Funds for exploring the Elenita property in northern Chile are in hand for owner Princeton Mining (TSE).
Teck (TSE) and Cominco Resources International (TSE) agreed to complete a $1.5-million private placement in the company at 40 cents per common share. The property covers 20 sq. km of ground, 90 km northwest of the port city of Antofagasta. It hosts several manto-type oxide copper deposits yet has never been drilled.
A small underground mine is being operated, producing about 750 tonnes of ore per month. The operation is mining six mantos ranging in thickness from 2 to 11 metres and grading an average of about 5% copper. They are exposed on a small knoll measuring 600×300 metres. One of the shafts, which extends to a depth of 75 metres, intersected supergene mineralization grading 11% copper. Teck and Cominco can participate in the project by as much as 50%, after the completion of a preliminary feasibility. If they do so, Teck would become operator and the two companies would be responsible for completing a final feasibility study.
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