Corriente hot on Mirador property

Recent drilling by Corriente Resources (CTQ-T) suggests that the Mirador project in Ecuador may represent a large copper-gold porphyry system with strong primary copper grades and a significant gold credit.

The property hosts what appears to be a conventional porphyry copper-gold system with classic high-level alteration features, such as abundant silicification and breccia textures.

Most of the recent drill holes were terminated in mineralized rock. Highlights include an intersection that cut 263 metres grading 0.82% copper and 0.33 gram gold per tonne in hole 35.

“Mirador represents the upper part of a copper system, which means there is excellent potential for additional resources,” says David Lowell, Corriente’s exploration manager.

Corriente is earning a 70% working interest in the project from Billiton. The joint-venture agreement covers ground in the Rio Zamora area, which contains a series of large, distinct porphyry copper systems. Billiton discovered the district during a regional reconnaissance effort that began in 1995. The major has since spent more than US$10 million on the 880-sq.-km land package, much of it directed at widely spaced drilling of three porphyry systems.

To earn its interest, Corriente is required to fund the project to the feasibility stage and issue shares to Billiton. The junior must spend at least US$1.5 million over the next year, with future budgets to be determined once results are in-hand.

At Mirador, the highest-grade holes lie within an area that measures 600 by 800 metres and remains open to the northwest and to the east. All holes within this area had significant intervals that assayed above a 0.5% copper cutoff. Twenty-four holes were collared in this zone, and copper intercepts varied from 38 metres in hole 9 to 263 metres in hole 35. The average grade for all the holes greater than the cutoff was 0.79% copper-equivalent.

Corriente has now moved the drill rig from Mirador to the Chancho project, 3 km to the southwest. Chancho has several surface targets that assayed in excess of 1% copper.

Corriente also intends to drill the Panantza project, where the initial target is a high-grade oxide copper zone outlined in previous drilling. Panantza is west of the San Carlos project, which has an inferred resource of 400 million tonnes grading 0.7% copper.

Highlights from recent drilling at Mirador are provided in the accompanying table.

HoleFrom-ToIntervalCopperGold

(metres)(metres)(%)(g/t)

239-69300.880.12

69-1981290.640.13

462-77150.490.15

545-1561110.550.2

182-194120.690.17

811-87760.840.1

911-87710.490.13

1010-1121020.670.23

1124-1391150.810.21

1238-55170.990.22

64-115510.660.2

130-211810.760.28

1429-58290.460.16

58-127690.850.16

127-151240.420.19

1513-62190.70.35

62-74120.40.44

74-1761020.740.3

1662-119570.730.28

119-155360.530.16

155-214590.860.36

1815-56410.860.37

56-86300.680.45

2019-56370.350.41

56-89330.550.4

101-2121110.750.2

3350-2812310.640.25

3540-3032630.820.33

4222-1561340.70.25

243-261180.530.14

273-294210.740.14