Vancouver – The second and third holes by New World Resource (NW-V, MWFFF-O) at its Lipea project in southwestern Bolivia are indicating a wide zone of higher-grade copper-gold mineralization.
Hole 06DLP-47 delivered a 172.5-metre true-width intercept (from 231 metres downhole depth) grading 1.48% copper, 2.57 grams gold per tonne and 21.9 grams silver per tonne, including 60.6 metres (true width) of 3.2% copper, 5.3 grams gold and 47.2 grams silver with a 6.9-metre high-grade interval of 7.5% copper, 23.2 grams gold and 90.6 grams silver. The hole was collared about 345 metres north-northeast of New World’s initial hole (06DLP-45) to test for extensions of the mineralized zone.
Another hole, 06DLP-46, spotted about 80 metres southwest of 06DLP-45 also cut a wide mineralized intersection returning 122.9 metres of 0.94% copper, 0.74 gram gold and 7.3 grams silver.
New World’s program at Lipea is confirming 1996 drill results by Battle Mountain Gold, now part of Newmont Mining (NMC-T, NEM-N), that encountered widespread copper-gold mineralization over one km of strike along a northwest-trending structure. Battle Mountain’s program returned intersections up to 108 metres grading 2.2% copper, 2 grams gold and 25.5 grams silver, with a number of shorter intervals of higher grade. The major drilled about 12,700 metres in 44 holes from 1995-1997.
Mineralization at Lipea is associated with magmatic hydrothermal breccias composed of tourmaline, quartz and specular hematite cement intruding intermediate volcanics. Later-stage epithermal alteration has overprinted mineralization on the project. Previous exploration reviewed three breccia zones along the one km structure, which remains open along strike. New World is looking to test whether the breccia zones coalesce at depth and if it is the upper-level of copper-gold porphyry system.
In early-2006, New World entered its agreement to acquire up to 75% of Lipea for cash payments totaling $1.1 million, 1.85 million shares and expenditures of $2.2 million all staged over four years.
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