The property hosts well-developed porphyry-copper alteration that has a core of sericite-rich alteration. This altered zone stretches for 2 km and averages 500 metres in width.
Semi-continuous chip-sampling was conducted on the bedrock of a creek that cuts the alteration. Results returned an average of 0.91% copper over 274 metres.
Additional work will attempt to determine the geometry of the high-grade zone, with drilling set to follow.
At the other end of the Corriente belt, drilling is under way on the Mirador project. The initial holes were aimed at extending the known mineralization to the south and east. Subsequent holes will test for continuity of high-grade mineralization and depth extension.
Corriente will then drill the blanket of high-grade copper discovered last spring at the Warintza prospect. Previous drilling there cut 82 metres grading 1.37% copper and 95 metres grading 1.2% copper. The company also intends to drill outlying copper-molybdenum anomalies.
The junior can earn a 70% interest in any one of a number of prospects in the area, including Warintza, Mirador, San Carlos and Panantza, by completing a feasibility study and issuing 1.8 million units to Billiton before May 31, 2003. Each unit would consist of a share and a share purchase warrant. Upon completion of a feasibility study, Billiton can maintain its 30% interest, dilute to a 15% net profit interest, or retain a 70% back-in right by providing production financing.
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