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2005-09-20 13:26 ET - News Release
Mr. Hendrik van Alphen reports
CARDERO RESOURCE CORP.: ENCOURAGING IP RESULTS AT CERRO ATAJO DRILLING BEGINS AT SAN FERNANDO TARGET, BAJA, MEXICO
Cardero Resource Corp. has received the results of a recently commissioned induced polarization (IP) survey on its Cerro Atajo project in Argentina.
The 2,800-hectare property lies only 10 kilometres east of the Bajo de la Alumbrera copper-gold porphyry mine (reported resources of approximately 600 megatonnes 0.53 per cent copper and 0.61 gram per tonne of gold) and 25 kilometres west of the Agua Rica porphyry deposit (reported resources of approximately 700 megatonnes at 0.66 per cent copper, 0.23 gram per tonne of gold and 0.037 per cent molybdenum) within Argentina's pre-eminent mining district.
Initial mapping by the company defined a large hydrothermal system consistent with a porphyry setting. The most recent detailed mapping program further defined the alteration zones and outlined several geological targets for geophysical follow-up.
Quantec Geoscience Argentina S.A. conducted a 14-line-kilometre pole/dipole survey; the results of which are encouraging in so far as they outline a coherent northeastern trending charageability resisitivity anomaly (ranging between 20-40 milliseconds and 40-70 ohms respectively) over approximately 1,800- to 2,100-metre strike and a minimum width of at least 350 metres.
The anomaly, which subparallels the regional, syn-intrusive, Lavadero fault zone, occurs at depths from subcrop to in excess of 300-350 metres and is associated with several potassically altered dacitic feldspar porphyry outcrops and coeval volcanoclatics which are cut by northwestern trending quartz-copperoxide-pyrite-chalcopyrite veins and veinlets.
A 1,500-metre-diamond drill test is scheduled to commence on Sept. 26 with additional drilling contingent on favourable results.
"The initial IP results are encouraging and the company will continue to aggressively explore the project," stated Henk Van Alphen, president of Cardero. "Cerro Atajo remains the largest untested potential porphyry system in the Bajo de la Alumbrera district. Should drilling prove to be successful we believe that its strategic location could be of significant value."
IP has been successfully employed in the discovery and delineation of numerous porphyry copper deposits. During an IP survey an electrical current is passed directly into the ground and its effects are measured; different mineral species display variable responses depending on their chargeabilites and quantities present. Typically metallic minerals such as disseminated sulphides have high chargeabilities however, clay minerals may also display similar IP responses, therefore from an exploration viewpoint IP responses are never uniquely interpretable until they are drill tested.
Baja iron ore-copper-gold
The company has commenced drilling its Baja IOCG project on behalf of its partner Anglo American plc.
EurGeol's Mark D. Cruise, Cardero's vice-president, exploration, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information contained in this news release.
The company is well financed with $15-million in the treasury and well positioned to continue to explore its projects in Mexico, Peru, and Argentina. The common shares of the company are currently listed on the TSX Venture Exchange (symbol CDU), the American Stock Exchange (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). The company is actively evaluating gold, silver, copper, iron ore-copper-gold (IOCG) and iron projects, which will ensure the recognition of Cardero as a world-class exploration and development company.
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