Redzone Resources Ltd. ("Redzone" or the "Company") (TSX:REZ) reports that reconnaissance mapping and rock sampling has discovered a 200-by-600 metre copper-molybdenum bearing alteration zone in the Suitojasa area of the Tingo East 2 property in southern Peru.
The Tingo East 2 property marks the east-central portion of the Tingo East project that comprises 4 concessions totalling 3700 hectares located 295 km south of Lima. The Tingo East project is located within a belt of occurrences called "Porphyry Copper Cretaceous strip of southern Peru" –Puquio sector. This belt also hosts the Lara copper-molybdenum property (where Redzone recently drilled 0.81% copper and 0.015% molybdenum over 108 metres – Press Release Feb. 22, 2011) the Anita de Tibillos property of Tinka Resources Ltd., the North Pucacorral, South Pucacorral and Puquio Projects of Teck Resources Limited, as well as the Los Pinos porphyry copper deposit. The new discovery lies in the center portion of the Tingo East 2 block in a previously unexplored area.
A total of 18 rock samples collected over the Suitojasa alteration system returned from 0.15-to 0.94% -copper, 4-to-120 parts per million (“ppm”) molybdenum and 0.6-to-2.3 grams silver per tonne. The mineralization consists of veinlets, disseminations of pyrite and chalcopyrite over a 200-by-600 metre area.
“The initial results from the Tingo East project indicate that Redzone now has two highly prospective copper projects in an emerging copper exploration region of southern Peru,” states Redzone’s President and Chief Executive Officer, Michael Murphy. “A geological and geophysical program is underway on the Lara property with diamond drilling expected to resume on receipt of additional drill permits. At Tingo East, Redzone will continue to outline prospective drill targets that could be tested later in the year.”
In addition to the Suitojasa area, the reconnaissance program identified two other targets on the Tingo East 2 block that yielded values worthy of additional follow-up.
The Azuljaja area is located on the east side of the Quebrada Azuljaja and contains some underground informal workings. A 1.2 metre wide structure returned 2.55% copper and 119 ppm molybdenum. Tailings samples from the informal workings returned up to 3.68% copper and 153 ppm molybdenum.
AGUA SALADA (West side):
The Agua Salada area is located to the west of the main alteration and is characterized by a granodiorite cut by hyaline to milky quartz veins up to 0.4 metre thick with hyaline quartz vugs, fractures with jarosite and some boxworks. A sample from this material returned values of 1.5 ppm silver, 133 ppm lead, 804 ppm copper and 295 ppm molybdenum. Samples collected from two informal excavations returned 0.45% copper and 64 ppm molybdenum over 1.5 metres and 2.86% copper and 19 ppm molybdenum over 3 metres.
Redzone can earn up to a 75% interest in the Lara and Tingo East Projects from Lara Exploration Ltd. ((“Lara”) LRA: TSXV) via earning into Minas Dixon BVI (“Minas”), a wholly owned subsidiary of Lara. Under the agreement, Redzone must spend US$2.5 million in exploration on the Projects and issue 850,000 Redzone common shares to Lara over a three year term to earn an initial 55% interest in the Projects. Redzone can then elect to earn an additional 20% interest in the Projects by completing a bankable feasibility study and making a one-time cash payment of US$1.5 million on or before January 28, 2015. Lara retains a 1% net smelter royalty on all production from the Projects, while Tinka Resources retians a 1% net smelter royalty on the Tingo East project. Under the terms of the agreement, Redzone must spend US$500,000 on or before October 26, 2011 and this expenditure has been met.
The potential quantity and grade expressed in this press release is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain that further exploration will result in the target being delineated as a mineral resource.”
Quality Control and Qualified Person:
The Company follows industry standard quality assurance and quality control procedures for all its samples, under the supervision of Noel Díaz, General Manager Peru and André Gauthier, P. Eng., President of Lara Exploration Ltd., who is the Qualified Person and responsible for the content of this press release pursuant to NI 43-101.
Redzone is a mineral exploration company engaged in the acquisition and exploration of mineral properties with prospects for hosting gold and base metal deposits. The Company is currently active in Peru on the Lara and Tingo East copper projects and trades on the Toronto Stock Exchange under the symbol REZ.
ON BEHALF OF THE BOARD OF DIRECTORS OF
REDZONE RESOURCES LTD.
Director, President and CEO
For further information please contact:
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Redzone, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.