March 6, 2012 – Malbex Resources Inc. (TSX-V:MBG) today announced the acquisition of two prospective copper-gold porphyry projects in Argentina. The Quebrada Seca and Chalchalero exploration projects are copper-gold porphyry targets which can be explored year-round, particularly in the Andean winter months when the Company’s flagship Del Carmen gold-silver project is inactive. The Quebrada Seca copper-gold project lies in Catamarca province about 75 kilometres to the southwest along the same regional-scale structure as Xstrata Copper’s Bajo de la Alumbrera copper-gold mine and Agua Rica copper-gold development project. The Chalchalero copper-gold project is in western La Rioja Province near the San Juan provincial boundary, approximately 290 km north of Malbex’s office in San Juan.
“Our team of experienced Argentinean geologists has been reviewing projects across Argentina for the past 16 months, and we are pleased that their work is now bearing fruit,” said Tim Warman, President and CEO. “The Del Carmen project remains our key project, but with only a seven month exploration season in the Andes, it is critical to Malbex’s future success to deliver a continuous stream of exploration results on a year-round basis. We intend to begin working on these projects and our new gold project in Peru shortly after the Del Carmen project winds down for the winter in late April.”
Quebrada Seca is a copper-gold porphyry target located approximately 75 km southwest of and along the regional structure (the Tucuman Transfer Zone) that hosts the Bajo de la Alumbrera copper-gold mine and the nearby Agua Rica copper-gold development project. Previous detailed mapping, sampling and prospecting by Teck in 2008 identified a possible copper-gold mineralized porphyry system concealed by vegetation. Their geologists strongly recommended further work on the project. However Teck subsequently withdrew from Argentina before any further work could be completed and the project was returned to the owner.
Recent mapping and sampling by Malbex geologists confirmed the presence of porphyry-style mineralization, e.g. “A” and “D” type veinlets, in float within the project area. Rock and stream sediment sampling by Malbex have confirmed previously reported anomalous gold and copper values. Malbex rock samples have up to 1.03 g/t gold (8 of 32 samples with >0.1 g/t gold), 3.18% copper and 31 ppm molybdenum.
The Quebrada Seca concessions cover 4,600 hectares in Catamarca province, less than 10 km from the small town of Londres and Highway 40, the main north-south highway through Argentina. The project lies at an elevation of approximately 2,000 metres, and will be explored mainly during the southern hemisphere winter and break in exploration at the flagship Del Carmen project in Argentina.
Malbex has agreed to acquire 100% ownership of the project from a group of private Argentinean owners in return for a series of staged payments totalling US$1.45 million over 4 years with no work commitment. The payments for the first 12 months of the agreement total US$225,000. The vendors will retain a 1% NSR, which is purchasable at any time by Malbex for US$1 million.
Sampling and mapping at the Chalchalero copper-gold-molybdenum porphyry target by Malbex geologists has identified silver and base metal-rich quartz (±barite) vein systems that flank an altered dacite porphyry. Previous work on the project consisted primarily of reconnaissance mapping and rock sampling, including several small-scale artisanal mines of silver and lead-rich quartz-barite veins. Malbex collected 102 rock samples from the vein occurrences, within and flanking the dacite porphyry that include 32 samples with >0.1% copper (9 with >1% Cu). Other anomalous results include up to 2 g/t gold, 295 g/t silver, 12.05% lead, 2.41% zinc and 97 ppm molybdenum. Devonian clastic sedimentary sequences host the silver-base metal-rich veins that are peripheral to dacitic and rhyolitic intrusions. These include sandstone with quartz-iron oxide stockworks and up to 1.76% copper. No drilling has ever been carried out on the project.
The Chalchalero concessions cover an area of approximately 2,983 hectares in western La Rioja province. The project is accessible by road, being about 95 kilometres from the nearest community, and is at relatively low elevations (less than 3,500 m), which will allow the project to be explored year-round.
Malbex will acquire 100% ownership of the Chalchalero project from the private Argentinean owner in return for staged payments totalling US$800,000 over 3 years. Up to US$300,000 of the total can be satisfied with the issuance of Malbex shares. The payments for the first 12 months of the agreement total US$200,000 with no work commitment. The vendors will retain a 2% NSR, which is purchasable at any time by Malbex for US$1 million.
Peter Stewart, PhD, Vice-President Exploration of Malbex Resources Inc., is a Professional Geoscientist in the Province of Ontario, and is the Qualified Person as defined by NI 43-101 responsible for the technical information presented in this news release.
Malbex Resources Inc. is a gold exploration company led by experienced management and directors with projects in Argentina and Peru. In April 2010, Malbex made a near-surface, gold-silver oxide discovery at Del Carmen, its lead project in Argentina. Released in September 2011, the first-ever National Instrument 43-101-compliant, inferred mineral resource estimate for the Rojo Grande deposit at Del Carmen measured 25.4 million tonnes grading 1.00 g/t gold and 13.3 g/t silver for 816,600 ounces of contained gold and 10.9 million ounces of contained silver. The Del Carmen project is located in the El Indio Gold Belt, which contains more than 35 million ounces of gold in current reserves and past production, including Barrick’s Veladero mine and Pascua-Lama project. For more information, please visit www.malbex.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Warman, President and Chief Executive Officer
Marla Gale, VP Investor Relations
Tel: (416) 628-0215
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