Oracle Ridge improves overall

The Oracle Ridge underground copper mine in southwestern Arizona should make money in April, reports 70%-owner South Atlantic Ventures (VSE).

The mine is producing about 1,000 tons per day while mill throughput is 900 tons per day.

During the 3-month period ended Jan. 31, Oracle Ridge produced about 54,000 tons at an average grade of 1.55% copper. A total of 50,179 tons were milled over the period, for an average of 545.4 tons per day and a recovery of about 75.7%.

South Atlantic is improving recoveries and plans to start a feasibility study shortly for expansion to 1,300 tons per day.

The goal is to produce at a cash cost of US65 cents per lb. by year-end.