Results of a 56-hole program at the Sierra Valenzuela project in northern Chile indicate the presence of extensive copper mineralization with potentially economic grades and dimensions.
The core, rotary and reverse-circulation rotary holes, representing 8,286 metres, made up a second-stage program for Minera Rayrock (TSE). The mineralized area of the project’s Rosario and Porvenir deposits has now been expanded and zones in the Maria Victoria deposit have been identified. Also, some narrow mineralized zones have been intersected at the Costa Rica and San Francisco deposits.
Copper mineralization in the area is predominantly oxidized and acid-soluble to depths of 100-150 metres; at greater depths, it is a mix of oxide and sulphide copper. Minera believes reserves in the known deposits potentially exceed 10 million tonnes grading 1.5-1.75% copper. It also believes there is potential for uncovering new deposits in the surrounding areas. Another program planned, the first stage beginning mid-September, involves 200 holes representing 4,000 metres. These will be drilled 50 metres apart along several cross-section lines totaling 10 km. The second stage will include 8,000 metres of follow-up drilling on targets identified during the first stage.
The project is 80 km northeast of Antofagasta.
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