Positive drilling results from the Piedras Verdes copper property in Sonora, Mexico, have provoked the renewed interest of Jonpol Explorations (TSE), a member of the syndicate that owns the property.
Jonpol has a 12.5% interest in the syndicate, which in turn holds a 100% interest in the 2,000-acre property. The other major shareholder is Silver Standard Resources (VSE), while individuals make up the remainder of the syndicate.
A reconnaissance program designed to test the property by drilling at widely spaced intervals was carried out for Jonpol. Two drill holes returned intervals of 70 and 80 feet, respectively, each grading better than 0.8% copper.
A third vertical drill hole returned a weighted average of 6.54% copper over 100 feet, with the 30-foot interval from 60-90 feet assaying 19.5% copper.
The results, said Jonpol President John Pollock, came right out of left field.
“You’re in a syndicate for five years and nothing happens, then suddenly somebody phones you up and says `holey-moley, remember that thing we forgot about’.”
The deposit is thought to be copper oxide, amenable to open-pit mining and solvent extraction-electrowinning (SX-EW) processing, Pollock said, adding that that the deposit is most likely associated with a skarn zone.
“We’re negotiating with other companies to exploit the zone.” The Piedras Verdes property surrounds a property held by Azco Mining (TSE), which has agreed to sell its interest to Phelps Dodge (NYSE). Phelps Dodge also has acreage surrounding the syndicate’s holdings.
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