BASE METALS SPECIAL — General Minerals funds work programs

A $29-million financing will boost the cash position of General Minerals (GNM-T) to about $35 million and allow the company to explore its international portfolio of properties.

Copper-gold deposits are the primary target, and the company has at least 13 projects of this type in Chile, Bolivia, Peru and China. Work programs are in progress at a number of these, including the Vizcachitas copper-molybdenum porphyry property in Chile, and the Huang Shui Gou copper-gold massive sulphide target in China.

General Minerals owns the Vizcachitas property, situated 80 km northeast of Santiago. Between 10 and 20 holes are planned for the current drill program, which is targeting three, newly identified geophysical anomalies. Among the results released to date is a 368-metre intersection grading 0.7% copper and 0.02 molybdenum, starting at 6 metres below surface.

At Huang Shui Gou, drifting is under way and expected to reach the Main zone in early August. A surface drill program started in early June.

At last report, this project had probable reserves of 760,000 tonnes averaging 2% copper and 6 grams gold per tonne over an average width of 2.1 metres. New targets have been identified on the property.

General Minerals also has property in the same district as Arequipa’s Pierina gold project in Peru.