Cobriza hits new porphyry in Peru

The latest drill results from Cobriza Metals (CZA-T) Arikepay project in Peru have the company confident it has made a new porphyry discovery.

Results from the two best holes were highlighted by 238 metres averaging 0.29% copper, 0.13 grams gold and 1.7 grams silver, or 0.39% copper equivalent; and 80 metres averaging 0.12% copper, 0.32 grams gold and 1.0 grams silver or 0.35% copper equivalent.

Cobriza says the porphyry is concealed by younger gravel cover and that the results indicate mineralization may strengthen northward from the area of sparsely exposed altered outcrop.

Results from the final four drill holes are expected within the next two weeks.

The highlight holes both hit significant sulphide mineralization for their entirety and ended in mineralization. The holes were stopped due to achieve maximum drill machine depth capacity.

With the latest positive results four of the six initial drill holes at Arikepay have returned intervals of copper, gold and silver, all of which were stopped in mineralization.

Highlight intercepts from two previous holes included 292 metres grading 0.39% copper equivalent and 146 metres grading 0.31% copper equivalent.

The road accessible Arikepay project sits roughly 110-km south of the city of Arequipa and 45-km south of the 3.5 billion tonne Cerro Verde copper-molybdenum mine.

In Toronto on July 12 the company’s shares were up 23% to 13.5¢ on 103,000 shares traded.

In October of last year Candente Copper’s (DNT-T) transferred all of its mineral claims in Peru except for the Cananaco property, into Cobriza along with $6 million in cash. Cobriza began trading on the TSX shortly there after.

The company has 28.3 million shares issued and outstanding with Candente Copper shareholders holding 86% of the equity and Candente Copper itself holding 14%.