A preliminary resource has been estimated for the Cashin copper project in southwestern Colorado.
Based on drill results, Summo Minerals (VSE) estimates the property contains 10.9 million tons grading 0.55% copper. Metallurgical tests indicate amenability to heap-leaching and solvent extraction-electrowinning, with copper recoveries projected at 84%.
The deposit remains open in four directions, and drilling to date indicates the copper mineralization occurs in conjunction with the Cashin fault for a strike length of 2,300 ft. The oxide zone extends from surface to a depth of about 200 ft. Further infill and expansion drilling is planned for Cashin in 1995.
Situated just 15 miles away from Cashin in southeastern Utah is Summo’s Lisbon Valley project, where a feasibility study is under way. Reserves stand at 39.4 million tons averaging 0.49% copper, with a stripping ration of 2.07-to-1. Plans for the acid heap-leach operation call for solvent extraction-electrowinning to produce more than 30 million lb. of cathode copper per year over a projected mine life of 12-15 years.
Proceeds of $3.2 million from a private placement (consisting of 2.7 million units at $1.20 per unit) will be used to fund the feasibility study. Each unit consists of one share and one share purchase warrant. One warrant will entitle the holder to buy one additional share for $1.20 during the first year, or $1.38 in the second.
A third copper project held by Summo, the Champion property in New Mexico, has an oxide resource of 18 million tons averaging 0.4% copper. A drill program is planned for this year.
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