THUNDER BAY, ONTARIO–(Marketwire – Nov. 8, 2012) – QRS Capital Corp. (TSX VENTURE:QRS)(FRANKFURT:3QR) (“QRS” or the “Company”) provides a corporate update to shareholders.
Over the past several months the QRS management team has reviewed and assessed a number of exploration and development stage projects in South America, with a particular focus on copper and gold properties in Chile. Last week the Company announced the signing of a letter of intent for an option to acquire the Aurum Copper Project in Chile. The Aurum Copper project is a high grade copper property, located in the III Region of Atacama, Chile only 12km from Teck Resources Ltd.’s 1,104 Mt @ 0.41% El Relincho copper-molybdenum deposit. The company is very excited about the potential of the Aurum Copper project and is currently finalizing its due diligence over the next 60 days. The due diligence will consist of an extensive property wide reconnaissance IP to identify the extensions of the known IP anomalies and to locate additional ones. This will be followed by more detailed geophysics and surface exploration to identify new drilling targets with drilling to commence in 2013. The company will focus its time and resources on further advancing the development potential of the Aurum Copper property, while looking to divest or JV most of the other properties within its portfolio.
San Felix
The San Felix high grade copper property remains of significant interest to the Company. After completing a regional reconnaissance mapping and outcrop sampling program, multiple vein systems have been identified over important alteration zones. Surface rock samples were taken during three separate field campaigns, with a total of 28 grab, channel chip, and panel samples returning excellent high grades. The best results include grades of 9% Cu from grab sample I236464, 1,360 g/t Ag from channel chip sample I240089 and 3.1g/t Au from panel sample I240090. 17 of 26 channel and panel chip samples brought back results of greater than 1% Cu and 4 samples contain greater than 0.5g/t Au (Table 1: San Felix Sample Results). This was followed up by a 16km2 magnetometry survey in Q2 of 2012 which returned were very encouraging results and warrants further exploration. While the Company is focused on the Aurum Copper project, the company plans to continue with some additional geochemical sampling and geophysics on San Felix in order to depict areas of mineralization, identify drill targets, and determine the next steps with the property.
Table 1: San Felix Sample Results
—————————————————————————- Sample Length Cu Ag Au Pb Zn Sample Easting Northing Type (m) % ppm ppm % % —————————————————————————- I240089 351492 6624047 Channel 3 x 1 7.58 1360 1.4 0 0.02 Chip —————————————————————————- I236478 351649 6622649 Channel 1.4 x 0.1 4.45 215 0.02 0.31 0.37 Chip —————————————————————————- I236481 352200 6622081 Channel 0.8 x 0.1 4.44 426 0.33 0.33 0.03 Chip —————————————————————————- I236480 351530 6622810 Channel 1.3 x 0.1 3.89 181 0.01 0.7 1 Chip —————————————————————————- I240097 351600 6652710 Channel 0.6 x 0.1 3.06 128 0.01 0.17 0.07 Chip —————————————————————————- I236465 352122 6621570 Channel 0.3 x 0.3 2.98 122 0.01 0 0 Chip —————————————————————————- I236467 351886 6623061 Channel 0.3 x 0.3 2.71 187 0.01 0 0.02 Chip —————————————————————————- I240098 351547 6622769 Channel 1.5 x 0.1 2.65 164 0.07 0.19 0.12 Chip —————————————————————————- I240093 351459 6624047 Channel 6. x 0.1 2.25 587 2.41 0 0.01 Chip —————————————————————————- I236476 351928 6622788 Channel 2.7 x 0.1 2.13 125 0.16 0.02 0.03 Chip —————————————————————————- I236479 351517 6622847 Channel 2.2 x 0.1 2.05 139 0.05 0.19 0.05 Chip —————————————————————————- I236475 351622 6623164 Channel 0.8 x 0.1 1.88 216 0.16 0 0.01 Chip —————————————————————————- I236477 351928 6622804 Channel 2. x 0.1 1.79 85 0.01 0.22 0.12 Chip —————————————————————————- I240094 352004 6622710 Channel 2.5 x 0.1 1.3 85 0.02 0 0.03 Chip —————————————————————————- I240092 351464 6624060 Channel 5.5 x 0.1 1.22 62 0.44 0 0.01 Chip —————————————————————————- I236468 351664 6624043 Channel 1.3 x 0.1 0.63 13 0.55 0.01 0.01 Chip —————————————————————————- I236466 351877 6623098 Channel 1.4 x 0.1 0.33 23 0.02 0 0.02 Chip —————————————————————————- I236470 350949 6625004 Channel 4. x 0.1 0.27 1 0.06 0 0 Chip —————————————————————————- I236471 350950 6625001 Channel 2.9 x 0.1 0.27 1 0.05 0 0 Chip —————————————————————————- I236474 350999 6625017 Channel 5. x 0.1 0.16 0 0.02 0 0 Chip —————————————————————————- I236473 350996 6624987 Channel 4.4 x 0.1 0.09 0 0.02 0 0 Chip —————————————————————————- I236472 350970 6625020 Channel 3. x 0.1 0.05 0 0.01 0 0 Chip —————————————————————————- I236469 351664 6624043 Channel 0.35 x 0.35 0.03 2 0.02 0 0.04 Chip —————————————————————————- I240091 351474 6624041 Panel 8.5 x 0.1 4.18 387 0.72 0 0.05 —————————————————————————- I240090 351485 6624042 Panel 7 x 0.5 1.92 218 3.06 0 0.04 —————————————————————————- I240096 351903 6653063 Panel 3 x 0.5 0.2 18 0.01 0.02 0.03 —————————————————————————- I236464 352188 6621731 Grab 9.03 382 0.04 0.03 0.04 —————————————————————————- I240095 351925 6622774 Grab 4.47 375 0.14 0.02 0.02 —————————————————————————-Las Leddas
