Six holes drilled in the Rio Blanco copper zone in northern Peru have returned encouraging results for
London-listed
Holes 21 and 22 intersected transitional material, while the rest passed through a secondary zone of enrichment. Results include:
q 56 metres (starting at 244 metres) of 0.7% copper, including 20 metres running 1.03% copper, in hole 21;
q 68 metres (at 242 metres) of 0.73% copper, including 16 metres running 0.97% copper, in hole 22;
q 178 metres (at 52 metres) of 0.68% copper, including 20 metres running 1.18% copper, in hole 23;
q 180 metres (at 38 metres) of 0.68% copper, including 14 metres running 0.94% copper, in hole 24;
q 173 metres (at 51 metres) of 0.99% copper, including 24 metres running 1.2% copper; and
q 140 metres (at 162 metres) of 0.64% copper, including 62 metres running 0.75% copper.
Gitennes notes that holes 19 and 23 open the zone for expansion to the west and hole 24 opens it to the south. Also, a few of the remaining holes to be drilled will step-out from mineralization intersected in hole 97-07, which returned 1.58% copper over 78 metres of enriched copper, and in hole 97-01, which yielded 134 metres grading 1.06% copper.
So far, the secondary zone of enrichment has revealed itself to be thicker than previous drilling had suggested (33 metres).
In total, 3,500 metres are planned. Should future results prove as positive as those received to date, Monterric will proceed with a prefeasibility study, starting in mid-2003.
Monterric must spend US$2 million to earn a 60% interest in the Rio Blanco property and twice that to raise its stake to 75%. Thereafter, the pair will share costs proportionately, unless Gitennes converts its stake to a 1.5% net smelter return royalty.
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