VANCOUVER, British Columbia, March 07, 2016 (GLOBE NEWSWIRE) -- Cardero Resource Corp. (“Cardero” or the “Company”) (TSX:CDU) (Frankfurt:CR5) reports that it has confirmed the presence of gold and silver at the Zonia Copper Project, Arizona, USA (“Zonia” or the “Project”). The Company assayed 11 drill samples from the Project and fire assay results indicate gold is present in all samples. Results are outlined below.
“As far as we know, none of the previous operators at Zonia took the important step of testing for gold mineralization as their focus was soluble copper for heap leaching.” stated Henk van Alphen, Cardero’s President & CEO, “The sulphide mineralization underlying the Zonia copper-oxide deposit has not been extensively drilled as yet, but every sample we tested returned a gold credit. The near-surface copper-oxide resource at Zonia remains our primary development focus, and it is early days in terms of defining pervasive gold and copper mineralization below it. However, the presence of potentially significant copper and gold mineralization underlying the resource will likely be helpful as we move forward.”
Details of Sampling Results
Historical drill samples at Zonia have only been analyzed for copper as almost all holes terminate within the upper oxidized zone. Only the last couple drill programmes were deep enough to intersect primary sulphides, with several drill holes extending below the copper-oxide resource and intersect underlying copper-sulphide mineralization. Cardero decided to test the idea that the underlying sulphide mineralization had potential to host significant gold grades and reject pulp samples from storage were selected across a range of copper grades. Eleven samples were taken from drill holes extending below the currently defined resource (Table 1). The locations of primary sulphide samples that were collected for analysis are shown on Figure 1 and Figure 2. All samples returned significant gold values, and the average gold:copper ratio is 0.45.
Next Steps
There are approximately 855 sample intervals underlying the existing copper-oxide resource that have been analyzed for copper, and which could now be analyzed for gold and silver, allowing the Company to calculate copper equivalent grades for the sulphide mineralization. Ultimately though, additional drilling will need to be completed to outline the extent of sulphide mineralization.
Table 1: Grades from sulphide mineralization underlying the Zonia copper-oxide resource.
| Drill Hole | From (ft) | To (ft) | Width (ft) | Gold (g/t) | Silver (g/t) | Total Copper (%) | Copper Equivalent (%) |
| RRC-10-CC | 580 | 585 | 5 | 0.584 | 3.8 | 0.68 | 1.21 |
| RRC-10-EE | 365 | 370 | 5 | 0.258 | 2.1 | 0.70 | 0.94 |
| RRC-10-EE | 395 | 400 | 5 | 0.638 | 3.4 | 1.09 | 1.66 |
| RRC-10-EE | 570 | 575 | 5 | 0.174 | 1.4 | 0.39 | 0.55 |
| RRC-10-HH | 620 | 625 | 5 | 0.116 | 1.3 | 0.34 | 0.45 |
| RRC-10-21 | 787 | 794.5 | 7.5 | 0.176 | 3.4 | 0.32 | 0.50 |
| RRC-10-22 | 851 | 860 | 9 | 0.084 | 2.6 | 0.33 | 0.43 |
| RRC-10-35 | 505 | 510 | 5 | 0.035 | 2.5 | 0.29 | 0.34 |
| RRC-10-28 | 520 | 525 | 5 | 0.117 | 2.6 | 0.40 | 0.52 |
| RRC-10-26 | 300 | 305 | 5 | 0.055 | 1.8 | 0.30 | 0.36 |
| RRC-10-J1 | 410 | 415 | 5 | 0.048 | 2.7 | 0.33 | 0.39 |
Copper Equivalent calculations use metal prices assumptions of $2.20/lb for copper, $1200/oz for gold, and $15/oz for silver. Copper equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries.
Figure 1: Map of location of drill hole samples relative to copper oxide resource.
To view map of location of drill hole samples relative to copper oxide resources, please visit:
http://orders.newsfilecorp.com/files/743/19541_figure1enhanced.jpg
Figure 2: Section showing drill hole number RRC-10-EE, which was sampled below the existing copper-oxide resource in the southwest end of the deposit.
To view section showing drill hole number RRC-10-EE, which was sampled below the existing copper-oxide resource in the southwest end of the deposit, please visit:
http://orders.newsfilecorp.com/files/743/19541_enhanced2.jpg
Quality Control
The sampling of Zonia drill core and reverse circulation cuttings was supervised by John Drobe, P.Geo., Cardero’s Chief Geologist, who is responsible for all aspects of the work. On-site personnel at the project pulled reject pulps from on-site storage and then security sealed and shipped them to Bureau Veritas Laboratories in Sparks, Nevada for analysis. Bureau Veritas’ quality control system complies with the requirements for the International Standards ISO 9001:2008. Analytical accuracy and precision were monitored by the analysis of two reagent blanks, four insertions of standard reference material, and two duplicate samples.
Qualified Person
John Drobe P.Geo., Cardero's Chief Geologist and a qualified person as defined by National Instrument 43-101, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein. Mr. Drobe is not independent of the Company as he is an officer, a shareholder.
ABOUT CARDERO RESOURCE CORP.
The common shares of the Company are currently listed on the TSX (symbol CDU) 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.
“Henk van Alphen” (signed)
Henk van Alphen, CEO and President
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the potential of Zonia general future plans and objectives for the Zonia project, the completion of the Plan and receipt of shareholder and regulatory approval therefore, the likelihood of receipt of value from the Retained Right, the availability of financing to the Company and the Company's plan in relation to its listing review are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
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.