Results from the first three holes of an 8-hole drill program on the Magistral copper skarn property in north-central Peru have intersected significant copper mineralization for partners
The property is 140 km northwest of the large Antamina polymetallic deposit, currently being developed jointly by
Anaconda Chile operated the 2,000-metre program, which tested several copper-bearing prospects associated with a skarn aureole measuring 500 by 1000 metres. Assay results are as follows:
– Hole 1, which was collared on the southern side of a prominent, northeasterly trending valley, cut 72 metres grading 0.86% copper and 0.05% molybdenum, plus 4.42 grams silver per tonne.
– Hole 2, collared 250 metres north of hole 1, on the northern side of the valley, cut 332.4 metres grading 0.73% copper, 0.014% moly and 3.23 grams silver. Included in this interval was a 50-metre section grading 0.92% copper, 0.006% moly and 3.96 grams silver.
– Hole 3, drilled 200 metres northwest of hole 1, cut 442.2 metres grading 0.62% copper, 0.06% moly and 2.29 grams silver. The interval included a higher-grade section of 1.09% copper, 0.056% moly and 2.41 grams silver over 80 metres.
Both holes 2 and 3 bottomed in mineralization.
Results for the remaining five holes are expected by early January. Inca says favourable host rocks and coincident geophysical anomalies extend for 1 km on either side of these first drill holes.
At Magistral, as at Antamina, copper-moly mineralization is found disseminated in a quartz-monzonite intrusive, as well as in a skarn aureole. Inca Pacific reports that more than 90% of the skarn exhibits copper mineralization with subordinate silver and molybdenite.
Magistral is underlain by a sequence of northwesterly striking, westerly dipping sedimentary and carbonate rocks of Jurassic-to-Cretaceous age. These sedimentary sequences are thought to be thickened by easterly-directed thrust faulting. In the Magistral deposit area, the predominant rocks are thickly bedded limestones intruded by Tertiary-aged plugs, sills and dykes of quartz monzonite.
A limited portion of the skarn aureole at Magistral was first explored by Cerro de Pasco Corp. between 1969 and 1973. The work consisted of 1,792 metres of underground workings and 1,287 metres of diamond drilling. This led to the definition of a geological resource of 1.81 million tonnes grading 2.04% copper, 0.03% moly and 13.36 grams silver in the San Ernesto, Arizona and El Indio prospects.
Inca Pacific can earn a 100% interest in the 3,300-ha property from the Peruvian government by paying US$750,000 in cash and spending US$2.1 million on exploration over three years. Anaconda can earn a 51% interest in the property from Inca Pacific by spending US$5.7 million on exploration by Dec. 31, 2001, and it can increase this to 65% by preparing a bankable feasibility study within two years.
At last report, Inca Pacific had 21.4 million shares fully diluted and $400,000 in its treasury.
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