A copper reserve study has been released by Chutine Resources (VSE) for the company’s Luz del Cobre claim situated near San Antonio de la Huerta in northern Mexico. The claim extends over 120 hectres within the 3,262-hectre San Antonio property.
An independent study commissioned by Chutine estimates that the claim hosts mineable reserves of 10.2 million tonnes grading 0.91% copper at a cutoff grade of 0.22% copper and a stripping ratio of 0.98 waste to 1.0 ore.
The claim’s total proven, probable and possible reserves were estimated at 20.6 million tonnnes averaging 0.64% copper.
All the calculations were based on 22 core holes, 24 reverse circulation holes, as well as trench and underground sampling programs.
Chutine says additional geophysical surveys and drilling will continue next year with the objective of expanding the reserve base.
The company also plans to raise up to $750,000 through a private placement of units comprising one share and one share purchase warrant. The units will be priced at 37.5 cents each and the warrants will be exercisable for one year at a price of 45 cents per share. Arrangements for the placement are being made with Global Equities S.A., of Paris, France.
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