Vancouver-based junior Mansfield Minerals (MDR-V) is encouraged by results from the first round of drilling on the Rio Grande iron oxide-copper-gold prospect in northwestern Argentina. The program has outlined a large footprint of low-grade mineralization.
Teck (TEK-T) recently completed 11 widely spaced holes totalling 3,171 metres over an area measuring 1.5 by 1 km. Seven of the holes cut significant intervals of low-grade copper and gold mineralization. Several of the deeper holes bottomed in higher-grade mineralization, and the mineralized system remains open in several directions. Copper grades ranged from 0.17% to 0.48% over widths of 20 to 66 metres, with gold values between 0.3 and 0.5 grams per tonne.
Teck can earn an initial 55% interest in the Rio Grande property from Mansfield by spending $4 million on exploration over four years and paying $1 million. The property is in the Puna region, 250 km due west of Salta.
Nearby, Mansfield holds a l00% interest, and Teck a right of first refusal, in the Arizaro property, 12 km southeast of Rio Grande. Recent trenching on Arizaro returned gold values in the 1-gram-per-tonne range and copper values of 0.1% to 0.2%. The trenching defined a 750-by-200-metre area of mineralized breccia and stockwork in an intrusion.
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