|By Marketwired .||
|January 29, 2014 01:56 PM EST|
MONTREAL, QUEBEC -- (Marketwired) -- 01/29/14 -- Freyja Resources Inc. ("Freyja" or the "Company") (TSX VENTURE: FRA) announced today that it has completed the first phase of its exploration program on its recently acquired Las Cristinas copper/silver project located in Northeastern Chihuahua State, Mexico (the "Project" or the "Property"). More specifically, the first phase of the exploration program focused on the Southern end of the Property (the "Las Cristinas Area") and on the following priorities:
-- Completion of the mapping and systematic sampling on surface and underground of the copper oxide ore on the Las Cristinas Area in order to better delineate the Company's one kilometer long initial exploration target. The sampling program consisted of over 300 samples ranging from 3 kg to 5 kg per sample. -- Completion of detailed topography of the Las Cristinas Area to support the mapping and sampling activities, the preparation of environmental permitting. -- Preparation of a 3,000 meter drilling campaign. The drilling campaign will begin immediately following receipt of the drilling permit, which is expected prior to the end of March 2014. The drilling campaign will target the oxide copper ore mineralized section of the Las Cristinas Area as well as to test the underground sulphide copper ore. -- Filing of an application to obtain a drilling permit.
The Company has already started to receive and compile some of the results from the sampling program. Results will be announced as soon as the geological interpretation of these results has been completed. 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 obtained the oxide portion of copper.
In addition, the Company continues to carry on metallurgic tests to determine the recovery rates of copper and silver as well as providing indication of costs. Lixiviation tests are also currently being conducted. Following the drilling campaign and subject to drilling results, the Company intends to build on site a heap leach pad planned for the summer of 2014 to test and fine tune the heap leach system. Investors should note that a feasibility study has not been completed and 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 northeast 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 Economia, Direccion General de Minas, Subdireccion de Mineria".
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 7 km. 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 Estacion 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The geological information of this release have been verified by Jacques Marchand, P.Eng. P.Geo, and an independent Qualified Person.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated plans for developments of the Company and its mining projects.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by the Company will be successful. Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Freyja Resources Inc.
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