A drill program in northern Chile continues to expand the potential size of the Elenita oxide copper deposit.
Owner Princeton Mining (TSE), which hopes to develop Elenita as an open-pit, solvent-extraction electrowinning operation, estimates the in situ geological resource at 6.4 million tonnes grading 1.42% copper. The copper mineralization is hosted in a series of parallel mantos within a sequence of andesitic flows dipping at about 45.
Development plans have yet to be formulated, although preliminary estimates indicate a potential stripping ratio of 5-to-1 or 6-to-1. Future mine plans may also include a small amount of underground work.
The resource estimate is based on a 0.2% copper cutoff, a minimum manto thickness of 2 metres and a 20% dilution factor at 0.12% copper. Princeton arrived at the estimate after drilling 10,500 metres in 63 holes over an area measuring 500 by 300 metres. The deposit is bounded by a fault on the northeast side but remains open in all other directions.
An additional 7,500 metres of drilling will test the open ends of the deposit, as well as upgrade the resource to the proven category. Upon completing a preliminary feasibility study, Teck (TSE) and Cominco Resources International (TSE) can earn a half interest by financing a final study and funding the project through to production.
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