Construction is under way at the Mariquita copper project near Cananea in Mexico’s Sonora state. The project is held by a Mexican company which is owned 49% by Cominco Resources International (TSE) and 51% by Empresas Frisco.
An open-pit, heap-leach operation, Mariquita is expected to enter production in 1996. Solvent extraction-electrowinning (SX-EW) will be used to produce 15,000 tonnes of copper cathode per year.
Cominco Resources also holds a 49% interest in the nearby Maria copper mine, where mill throughput for the year was 123,000 tonnes of copper ore grading 4.3% copper, and 102,000 tonnes of mixed ore grading 1.7% copper and 0.42% molybdenum.
The remaining reserves consist of 320,000 tonnes grading 0.9% copper and 0.7% moly. High prices for the latter metal are currently benefiting the operation. Cominco Resources has other mining and metallurgical assets, including a 9% stake in the newly opened Quebrada Blanca SX-EW copper mine in Chile, and a 50% interest in the soon-to-be-reopened Glenbrook nickel smelter in Oregon. Mine planning and financing discussions are under way for the wholly owned Cerateppe copper-gold-silver project in Turkey.
In the second quarter of 1995, construction will begin on an exploration decline to provide access to the underground copper deposit. Indicated minable copper reserves stand at 1 million tonnes grading 9.4% copper, with an additional possible resource of 1.8 million tonnes grading 2.7% copper. Indicated open-pit minable precious metal reserves are 1.6 million tonnes grading 4.8 grams gold and 190 grams silver per tonne (0.14 oz. gold and 5.5 oz. silver per ton), with an additional possible resource of 2 million tonnes grading 3 grams (0.09 oz.) gold and 120 grams (3.5 oz.) silver. Cominco Resources is also active on the exploration front, with most of the work being carried out under joint ventures with Cominco (TSE). A large property, considered prospective for precious metals, was acquired in Bolivia, and targets are being drilled.
In Peru, applications to explore 259 properties covering 218,000 hectares were submitted in early January after the Peruvian government lifted a 6-month moratorium on staking. At the Huilacollo property, drill hole 3 showed 2.4 grams (0.07 oz.) gold per tonne over 28 metres. More drilling is planned for this target.
Encouraging results were also reported for the Altintepe property near Fatsa in northeastern Turkey. Widespread gold mineralization was encountered in two zones, with variable grades and zone thicknesses. The best result so far was from the first hole, which showed 5.9 grams (0.17 oz.) gold over 24 metres. Drilling is continuing.
More recently, Cominco and Cominco Resources announced plans to explore the United Verde property which contains a zinc-copper-gold resource (currently uneconomic) of substantial size near Jerome, Ariz. The partners can earn a 51% interest by spending $6 million on exploration.
On the financial front, Cominco Resources reported a loss of $878,000 for 1994, compared with a loss of $6.5 million in 1993.
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