2007 NewsNews Release 07-14
Cardero Resource Corp. ('Cardero' or the 'Company') - (TSX: CDU, AMEX: CDY, Frankfurt: CR5) wishes to announce that the recent Induced Polarization (IP) survey at its Huachi Copper-Gold Porphyry Project, located in San Juan Province, North-western Argentina, has successfully identified two large geophysical targets along strike from the known mineralization. Previous work by Cardero has successfully defined a large mineralized porphyry system with 'text book' alteration, multi-phase quartz-sulphide stockwork development and multiple intrusive events. The mapping and subsequent drill testing has confirmed that the porphyry system extends over 550 metres north-south, 300 metres east-west, and greater than 300 metres vertically.
IP Survey Background
The IP survey (see NR07-12) was designed to follow up on the successful initial drill program, which intersected significant copper-gold mineralization at Huachi. This mineralization remains open to the west and northwest under broadly contemporaneous volcanic cover as well as at depth. To date, only 3 boreholes have tested the main Canyon stock, including Hole 06-HU-02 for which the best intercept was 243 metres at 0.56% copper equivalent (0.4% copper and 0.21 g/t gold) within which an interval of 88 metres returned 0.68% copper equivalent (0.48% copper and 0.27 g/t gold) (see NR07-03).
The geophysical results are interpreted to indicate that the system extends at least 800 to 1000 metres to the north and west where the anomalies are spatially associated with high grade 'leakage' veining.
IP Survey Results
Following detailed interpretation of the survey results, two drill targets have been identified (Figure 1):
HU-IP-1 is interpreted to map the undercover geophysical extension of the Oro Rico Porphyry Stock located 800 to 1000 meters west of boreholes 07-HU-04 (which returned 62 metres @ 0.42% copper equivalent - 0.33% copper and 0.12 g/t gold) and 07-HU-05 (which returned 248.5 metres @ 0.39% copper equivalent - 0.26% copper and 0.17 g/t gold), respectively. In detail, the broad IP anomaly is defined by high chargeability's (+50 millisecond) and low resistivities (180 to 200 ohm-m range) indicative of the presence of sulphide mineralization.
HU-IP-2 is located in the north of the property and is easily accessible from existing infrastructure. The anomaly occurs over a strike length of 750 metres and extends from sub-surface in the north to approximately 400 metres depth to the south. The well defined IP anomaly is characterized by chargeabilities ranging from 40 to 70 milliseconds and very low resistivities (30 to 100 ohm-m). The northern portion of the anomaly is supported by previous surface sampling of mineralized outcrop, which returned 0.38 g/t gold over a width of 135 metres (within which a 10 metre chip sample returned 4.18 g/t gold) (highlighted on Figure 1).
Copper equivalent calculations in this news release are based on metal prices of USD 0.90/pound for copper and USD 450/ounce for gold but have not been adjusted to reflect relative recoveries as no metallurgical testing has been undertaken.
Phase II drilling, scheduled to resume when weather conditions improve, will test the above geophysical anomalies in addition to testing the surface expressions of the approximately 450 metre long by 15 metre wide Sentazon Gold target. To date, only a singe borehole has tested the Sentazon target, where it successfully intersected a 16 metre epithermal breccia which returned 1.3g/t gold, including 6 metres @ 2.3 g/t gold.
Qualified Persons and Quality Control/Quality Assurance
EurGeol Keith 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 Huachi was designed and is supervised by Keith Henderson, Vice President, Exploration of Cardero and Steve Enns, P. Geo., independent geological consultant, who are 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.
Figure 1 - Huachi Project: Summary Geological Map and Location of Geophysical Anomalies
Exposure to Asset-Backed Canadian Paper
The Company would like to confirm that it has no exposure to any asset-backed Canadian paper. Other than cash held by its subsidiaries for their immediate operating needs in Mexico, Argentina and Peru, all of the Company's cash reserves are on deposit with a major Canadian chartered bank or invested in GIC's issued by that bank.
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 at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
'Hendrik van Alphen' (signed)
Hendrik van Alphen, President
Quentin Mai, Manager - Corporate Communications & Investor Relations
Phone: 1-888-770-7488 (604) 408-7488 / Fax: (604) 408-7499
The Toronto Stock Exchange has not reviewed and does not accept responsibility for 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 timing of future anticipated exploration programs and the results thereof and the potential discovery and delineation of mineral deposits/resources/reserves at the Company's Huachi 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.