Altai Announces Acquisition of a Potentially Large Copper-Gold Deposit in Peru.TORONTO--(BUSINESS WIRE)--Oct. 16, 1995--Altai Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) announces that its Peruvian operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , Altai del Peru, has acquired by staking a porphyry copper-gold deposit in the Department of Arequipa, southwest Peru. The deposit is intermittently exposed (due to partial sand cover) in east-west direction ever a length of 4.5 kilometres (2.8 miles) and a width of 1.6 kilometres (1 mile). The deposit is covered by five claims aggregating to approximately 5,000 hectares (12,500 acres). Title to three of the five claims (covering two-thirds of the deposit) is also claimed by a private Peruvian company backed by a Canadian multinational mining corporation. At surface the copper-gold deposit, which is in desert environment, is highly oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. to undetermined depth into copper oxides and sulphates. In 1974 systematic surface sampling over a small area (2,000 feet by 2,000 feet) was carried out on behalf of Mining Bank of Peru. Copper values ranged from 0.01% to 0.3%. One pit was dug to a depth of 11 metres (36 feet), and samples down to 2.5 metres assayed low copper values (less than 0.3%) whereas those from 2.5 metres (9 feet) to 11 metres (36 feet) below surface ranged from 2.4% to 12.7% copper indicating surface leaching of copper and redeposition Noun 1. redeposition - deposition from one deposit to another deposition, deposit - the natural process of laying down a deposit of something below surface. Highly enriched copper oxide-sulphate cap may therefore overlie o·ver·lie tr.v. o·ver·lay , o·ver·lain , o·ver·ly·ing, o·ver·lies 1. To lie over or on. 2. To suffocate (a baby, for example) by accidentally lying on top of it. the sulphide deposit. Seventeen random surface samples collected by Altai's consultant in 1993 from this deposit averaged 0.22 gr/t gold. Altai Resources Inc. is conducting an evaluation program on all of its eleven gold, goldcopper and copper properties in Peru. Further information on these properties will be forth coming at the conclusion of this program. CONTACT: Altai Resources Inc. Niyazi Kacira, 416/869-1338 Fax: 416/869-1238 |
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