The proceeds of a recent private placement will be used by a wholly owned subsidiary of Princeton Mining (TSE) to explore and drill a newly optioned copper property in Chile.
Last May, Minera Princeton Chile completed an option to buy 100% of the Rio Lluta project, a porphyry copper target near Arica in northern Chile. The project is strategically located along a continental-scale fault structure hosting most of Chile’s copper deposits.
Initial geological studies are reported to have indicated the presence of a surficial leached capping typical of the known porphyry deposits in Chile’s Atacama Desert.
Anomalous copper-molybdenum rock geochemistry and a
chalcopyrite-bornite-chalcocite-covellite relict sulphide mineral assemblage were noted. That, the company says, suggests the presence of a chalcocite enrichment blanket at depth.
The exploration program is scheduled to begin this summer, with drilling expected to begin in October.
Financing was arranged by Princeton which entered into an agreement with Burns Fry for a private placement of one million special warrants, each exercisable into one common Princeton share without additional payment. Princeton will also issue 200,000 common share purchase warrants, each allowing the holder to receive on common share for 85 cents before July 10, 1995.
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