March 6, 2007
ATW Venture Corp (ATW: TSX-V), (“ATW” or “the Company”), announces that since the signing of the Amarillo Joint Venture agreement with Marifil Mines Limited (MFM: TSX-V) on December 11th, 2006, ATW have engaged the services of Argentinean geological consultancy group Rojas and Associados from Mendoza to commence a review of the previous exploration work, complete a 43-101 report, renew access to the project, undertake geological mapping and sampling and define drill targets.
To date, 180 hours of dozer work has been completed re-establishing the access road to the property and the trenches sampled by Argentinean Gold. Geological mapping and sampling has been completed and the final draft of the 43-101 will be completed next week.
The Amarillo project is a mid stage project that has in the past been minimally evaluated. Recent field mapping has confirmed the project has excellent potential to define outcropping gold mineralization of a 3Moz plus gold deposit with potential to enclose one or two primary porphyry copper deposits.
Drilling targets have been defined and a drill core program of 2,600m will commence late in March.
Location
The Amarillo Project copper-gold project is located at latitude 300 30’ 45” S, longitude 690 42’ 16’’ W, some 160km NW of San Juan in the pro-mining state of San Juan province, Argentina. The project land-holding covers over 40 square kilometres at an altitude between 4000m - 5000m on the eastern slopes of a main geological and physiographic complex, called the Cordillera Frontal.
Amarillo lies within the well known El Indio –Veladero gold belt hosting a number of large precious metal deposits including Barrick’s Veladero (12.6 million ounces of gold) and Pascua Lama (18.3 million ounces of gold) deposits (figures quoted are from Barrick’s proven and probable 2005 reserve statement).
(For maps and diagrams of the Amarillo prospect please refer to the ATW website www.atwventure.com or call the ATW office 604-662-8184)
Geology
The Amarillo project is an upper Tertiary stratovolcanic suite of andesite, dacite, rhyolite tuffs developed over a sedimentary Carboniferous quartzite, greywacke, phyllite basement. This is partly intruded by granodiorite, syenite granite stocks of Permo-Triassic age.
Hydrothermal alteration and metallic mineralization is controlled by Tertiary sub-volcanic intrusives mainly extending through sedimentary rocks along a north south belt of 8 x 5km corridor.
High copper values are associated with 1-2m wide veins containing copper wad, chalcopyrite, pyrite, local enargite and chalcocite enrichment. These occurrences are better developed in granitic rocks located in the southern area of the project known as Esperanza.
Exploration Work Completed
Since December, ATW have on the ground completing access tracks, sampling and mapping with emphasis on lithology, hydrothermal alteration, mineralization characterization and structural features.
Highlights from the sampling to date include:
AMARILLO ROCK-CHIP SAMPLING JANUARY, 2007
Sample Au Ag As Cu
No. Easting Northing g/t g/t g/t %
2171 2432921 6627474 2.56 18.95 94.80 0.007
2178 2433430 6624417 2.38 5.19 727.17 0.612
2180 2433346 6624360 1.36 42.98 2,343.82 greater
than 1
2183 2432537 6627301 1.05 4.91 243.69 0.001
2187 2432614 6626739 1.09 27.61 156.14 0.002
2802 2433347 6625740 0.78 78.36 1,469.84 0.062
2804 2433315 6625725 0.80 21.99 477.74 0.022
2821 2433405 6625780 1.26 116.27 49.06 0.004
2904 2432611 6626780 0.83 2.62 361.61 0.013
2989 2433794 6626859 1.81 93.00 285.00 0.002
3143 n/a n/a 0.54 16.41 1,588.76 greater
than 1
4001 2432914 6627127 2.91 17.40 91.00 0.002
4002 2432914 6627127 261.00 21.80 864.00 0.000
4003 2432914 6627127 2.19 28.50 95.00 0.000
4005 2433030 6626647 1.12 13.30 1,390.00 0.001
4009 2433030 6626647 0.66 16.90 pending 0.432
4013 n/a n/a 9.32 89.50 greater
than greater
10,000 than 1
4014 n/a n/a 1.65 13.50 1,488.00 0.132
Sample results were obtained from Alex Stewart Assayers Argentina SA. Brent Butler, the Company’s Geologist is the qualified person under National Instrument 43-101 on this project and has reviewed the contents of this news release.
Potential
Mapping has indicated excellent potential for a 3Moz plus gold silver high sulphidation mineralization in areas exhibiting intense hydrothermal alteration and potential in several areas previously not recognised for porphyry molybdenum gold mineralization especially at the base of the Poposa target and lower outcrops of Esperanza; an area recognised but not evaluated to date due to access constraints is the alteration of the Abelardo claim in the south eastern area of the project.
Drill program
Geological mapping has indicated several locations for primary porphyry copper mineralization and a large target area to define a multi-million ounce gold deposit. An exploration program has been designed to test both epithermal and porphyry occurrences. A total of eight core holes are planned and drilling will commence in late March.
|
Hole Proposal |
Northing |
Easting |
Strike |
Angle |
Tottal Depth (m) |
|
A |
2.432.759,23 |
6.627.489,07 |
S40°W |
-60° |
200 |
|
B |
2.432.907,61 |
6.627.140,39 |
N40°E |
-60 |
200 |
|
C |
2.433.640,59 |
6.626.947,50 |
S40°W |
-60 |
200 |
|
D |
2.433.337,93 |
6.626.433,28 |
N40°E |
-60 |
200 |
|
E
|
2.433.513,01 |
6.625.739,21 |
90° |
|
400 |
|
F |
2.433.766,25 |
6.625.526,62 |
90° |
|
600 |
|
G |
2.433.863,17 |
6.625.267,13 |
90° |
|
400 |
|
H |
2.433.447,35 |
6.624.669,99 |
S |
-60 |
400 |
|
|
|
|
|
Total |
2600 m |
ATW also announces the Company has recently listed on the Frankfurt Stock Exchange, trading under the symbol ”A3N”.
To find out more about ATW Venture Corp., please visit out website at www.atwventure.com. You may also contact Luke Norman, VP Corporate Development at 604-662-8184 or email info@atwventure.com.
ATW VENTURE CORP.
“Brent Butler”
Brent Butler
President & CEO
The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. |
