Amerigo still faithful at Coppercorp (January 23, 2003)

A follow-up geochemical survey at the Coppercorp copper-gold-silver property, north of Sault Ste. Marie, Ont., has returned mixed results for Amerigo Resources (ARG-V).

In Sept., Amerigo acquired the property from local prospectors and subsequently began sampling two copper showings they had discovered earlier in the summer and several other pre-existing ones around the historic Coppercorp mine. The new Tower and A1 showings yielded only anomalous values, but the others carried as much as 10.71% copper and 5.3 grams gold per tonne.

Amerigo says two types of mineralization occur on the property: chalcopyrite and malachite, typically with hematite and quartz-carbonate veining, in amygdaloidal basalt or conglomerate, and disseminated chalcopyrite and malachite, with accessory magnetite, in epidote-altered mafic volcanics and dykes associated with a brecciated felsic intrusive. The first is typical of material found at the minesite, while the second characterizes the A1 showing.

Amerigo is planning a follow-up program of geophysical and geochemical surveying and mapping. Five targets will be assessed, including unmined areas of the mine and possible strike extensions to the northwest and south.

To earn a 100% interest, Amerigo must spend $200,000 on exploration, issue 600,000 shares and pay $100,000 in cash, of which 70% can be paid in shares. The vendors retain a 3% net smelter return royalty, though that will be halved in return for $1.5 million.

Amerigo also is exploring three similar properties in the surrounding region. Like Coppercorp, all are considered prospective for Olympic Dam-style copper-gold deposits.

Results from a preliminary drill program at the Island Copper project are pending. Four holes were sunk to test the depth extent of mineralization found at surface.

Amerigo can earn a 55% stake in Island Copper by issuing 200,000 shares to Falconbridge (FL-T) and spending $250,000 on exploration over three years.

Print

 

Republish this article

Be the first to comment on "Amerigo still faithful at Coppercorp (January 23, 2003)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close