Zonia Copper Oxide Project, Arizona
The Zonia Copper Oxide Project in central Arizona has been held under private ownership for almost 100 years and has undergone extensive historical exploration, metallurgical studies and mine development planning. The majority of the mineralized area was pre-stripped during previous open-pit mining operations at Zonia in 1966, as 17 million tons were mined with 7 million tons stacked on heap leach pads, producing cement copper up till 1975. The property has been drill-tested with almost 700 drill holes (60,000 meters). This high density drilling covers 30% of the property and defines the current resource estimate, reducing technical risk on the deposit. Mineralization is mostly open to the northeast, providing considerable opportunity to grow the resource.
A new (March, 2018) Preliminary Economic Assessment (“PEA”) on the Zonia copper-oxide deposit concludes that the economics of the project are excellent and gives Cardero the assurance to advance the project through feasibility. Cardero has an Option Agreement with Redstone Resources Corporation (“Redstone”) under which Cardero has been granted an exclusive option to acquire a 100% interest in the Zonia Copper Project (the project).
The PEA is based on the amended resource estimate by Tetra Tech Inc. (see news release NR-17-08 dated November, 2017) and outlines an open-pit, copper-oxide heap leach project with a 9-year mine life and favourable economics.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This report includes certain information that may be deemed “forward looking information”. Forward-looking information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the potential of the Zonia general future plans and objectives for the Zonia project, the completion of the Plan and receipt of shareholder and regulatory approval therefor, the likelihood of receipt of value from the Retained Right, the availability of financing to Cardero Resource Corp. (“the Company”) and the Company’s plan in relation to its listing review are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities law.