Barrick drills Corona porphyry in Peru

Six drills are turning on the Corona gold-copper porphyry property in northern Peru and another two are being moved on site.

American Barrick Resources (TSE) is performing delineation drilling to earn a 75% interest in the property, which outcrops on surface and comprises slightly more than half a square kilometre. Previous drilling outlined supergene mineralization and primary sulphide mineralization with an oxide, mineralized cap.

Although no results are available from Barrick’s drilling, previous work outlined 400 metres of oxide mineralization with a gold grade ranging from 0.04 to 0.05 oz. per ton, plus 0.75% copper, to a depth of 400 metres. Should Barrick decide to proceed to the feasibility stage after delineation drilling, it will make a $20-million advance royalty payment. If the property is then put into production, the company will pay $30 per oz. (less the advance royalty payment) for 75% of the planned gold production announced at the completion of the feasibility study.

It is thought the supergene and sulphide mineralization can be milled using conventional flotation, while the oxide mineralization is believed suitable for heap leaching.

Barrick plans to drill 150 holes during the next six months.