Vancouver, British Columbia – September 3, 2013, Sundance Minerals Ltd., (“Sundance” or the “Company”) is pleased to announce that a diamond drilling program has commenced on the Los Tamales porphyry copper project in northern Sonora, Mexico.
Chris Osterman, President and CEO of Sundance, stated, “We have completed a property-wide soil geochemical program as well as an induced polarization geophysical survey earlier this summer with our joint venture partner First Quantum, and have several outlined anomalous targets. This drilling will test these anomalies in the subsurface.”
The total Property area covers 3850.67 hectares in northern Sonora State. The region hosts large Cu-Mo porphyry deposits, such as Cananea, Los Humos, and la Caridad. Excellent road access provides year-round exploration.
Los Tamales is a porphyry copper-moly system 125 km southwest of Tucson, Arizona and 28 km south of the US-Mexican border. Discovered by water well sampling during a joint United States Geological Survey and Servicios Geologicos Mexicanos effort in the 1970’s, Los Tamales was the subject of two USGS open-file reports 94-685 and 84-289. The Mexican state company Azufera Panamericana carried out a three hole, 1000 meter diamond drill program in the 1970’s. Dense stockworks of quartz-chalcopyrite-molybdenum veinlets outcrop in a potassically altered granodiorite and a Precambrian granite in the northwest portion of the Property, whereas widespread quartz-sericite-pyrite-tourmaline alteration occurs in a rhyolite porphyry to the south.
TERMS OF THE AGREEMENT:
The Los Tamales property is subject to an option agreement with FQM (Akubra) Inc. (formerly Inmet Mining Corporation). FQM (Akubra) Inc. can earn-in up to 51% by expending US$5.0 million and paying Sundance US$500,000 over five years. FQM (Akubra) Inc. may earn an additional 19% by delivering a Pre-Feasibility Study (subject to a maximum expenditure of US$20 million) and paying Sundance an additional US$2.0 million over three years.
Dr. Chris Osterman, Board Registered Professional Geologist, is the Company’s Qualified Person as defined by National Instrument 43-101, and is responsible for the accuracy of the technical information in this news
Sundance Minerals is an exploration company currently focusing on precious and base metal projects in Mexico and the United States. Our mission is to create and sustain shareholder value by developing a balanced portfolio of exploration targets in known districts. Sundance has a portfolio of 14 properties in Mexico and one in Nevada, most of which are available for JV’s. Technical information including geology, geochemistry, and geophysics is available for all of them. Five out of the 15 properties have historic drill holes. Leading properties are Miranda and San Ricardo gold projects in Sonora, Los Tamales (Cu) in Sonora, as well as Geranio and Lachatao gold projects in the Natividad mining district in Oaxaca, Mexico.
Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone.