Princeton drilling Elenita copper project in Chile

At the Mina Elenita copper property in northern Chile, a reverse-circulation drill program is in full swing.

The property, situated near Antofagasta, hosts a manto-type oxide copper deposit with an estimated geologic resource of 3.5 million tonnes grading 1.42% copper. (The term “manto” refers to the bed or sheet-like nature of the mineralization.)

An initial drill program by property owner Princeton Mining (TSE), in the spring of 1994, confirmed a series of parallel mantos within a sequence of thin, bedded andesitic flows, dipping 45 over an area measuring 600 by 400 metres. The zone remains open to the northwest, southwest and southeast, and Princeton believes the project is amenable to open-pit mining. A small-scale, underground mine operates on the property; it produces 750 tonnes of ore per month grading 4% to 5% copper.

About 8,000 metres of the planned 15,000-metre drilling program will consist of infill work designed to upgrade reserves to the proven category; the remaining 7,000 metres will test adjacent areas for extensions of the mineralized zone.

Of the first 16 holes reported to date, selected assays from infill drilling include 9 metres of 2.25% copper for hole ES-36, 15 metres of 1.33% copper for ES-35 and 2 metres of 1.26% copper for ES-24.

Three holes, stepped out to a distance of 150 metres along the northwest extension, intersected numerous mineralized horizons returning the following significant intervals: 12 metres of 2.35% copper for hole ES-31; 7 metres of 6.1% copper, 14 metres of 2.06% copper and 7 metres of 5.79% copper for ES-32; and 20 metres of 4.64% copper as well as 9 metres of 3.85% copper for ES-39.

Teck (TSE) and Cominco Resources International (TSE) can earn a half interest following the completion of a preliminary feasibility report. To earn the interest, the companies must complete a final feasibility and place the project in production.

Drilling is due for completion by early March.