Drilling has enabled Phelps Dodge (PD-N) to boost the copper resource at the Piedras Verdes project in Mexico’s Sonora state.
The Phoenix, Ariz.-based producer, which holds a 70% stake in the project, doubled the known resource on the property to 316 million tons of oxide material grading 0.37% copper, equivalent to 2.34 billion lbs. copper, from the previous estimate of 154 million tons grading 0.41% copper, equivalent to 1.28 billion lbs. of the red metal.
The increase is attributed to the results of a 165-hole drilling program Phelps Dodge completed last year.
Phelps Dodge will review the economics of the deposit in light of lower copper prices before any production decision is made.
Azco Mining (AZC-X) holds the remaining 30% interest in the project.
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