 2,000 metre strike length, having utilised both open pit and
underground extraction methods.
In early October, Cardero completed an option agreement to earn 100% of the La
Poma property. Cardero's due diligence sampling returned very encouraging
results: 30 characterization samples averaged 280 g/t silver, 6.05% lead, 0.31% copper, and 753 ppm zinc. Within this batch of samples, 5 samples assayed
greater than 0.5 kg/t silver including 2 samples greater than 1.0 kg/t silver, up to a maximum of 1.37 kg/t. Peak lead grade is 15.8% and peak copper grade is
Induced Polarization (IP) Identifies 6 New Drill Targets
A total of 12 lines (13,000 m) of IP were completed in order to determine whether the known productive structures continue to depth in addition to
along strike under younger cover. Interpretation of the data has identified 6 new high priority targets, none of which are exposed at surface.
IP can successfully 'map' the presence of iron, lead and copper bearing sulphide minerals which are intimately associated with silver mineralization in the La Poma system. Intense chargeability anomalies, interpreted to represent sulphide mineralization associated with silver, are represented as red and purple colours (Figure 2).
Mineralization exposed at surface is outlined on Figure 2 as white oval shapes; the location of the six priority targets is indicated with black arrows. The geophysical anomalies remain open along strike and extend the system a minimum of 500 metres westward under younger cover rocks. The results also suggest that mineralization continues to a depth of at least 240 metres from surface.
Six priority targets have been identified as follow (Figure 2):
- Target A -- Chargeability anomaly extending 500 metres east of main mineralized exposure.
- Targets C & B -- New parallel chargeability trend to the south and extending 500 metres westward.
- Target D -- Subtle surface chargeability anomaly which becomes intense at deeper levels (not shown).
- Target E -- High chargeability anomalies under cover, interpreted to peak 100 metres below surface.
- Target F -- Chargeability anomaly extending eastward of known mineralization.
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Surface Sampling Discovers New Mineralized Zone
A second phase of surface rock sampling accompanied the recently
completed detailed mapping program, including 11 channel samples, 11
characterization samples and 2 float samples. The current extent of
surface sampling is shown in Figure 3. Mapping and prospecting,
undertaken throughout the property, discovered previously unknown
mineralized outcrop, located 3 kilometres south of the former La Poma
Mine. Six characterization samples were collected from vein material and
weakly mineralised wallrock over a strike length of 500 metres. The best
sample returned 497 g/t silver and 1.73% copper. Mean results from six
samples were 106 g/t silver, 1.44% lead and 0.32% copper.
In total, Cardero has now collected 54 surface rock samples, with
silver values ranging from 0.4 g/t to 1370 g/t, lead ranging from below
detection to 15.45%, and copper ranging from below detection to
2.47%. Mean values from all 54 rock samples to date is 250 g/t silver,
5.73% lead, and 0.32% copper.
Surface Sampling at La Poma Mine
Results of the recent work will be used to prioritise Phase I drilling, scheduled to begin in early 2008. Drilling will test the depth extensions of mapped mineralization, below historical production drifts, together with potential strike extensions underlying volcanic cover and interpreted parallel structures not exposed at surface. Cardero is currently reviewing drill contracts for 2008 drilling.
IP is a proven geophysical technology that has, directly or indirectly, previously resulted in the discovery of significant mineralization. It is important to note that the technique is unable to differentiate between productive and non-productive mineralization and is most commonly utilized to geophysically map the hydrothermal system, structures and resistive veins undercover and at depth. Targets generated will have to be drill tested to determine the extent of any mineralization.
Qualified Person and Quality Control/Quality Assurance
EurGeol Mr. Keith J. Henderson, Cardero's Vice President-Exploration and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release.
The work program at La Poma was designed and is supervised by Keith J. Henderson, Vice President, Exploration of Cardero, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by Cardero personnel in order to independently assess analytical accuracy. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
About Cardero Resource Corp.
The Company is currently exploring projects in Argentina, Mexico and Peru. It is actively evaluating new gold, copper and iron projects, while continuing to maintain an ongoing pipeline of prospects. The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the American Stock Exchange (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company readers are referred to the Company's web site (www.cardero.com), Canadian regulatory filings on SEDAR atwww.sedar.com and United States regulatory filings on EDGAR atwww.sedar.com.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
'Hendrik van Alphen'
Hendrik van Alphen, President
Contact Information: Quentin Mai, Manager -- Corporate Communications & Investor Relations
Phone: 1-888-770-7488 or (604) 408-7488 / Fax: (604) 408-7499
The Toronto Stock Exchange has not reviewed and does not accept responsibility or the adequacy or accuracy of the content of this news release, which has been prepared by management.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the costs, content and timing of future anticipated exploration programs and the results thereof and the potential discovery and delineation of mineral posits/resources/reserves at the Company's La Poma project. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, potential and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company to produce minerals from its properties successfully or profitably, the inability of the Company to continue its projected growth, the inability of the Company to raise the necessary capital to continue its operations or to be able to fully implement its planned business strategies.
All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States disclosure filings via www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.