London-based
This year’s follow-up holes returned similar results from within the previously identified porphyry intrusive. However, when sediments were intersected, grades were lower, averaging 0.27% copper and 0.019% molybdenum.
The current program did not indicate the presence of massive sulphide mineralization at the intrusive-sediment contact as originally interpreted from geophysical data.
Hole 2 of the current program, drilled in the central part of the concession where the porphyry intrusive is exposed at surface, intersected 124 metres averaging 0.65% copper and 0.022% moly. This section was followed by 146.2 metres of silicified and altered sediments that averaged 0.27% copper and 0.019% molybdenum. The entire hole averaged 0.44% copper and 0.02% moly over 270.2 metres.
Hole 3, drilled 175 metres north of hole 2, intersected silicified sediments averaging 0.2% copper over 325.1 metres. Hole 4 (420 metres south) intersected silicified sediments averaging 0.12% copper over 301 metres, whereas hole 5 (500 metres west of hole 2) hit silicified sediments averaging 0.16% copper over 327.7 metres.
Further drilling is expected to outline the copper mineralized porphyry intrusion.
Rio Tinto can earn a 51% stake in the concession by spending US$4.5 million on exploration and paying US$500,000 over four years.
MacMillan Gold has other copper and gold projects in Peru. The junior has 17.8 million shares outstanding and currently trades at about 15 cents.
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