Cobriza’s 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 gram gold and 1.7 grams silver, or 0.39% copper equivalent, and 80 metres averaging 0.12% copper, 0.32 gram gold and 1 gram silver, or 0.35% copper equivalent.

Cobriza says the porphyry is concealed by a younger gravel cover and that the results indicate mineralization may strengthen northward from 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.

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 is 110 km south from Arequipa city and 45 km south of the 3.5-billion-tonne Cerro Verde copper-molybdenum mine.

When the news was released on July 12, the company’s shares were up 23% to 13.5¢ on 103,000 shares traded.

Last October Candente Copper (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 thereafter.

The company has 28.3 million shares outstanding, with Candente Copper shareholders having received a spun-out 86% stake and Candente Copper holding the remaining 14%.