Drilling by
Hole M65 returned 42 metres grading 1.43% copper in the northern portion of the deposit. The company notes that this is the thickest enriched intersection drilled on the project.
Hole M63 returned 325.5 metres grading 0.77% copper, which includes 20 metres of 1.1% copper, whereas hole M67 returned 288.2 metres of 0.72% copper. Two other holes returned lower values of 116.8 metres grading 0.22% copper and 174.23 metres grading 0.38% copper, owing to the presence of a small, weakly mineralized dyke.
Corriente is carrying out feasibility-stage drilling at Mirador in order to re-calculate reserves for use in the final study.
Two drills are turning and Corriente expects to complete the 27-hole program by the end of March. The feasibility study is due for completion in mid-2004.
In addition to infill drilling at Mirador, Corriente plans to carry out a 10-hole exploration program at the Mirador North zone, 3 km to the northwest. The goal here is to delineate high-grade copper resources that could enhance the economics of the Mirador feasibility study.
Mirador is one of three copper and copper-gold porphyry deposits being explored by Corriente in Ecuador’s Corriente copper belt. Collectively, these deposits contain inferred resources of 560 million tonnes grading 0.81% copper with gold and molybdenum credits.
The Vancouver-based junior controls a 100% interest in more than 700 sq. km in the belt, which extends over a 40-by-80-km area.
Corriente recently appointed Ron Simkus to the post of senior vice-president of mining. He will oversee the completion of the feasibility study, which will include plans to build and operate a 20,000-tonne-per-day plant at the site. Simkus previously managed the construction and startup of the Antamina base metal mine in Peru.
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