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May 17, 2002:

Cardero Announces Further Results From Current Olaroz Exploration Program

Cardero Resource Corp. ("the Company") is pleased to announce further results from its current exploration program on the 33,000 hectare Olaroz Project in the Province of Jujuy, northwestern Argentina.

The Company has received assay results from a third batch of channel samples, collected during January and February 2003, located within the historical mine workings of the La Providencia silver deposit. The channel sampling program is designed to provide assay and geological data over the exposed mineralized zone and delineate the geological controls on the genesis and distribution of mineralization. Previous channel sample panel results were reported in news releases dated January 14, 2003 and December 11, 2002 and are also presented upon the appended map.

To date 1130 channel samples have been collected, representing an aggregate channel sample interval of 1902 meters. The weighted average value for all channel samples collected to date is 188 g/t Ag. This value includes all samples collected, where bedrock exposure permitted, within the approximately 800m long by up to 300m wide area of the Providencia mine workings. As compared to results from the initial 54 chip samples collected on Providencia which averaged 495 g/t Ag (see news release dated September 30, 2002), this channel sampling program covered approximately twice the surface area and sampled both well mineralized and low grade to barren rock units. The deepest access for sampling occurs in the principal open-pits outlined on the appended map. The channel sample weighted average values of the mineralized rock from these open-pits, excluding waste rock (<10 g/t Ag) exposed in the east walls of the North and Center pits, are as follows:

North Pit 320 g/t Ag (excluding panel 10)
Center Pit 353 g/t Ag (excluding panels 19, E end of 20 and 21)
South Pit 245 g/t Ag
West Pit 1075 g/t Ag

The weighted average value of the same channel samples from all of the above pits is 286 g/t Ag.

A modified panel sampling method on the walls of the Providencia open-pit mine workings has been standardized as follows

    1. one sub-horizontal channel is cut along a wall in a pit, bench, exploration trench, mine access road or cut, that defines the complete horizontal extent of the panel,
    2. a series of regularly spaced near vertical channels are cut into the wall of the pit or bench which are aligned approximately at 90 degrees to the flat or gently east dipping strata,
    3. the extremities of each vertical channel define the top and base of the panel,
    4. the assay values listed below on the table are the weighted average grades of all the channel samples comprising a panel

All panels are sub-vertical ranging from 1.25 to 2.50 metres in height and oriented as indicated on the appended map and described in the table below:


Panel No.

Wall
Orientation

Wall
Facing

Length
(metres)

Ag
(g/t)

Cu
(%)

Pb
(%)

Zn
(%)

