VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2012) - Cobriza Metals Corp. (TSX:CZA) ("Cobriza") is pleased to announce that drilling commenced on the Arikepay project on Wednesday June 6th, 2012.
The Arikepay property hosts near-surface porphyry deposit potential evidenced by typical porphyry alteration in sparsely exposed outcrop, and strongly anomalous copper, gold, and molybdenum rock geochemistry, as well as 'blind' porphyry deposit potential along-trend under gravel cover. The geochemical anomalies and alteration styles are similar to leached rocks overlying other Andean porphyry copper deposits discovered in Peru, Chile, and Argentina such as the Cerro Colorado and Spence deposits.
A minimum of 3,000 metres (m) of reverse circulation (RC) drilling will focus on two areas as described in News Release NR-002, dated May 29th, 2012.
The first area contains highly anomalous levels of copper, gold, and molybdenum, from 100 to 1,460 parts per million ("ppm") copper, 50 parts per billion ("ppb") to 2,560 ppb (2.5 grams per tonne ("g/t")) gold, and 0.5 ppm to 143 ppm molybdenum, in under-exposed phyllic and silicic alteration.
The second area has potential for northern and north-western extensions of the under-exposed phyllic and silicic alteration. This area is covered by younger gravel cover, and remains open for over 2,000m.
The Arikepay property is road accessible approximately 110 km south of the city of Arequipa, and lies 45 km south of the 3.5 billion tonne Cerro Verde copper-molybdenum mine (Freeport 54%, SMM Cerro Verde Netherlands 21%, and Buenaventura 19%) in southern Peru.
About Cobriza Metals
Cobriza Metals Corp. is a TSX listed mineral exploration company focused on exploration and development of base metal mining projects in Peru and Latin America, initially focused on exploration of three of its 100% owned projects: Arikepay, Don Gregorio, and Miraflores.
Don Gregorio is a 2,700 ha under-explored porphyry copper-gold system located approximately 140 km north-northeast of Chiclayo in northern Peru. Previous exploration by other companies included 1,648m drilled in 12 holes, with assays from this work including 153.3m of 0.394% copper and 0.18 grams per tonne gold.
Miraflores is a 100% owned, 1,800 hectare (ha) under-explored porphyry copper-gold-molybdenum system in northern Peru, 70 km NE of Trujillo. Surface rock sampling includes copper grades of up to 1.2%, gold grades of up to 15 g/t, and molybdenum grades of up to 200 ppm.
Michael J. Thicke, P.Geo., President and Joanne C. Freeze, P.Geo., CEO, are the Qualified Persons as defined by National Instrument 43-101 for all of the projects discussed above. They have reviewed and approved the contents of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geotechnical assumptions, geological interpretations, receipt of property titles or permits, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Cobriza Metals relies upon litigation protection for forward-looking statements.
On behalf of the Board of Cobriza Metals Corp.
Michael Thicke, M.Sc., P.Geo., President & Director