Reserves increased for Cominco Resources

Cominco Resources International says it has increased potential copper-cobalt reserves at its Sheep Creek project in Montana. The property falls under a joint venture agreement with BHP-Utah Minerals International which must spend $3 million(US) to earn a 50% interest.

Copper, cobalt, and silver values have been located in two zones and the average depth to the upper stratabound zone is 350 ft below surface, notes Cominco. Seventeen holes have been completed in the general area of the discovery which the company states is “shaping up as an important copper occurrence.”

The first hole drilled in the upper copper zone this year returned 14 ft averaging 3.2% copper and 0.17% cobalt.The hole is located 550 ft southeast of the previous upper zone intersections. Hole No 33 intersected 27 ft of 3.6% copper and 0.17% cobalt in a 400-ft northeast extension of the zone. In addition, three deeper intercepts in these two holes ranged from 4-16 ft averaging 1.5% to 2.1% copper. Several more holes are out for assay which contained visual copper mineralization.

The deposit is bounded on the north by a fault and to the east and west by low grade holes. The mineralization is open to the southeast.

Cominco says that information to date suggests there could be four million tons grading 3% copper in the drilled area “with important cobalt content.” More drilling is planned later this month, some of which will be close-spaced. The deposit is flat-lying and would be mined by underground methods if economic.