In Q1 of 2012, the Company reviewed and remapped regionally the 5,100 hectare property. Rock geochemical sampling, IP geophysics and magnetometry were run over the central mineralized zone were a large 1.5Km x 0.35Km high chargeability anomaly was identified at shallow depths. This anomaly is coincident to the vectors of mineralization found in previous historical exploration efforts. The Company has identified a number of highly prospective drill targets that would require a large and extensive drill program. Given the size and scope of the required investment, QRS management believes the project would be better advanced by a larger resource company and is currently in discussions with various interested parties regarding a potential joint venture partnership.
Vista Hermosa
After a thorough due diligence on the Vista Hermosa property and a review of the terms of the option agreement, QRS management remained interested in the Vista Hermosa property however were not comfortable with the current terms of the option agreement given the current market environment for the junior mining sector. As such management did not proceed with the option agreement as proposed and provided revised terms to the vendor. While the Vista Hermosa property remains of interest to QRS, the terms and conditions of the option agreement have not been successfully negotiated and currently there are no negotiations underway.
Judith
In 2012, QRS completed a detailed survey program of the Judith silver property near Chihuahua, Mexico, including geochemical sampling, an induced polarization, and a magnetometric survey, complemented with 3,300m of diamond drilling in 11 holes. The exploration confirmed the presence of quartz-alunite hydrothermal alteration in brechia pipes which may indicate the presence of epithermal systems at depth and would require further exploration. While the results of the early exploration warrant further testing, at this time QRS management has decided to focus the Company’s resources on its Chilean properties, and is in active negotiations with various groups regarding the Judith property. In the event that these negotiations are not successful by year end, QRS intends to divest of its option contract on Judith in order to focus on the Company’s Chilean properties.
Corporate Announcement
Lastly, the Board has accepted Mr. Sedgemore’s resignation as Director of the Company, effective immediately. The Board would like to thank Mr. Sedgemore for his contribution during his term.
President Diego Benalcazar commented, “We are very excited to have found the Aurum Copper project and look forward to advancing on the historic work completed to date to identify the full potential of the property. In an effort maximize shareholder value and focus our resources, it is important that we rationalize the project portfolio and find appropriate partners for our other properties in order to allow us to focus on the new Aurum Copper property.”
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., a qualified person within the meaning of National Instrument 43-101 has reviewed and approved the contents of this news release. Mr. Walker is an independent consultant to the Company.
About QRS Capital Corp.
QRS is a mineral exploration company focused on exploration and development stage copper and gold targets in South America, particularly in Chile, Peru, and Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Diego Benalcazar, President and Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about future acquisitions and objectives, exploration results relating to the Aurum-Copper property, expected time of completion of the definitive option agreement, exploration plans for the Aurum-Copper property and the completion of the acquisition of the Aurum-Copper property by QRS. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company’s disclosure documents. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT: Apex Capital Inc. Brett Allan 416-907-4148 [email protected]Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
