Corriente perseveres in South America

Junior Corriente Resources (CTQ-T) is disappointed by initial results from a 5,000-Metre drill program on the Chama gold project in southern Peru.

The first four holes were drilled to investigate the bulk-Tonnage potential of two breccia prospects. The widely spaced holes intersected uneconomic, low-grade gold mineralization, with grades typically in the range of 0.1 to 0.5 gram per tonne.

Surface channel sampling had returned values of up to 2.2 grams over 55 metres.

The company says the next round of holes will be drilled on several structural targets on the property.

Meanwhile, in Bolivia, a 5,000-Metre first phase of drilling is set to begin on the Laurani project, a joint venture between Corriente and Ascot Resources (AOT-V).

Ascot can earn a half interest in the project by spending US$3 million on exploration over the next 18 months.

Initial drilling is targeting the Capaja and Carnavalito prospects for potential bulk-Tonnage-style silver-Copper-gold mineralization.

At the same time, in neighboring Argentina, Corriente has revised its option agreement regarding Cateo 14816, which covers the Cerro Samenta copper porphyry project.

Corriente was originally required to issue 2 million shares and pay US$1.35 million to acquire the cateo. Under the revised agreement, Corriente will issue a total of 200,000 shares.

The Cerro Samenta property is the subject of a title dispute between the underlying owner of Cateo 14816, Salta resident Jorge Daroca, and Mansfield Minerals (MDR-V).

The dispute is currently before Argentine courts.

In the latter part of last year, an Argentine judge awarded title of the property to Daroca, effectively ending work there by Mansfield and joint venture partner Teck (TEK-T), which were in the midst of a drilling program.