Vancouver — A nine-hole reverse-circulation drill program by a subsidiary of BHP-Billiton (BHP-N) has failed to cut any significant porphyry-style mineralization on Southern Rio Resources‘ (SNZ-V) Santo Tomas property in Chile.
The 2,010-metre program tested two coincidental geochemical and geophysical anomalies.
Five holes were drilled at the Santo Tomas zone and four were collared in the Santa Teresa area to the southeast. Despite cutting hydrothermally altered sediments and intrusive rocks containing up to 22% pyrite, the holes returned a maximum value of 0.13% copper over 2 metres.
The Chilean-base subsidiary of BHP funded the program and can earn a 70% stake in the project by spending US$2 million over four years. The major has also agreed to pay all underlying land costs, which total US$6 million, over three years.
Santo Tomas comprises 63 sq. km at an elevation of 3,300 metres. It is 20 km southwest of Collahuasi and 12 km west of Quebrada Blanca. Both of these are copper mines.
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