Partners test Cerro Cobre target

Partners Corriente Resources (CTG-T) and London-based Rio Tinto,/C> (RTP-N) have begun a program of reverse-circulation drilling on a portion of the Taca-Taca project in Argentina’s Salta province.

The 3,000-metre program is focusing on a strong copper surface anomaly known as Cerro Cobre, which was delineated by chip sampling. The anomaly is southeast of deep-seated copper mineralization identified by the previous operator, Broken Hill Proprietary (BHP-N).

BHP put down 33 drill holes and delineated a global resource of 440 million tonnes grading 0.58% copper, plus 0.18 gram gold per tonne. This translates into a contained resource of 5.3 billion lbs. copper and 2.4 million oz. gold.

Cerro Cobre had not been drilled previously. The current program is expected to last two months.

Rio Tinto can earn a 70% interest in the Cerro Cobre block by spending US$10 million over the next six years and paying US$1 million. The balance of the Taca-Taca project is wholly owned by Corriente.