Freyja Resources Inc. (“Freyja” or the “Company”) announced today the latest results of its sampling program the Las Cristinas copper/silver project located about 200 kilometers from Chihuahua, Mexico (the “Project” or the “Property”).
This new phase of the sampling program consisted mainly of channel sample intervals and continued to focus on the southern end of the Property (the “Las Cristinas Area”) where small scale copper production took place in the early 70s. The Las Cristinas Area is approximately 1.3 kilometers long.
The Las Cristinas Area consists of four mineralized zones. The main exploration target is split between two zones described as the South Mount (the “South Mount”) which has a 250 meter long mineralized section and the North Mount (the “North Mount”) which has a 300 meter long mineralized section. The Las Cristinas Area also includes a mineralized zone to the south (the “Southern Extension”) and a mineralized zone to the north (the “Northern Extension”). The latest samples were taken primarily in the Northern Extension.
“Following the successful completion of the initial sampling program which we announced on February 13, 2014, we decided to go back to Las Cristinas and take additional samples on the Northern Extension in order to prove the anomaly and confirm the mineralized zone”, said President and CEO Andre St Michel. He added: “The results announced today not only confirm that the mineralized section to the north of the North Mount extends further than previously thought to reach a total length of 450 meters but we also have evidence that the width of the anomaly reaches up to 120 meters.”
The sampling program consisted of over 24 channel samples ranging from three kg to five kg per sample with a length varying from 0.8 to 1.2 meter. The samples were delivered, in secure tagged bags, directly to the analytical facility for analysis, namely the laboratory of ALS Chemex de Mexico, located in Chihuahua City, Mexico. The samples were weighed, identified and photographed prior to sample preparation. All samples are analyzed by ME-ICP61 for 31 elements, Au-ICP21 for gold, Ag-OG62 when Ag is greater than 100g/t, Cu-OG62 when copper is greater than 1% and by Cu-AA07n to obtain the oxide portion of copper.
The upcoming drilling program will target the South Mount and the North Mount, an area exploited in the 70s. The drilling program’s main objective will be to delineate the initial open pit production area within the 550 meter mineralized section and to test the Southern Extension. The work focus will be the oxide copper mineralized surface section and the sulfide copper/silver ore to a depth of 100 meters.
In addition, the Company supplements metallurgic tests to determine the recovery rates of copper -silver and lixiviation tests are concurrently being conducted. This will provide an indication of costs. Following the drilling campaign and subject to results, the Company intends to build on site a heap leach pad. Investors should note that Freyja does not have a defined NI 43-101 resource and that a feasibility study has not been completed. There is no certainty that the proposed operation will be economically viable.
About the Las Cristinas Project
The Las Cristinas Project includes four (4) adjacent exploration concessions, which cover an area of 683 hectares in Northeastern Mexico in the east center part of the Chihuahua State. The permits for the concessions are granted under the authority and administrated by the “Secretaria de Economía, Dirección General de Minas, Subdirección de Minería”.
The Las Cristinas Project is located in the Basin and Range Belt of north Mexico, at 150 km northeast of the town of Chihuahua. The Project is in the center of the Chorreras mineralized region, an area that contains numerous concentrations of iron, gold, silver, copper and zinc in epithermal/mesothermal vein deposits and in a skarn deposits. The area is known by the presence of the copper hydrothermal veins in the Las Cristinas and El Caballo area. Within the Las Cristinas Project permit area, the copper system is seen spasmodically over a seven kilometer by 300 meters area. The mineralization is characterized by copper carbonate (azurite, malachite, crisocole) with patches of iron sulphide (pyrite) and copper sulphide (chalcopyrite, bornite) in centimetric veins within a calcite/barite/hematite veins environment, oriented 130 degrees and dipping 80 degrees southwest, intruding the Jurassic calcareous siltstone.
The city of Chihuahua has a population of approximately 1M people. It is the regional center for all goods and services, including private and international airport, a railroad terminus, communications, hotels, medical facilities, parts and supplies and skilled workers. The city is an important mining center and there are several mining offices. Within 30 kilometers of the project there are several small communities, these communities can provide workers and basic supplies and some lodging. The Las Cristinas Project is easily accessible from Chihuahua and takes roughly two hours by automobile. The project is remote from any habitations. Mine can be operated all year long, there plenty of space for a mining operation and there is water and electricity in the vicinity. There is a train station in Estación Falomir 30km north of the Project.
About Freyja Resources Inc.
Freyja Resources Inc. is a mining exploration company listed on the TSX Venture Exchange under the symbol “FRA”. Freyja Resources’ main operations are conducted through its wholly owned subsidiary Cyprium Mining Corporation (“Cyprium”). Cyprium is a mineral exploration company which targets the acquisition and generation of mining projects located solely in Northern Mexico that have a potential for profitable precious and base metal open pit production. Cyprium is committed to maximizing shareholder value by strategically ensuring efficient and profitable production and focusing on a hybrid exploration/production business model. Cyprium prioritizes projects accessible by well-maintained roads and/or railroad systems. Upon completion of a conclusive exploration campaign, Cyprium’s focus is to rapidly establish an economical production and maximize the project potential by funding further exploration through cash generated by production, thus limiting shareholder dilution.
The Company’s main project is the Las Cristinas copper/silver project located in Chihuahua State, Mexico. Cyprium owns 51% of Coyame Copper SA de CV (“Coyame Copper”), a Chihuahua, Mexico based mining exploration company and has an option to increase its stake in Coyame Copper to 70% for a consideration of US $1.2 million payable over a period of eighteen months following the exercise of the option. Coyame Copper’s Las Cristinas Project consist of four adjacent exploration concessions (Las Cristinas, La Parita, La Verde and La Lagrimosa) covering 684 hectares. Coyame Copper also owns production assets located outside the town of Coyame, Mexico.