8 S Pit -- bench 5

NW

NE

20.0

50

0.08

0.30

0.55

9 W Pit

E-W

N

17.5

1075

0.99

0.51

0.27

10 N Pit -- E face

N-S

W

25.0

6

0.01

0.67

0.51

11 N Pit -- W face

N-S

E

20.0

262

0.29

0.03

0.20

11 continuation south

N-S

E

10

29

0.01

0.04

0.22

12 N Pit -- W face

N-S

E

22.5

13

0.01

0.03

0.17

12 continuation south

N-S

E

10

186

0.18

0.03

0.18

13 N Pit -- W face

N-S

E

12.5

226

0.25

0.07

0.30

13 continuation south

N-S

E

7.5

675

0.92

0.23

0.18

13 continuation south

N-S

E

7.5

238

0.12

0.02

0.15

13 continuation south

N-S

E

20.0

13

0.01

0.03

0.17

13 continuation south

N-S

E

30.0

98

0.04

0.03

0.16

14 N Pit - W face

N-S

E

15.0

254

0.12

0.15

0.21

15 N Pit - W face

N-S

E

7.5

485

0.60

0.21

0.21

16 N Pit - W face

N-S

E

12.5

5

0.01

0.02

0.16

17 N hill -- E-W cut

E-W

S

10.0

305

0.23

0.07

0.23

18 S Pit - bench 4

NW

NE

17.5

48

0.03

0.17

0.39

19 C Pit -- E face

NE

NW

37.5

7

0.01

0.73

0.72

20 C Pit -- N face

NW

SW

12.5

3

0.01

1.56

0.59

20 continuation west

NW

SW

7.5

880

0.86

2.10

0.34

21 C Pit -- E face

NE

NW

10.0

5

0.01

0.49

0.31

22 S Pit -- bench 2

NW

NE

15.0

17

0.02

0.45

0.38

22 continuation SE

NW

NE

7.5

365

<0.01

0.66

0.86

22 continuation SE

NW

NE

15.0

33

0.02

0.30

0..70

22 continuation SE

NW

NE

5.0

542

0.36

0.35

0.48

22 continuation SE

NW

NE

30.0

64

.05

.14

0.35

22 continuation SE

NW

NE

10.0

10

<0.01

0.08

0.26

23 SW Cut

E-W

N

2.5

27

0.04

0.11

0.19

23 SW Cut

E-W to N-S

N to W

7.5

139

0.26

0.25

0.24

23 continuation N

N-S

W

5.0

16

0.02

0.12

0.13

24 S Hill N-Cut

E-W

S

12.5

62

0.04

0.57

0.57

24 continuation W

E-W

S

10.0

10

<0.01

0.22

0.44

25 S Hill Middle Cut

N-S

W

17.5

183

0.25

1.40

0.20

26 S Hill S-Cut

NW

SW

3.0

44

0.09

0.36

0.17

27 S Hill- Road Cut

NW

SW

10.0

143

0.28

0.30

0.41

27 continuation SE

NW

SW

22.5

22

0.01

0.24

0.23

27 continuation SE

NW

SW

20.0

114

<0.01

0.19

0.36

28 S Pit -- bench 6(NW)

NW

NE

15.0

65

0.12

0.20

0.48

29 W Pit -- SE bench

NW

NE

42.5

35

<0.01

0.30

0.45

30 S Pit -- bench 8

NW

NE

17.5

66

0.01

0.34

0.59

31 Bench NE of W Pit

NW

NE

15.0

131

0.29

0.12

0.15

32 S Pit -- bench 3

NW

NE

32.5

31

0.02

0.32

0.42

33 N Pit - E face

NE

NW

30.0

19

0.02

0.62

0.24

Discussion

The sampling and mapping to date of the historical workings of the Providencia silver deposit has demonstrated that strong silver mineralization is spatially related to the occurrence of sets of north and northeast striking faults and fractures in sandstone and conglomerate sedimentary rocks. It is inferred that

Silver-copper and lead-zinc bearing hydrothermal fluids exploited numerous discrete north-south oriented faults. In the mine area this set of mineralizing structures appears to dip steeply to the east. These primary structures are repeated at least every 100 meters over a lateral extent of about 700 meters, and provide specific drill targets for vertical "feeder-zone" style mineralization. In 1982, during the original evaluation of the property, a diamond drill exploration program was carried out to the east of the current mine workings. In spite of the overall poor core recovery, drill holes DDH 10 (67 g/t Ag over 106 m), DDH 9 (121 g/t Ag over 42 m) and DDH 8 (132 g/t Ag over 39 m) all appear to have been halted in mineralization (see appended map). This mineralization, which persists at least 152 meters below surface, in the vicinity of the mine soccer field, may be adjacent to a north-south "feeder zone".

After rising up the north-south faults, the mineralizing fluids are inferred to have then spread laterally into the hanging-walls of these "feeder zone" faults, along the second set of steeply dipping northeast structures. This lateral migration of silver mineralization, to the northeast for about 100 to 200 meters, is strongest in the conglomerate rock units, and is accompanied by pervasive carbonate alteration. The conglomerate units, potential favorable hosts to "lateral" mineralization, have been inferred to be preserved close to surface in structural domains occurring to the northeast, northwest and south of the main Providencia silver deposit area. Thus an area extending approximately 1,600 meters north-south, by at least 650 meters east-west is projected to have potential to contain near surface "lateral" style mineralization. The "area of interest" is now about 8 times larger than the original area (500m x 250m) chip sampled. Where not eroded, the favorable host rock units are estimated to be at least 50 meters thick.

All the remaining work and data analyses required to prioritize drill targets is currently being completed. The Company is planning a reverse circulation drill program to provide a preliminary evaluation of the main Providencia deposit zone and exploration of the large mostly overburden covered area of potential surrounding the deposit.

Other Activities

The shallow bedrock sampling program at Chingolo is scheduled to be completed before the end of March. Samples are being collected on 50 x 50 meter centers to better define the 400 x 600 meter silver, lead, zinc, arsenic and antimony geochemical anomaly. A reverse circulation drill program will follow completion of this program to evaluate the depth potential of the Chingolo silver prospect.

An additional consulting geologist has been retained to focus on the detailed mapping and sampling of the remainder of the Olaroz project area, including the Ramona target located several kilometres due north of Providencia.

Cardero Resource Corp. is a mineral exploration and development company listed on the TSX Venture Exchange. The Company is currently evaluating silver properties in Argentina and gold and copper properties in Mexico, projects that have the potential to contain world class mineral deposits.

On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.

Henk Van Alphen, President

For further information contact: Henk Van Alphen, President
Phone: (604) 408-7488
Fax: (604) 408-7499
Email:
James Stewart, Vice President
Phone: (780) 487-1117
Email:

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release which has been prepared by management.