Aurex reports increase in reserves at Cobrex

Reserves at Minera Cobrex’s copper-silver project in northern Chile are on the rise.

Aurex Resources (TSE), which holds a 70% interest in Cobrex, now estimates the project’s resource at more than 5 million tonnes. Included in this figure is a measured reserve of 1.1 million tonnes grading 1.23% copper and 17 grams silver per tonne, as well as an indicated reserve of 2.4 million tonnes grading 1.47% copper and an unknown amount of silver.

Aurex acquired the Cobrex interest in January, 1994, and has since been working to boost reserves and production levels. At the time of the acquisition, reserves were estimated at 1 million tonnes and the project was yielding 400 tonnes per day at three separate mills.

Mineralization is sediment-hosted and mined by room-and-pillar methods from two mines, the Coca Cola and Tambor.

While drifting along 700 metres, so as to connect the two mines, Aurex discovered a zone measuring 200 metres long in the north-south direction and 40 metres wide east-west. The zone, which needs to be defined further, is currently estimated to contain 600,000 tonnes grading 1.35-1.4% copper.

Aurex has substantially expanded the milling operations and will mine most of its ore this year from the new discovery.

Production at Cobrex in 1995 is expected to total 8 million lb. copper and 140,000 oz. silver. The company has yet to estimate a production cost for the new operation.