Vancouver — The final results from a 17-hole drill program targeting the Panantza porphyry system in southern Ecuador has junior
Previous drill results by London-based
Corriente originally felt that the area offered excellent potential for hosting a copper oxide deposit. However, the latest results confirm the occurrence of a high-grade copper core comprising primary mineralization. To date, the drill holes have outlined copper mineralization grading more than 0.8% over a 300-by-300-metre area extending to a depth of at least 448 metres. Mineralization occurs as disseminated chalcopyrite underlying a thin, 10-to-45-metre of oxide copper.
All of Corriente’s holes were drilled vertically, and most terminated in mineralization. Highlights are provided below:
– Hole 17, collared 100 metres north of hole 3 (229 metres averaging 0.82% copper), cut 64 metres grading 1.26% copper and 0.11 gram gold per tonne from surface. This interval was followed by 384 metres grading 0.75% copper and 0.08 gram gold.
– Hole 18, drilled 100 metres to the north, hit 75 metres grading 0.66% copper from a down-hole depth of 175 metres, followed by 27 metres averaging 1.25% copper and 0.07 gram gold. This was followed by 54 metres grading 0.6% copper and 0.08 gram gold, and a final 33 metres of 1.1% copper and 0.21 gram gold.
– Hole 19, drilled another 300 metres to the west, cut 16 metres grading 0.81% copper and 0.11 gram gold from 58 metres down-hole, 0.77% copper and 0.07 gram gold over 42 metres from 125 metres down-hole, and 0.83% copper and 0.09 gram gold over 30 metres from 272 metres down-hole. Between the higher-grade sections, copper values of 0.43-to-0.5% were encountered.
– Hole 20, collared 100 metres to the north, cut 250 metres averaging 0.41% copper and 0.08 gram gold from surface.
– Hole 21, about 200 metres to the northeast, hit 100 metres grading 0.75% copper and 0.07 gram gold from 48 metres down-hole.
– Hole 22 was collared 100 metres east of hole 3 and returned 174 metres averaging 0.71% copper and 0.08 gram gold from 119 metres down-hole.
– Hole 23 was drilled 100 metres south of hole 3 and cut 330 metres grading 0.78% copper and 0.11 gram gold from surface.
– A hundred metres to the east, hole 24 returned up to 1.2% copper and 0.1 gram gold from 117 metres down-hole.
– Collared 150 metres southeast, hole 25 hit 242 metres grading 0.3% copper.
– Hole 27 cut 293 metres grading 0.73% copper and 0.09 gram gold from 43 metres down-hole.
– Farther to the west, hole 29 returned multiple higher-grade zones ranging up to 0.82% copper and 0.05 gram gold over 66 metres from 148 metres down-hole.
The Rio Zamora project covers 880 sq. km in southeastern Ecuador, near the border with Peru. During regional exploration in the mid-1990s, Billiton discovered several porphyry-copper bodies. Corriente has now completed initial drill-testing of four of the most promising prospects: Warintza, Mirador, San Carlos and Panantza.
The junior can earn a 70% interest in any one of these prospects by completing a feasibility study and issuing 1.8 million units to Billiton before May 31, 2003. Each unit consists of a share and a share purchase warrant. Upon completion of a feasibility study, Billiton can retain a 70% back-in by providing production financing, maintain its 30% interest or dilute to a 15% net profit interest.
Geologist David Lowell, through his Chilean-based company Lowell Mineral Exploration, can earn 10% of Corriente’s interest in all of the Rio Zamora projects by managing the properties over the next three years.
Drilling is to resume later this month, when the junior will target untested geochemical anomalies at the Mirador project.
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