TO PURCHASE 100% OF THE MAX RESOURCE CORP. GACHALA COPPER PROJECT NORTH BLOCK
Tasca Resources Ltd. (TAC.V) has signed a non-binding letter of intent with Max Resource Corp. to purchase a 100-per-cent interest in seven mineral licence applications comprising the North block of Max's Gachala copper project 60 kilometres east of Bogota, Colombia: The North block consists of seven mineral licence applications covering 48 line kilometres of the Devonian and Permian/Cretaceous contact believed to be highly prospective for sedimentary copper deposits. Two of the license applications are contiguous to areas where historical exploration returned rock sample values ranging from 1.6 to 7.82 percent copper. Tasca cautions investors it has not yet verified any of the historical data.
Clive Massey, chief executive officer, commented: "I am extremely bullish on the future price of copper. When Max Resource Corp.'s gold discovery in Choco unexpectedly made the Gachala project available I felt Tasca had to pounce on the opportunity." He added: "We are planning to implement an aggressive exploration programme for this year and are very fortunate to have Brett Matich, Max's President and CEO prepared to assist our technical team, as both the team and Mr. Matich are convinced a concentrated exploration effort in the underexplored Gachala region has the potential to define the world's next copper frontier."
Mr. Matich commented, "I am looking forward to assisting Tasca's technical team in advancing the Gachala project, as we see the region as a highly prospective area for a massive copper discovery."
Two of the seven mineral license applications comprising the 13,280 hectare North Block cover the western limb of the Anticlinal Montecristo in the area adjacent to and immediately north of the Sinai property where Rio Tinto Mining and Exploration Ltd. completed stream sediment and limited rock sampling in 1999. Rio Tinto took a total of 47 rock samples with 12 returning values in excess of 1 per cent copper, ranging from 1.6 per cent to 7.82 per cent (source: E.E. Vargas Ruiz, 1999; Exploracion Geoquimica Chivor Colombia Rio Tinto Mining and Exploration Ltd.). Tasca cautions investors that mineralization on the Sinai property is not necessarily indicative of similar mineralization on its licence applications. Another two of the license applications cover a 4 kilometre long cobalt anomaly identified by the Colombian Geological Survey. This metal is of extreme interest to the Company as cobalt is one of the key accessory metals for sedimentary copper deposits.
The 7 North Block mineral license applications form part of the 53,538 hectare Gachala sedimentary copper project. The Gachala project lies within a northeast trending 250km-by-120km belt of Devonian-through-Cretaceous-age rocks in a geological setting conducive to hosting sedimentary copper deposits. Research by Rodriguez and Warden has found similarities between the sedimentary basin in Colombia and the sedimentary basin hosting the Zambian copper belt of Africa (source: C. Rodriguez and A.J. Warden (1993); "Overview of some Colombian gold deposits and their development potential; Mineralium Deposita, Vol. 28, pages 47 to 57).
In total, the 30 mineral license applications of the Gachala Project cover an aggregate 107 line kms of the highly prospective contact between the Devonian-Permian red beds and overlying Cretaceous reducing black shales, one of the settings typical of these copper deposits.