First Quantum hits copper at Kashime

Vancouver — First Quantum Minerals (FM-T) has discovered a new area of copper mineralization at the Kashime prospect, part of the Mkushi property in Zambia.

Reverse-circulation (RC) drilling has turned up impressive copper grades over significant widths. Hole 3A intersected 101 metres (from a depth of 16 metres) that assayed 0.92% copper, with both oxide and sulphide mineralization.

The RC program focused on a 1,000-metre section of a 2-km-long copper-in-soil anomaly. The area is in the southern section of the Zambian Copperbelt, in the Lusale Basin.

Copper mineralization occurs as partially oxidized, disseminated to semi-massive bornite and chalcopyrite hosted in altered schistose, carbonaceous sandstones. The unit dips shallowly to the south and is overlain by a barren dolomitic marble.

Two RC holes ended in mineralization: hole 5 cut 55 metres (from 17 metres) grading 1.2% copper, whereas hole 6 intersected 56 metres (from 28 metres) averaging 2.08% copper.

Follow-up drilling will begin early in 2005.

First Quantum produces copper (with associated gold, cobalt and sulphuric acid) from operations in Zambia and the Democratic Republic of Congo. In 2003, the company produced almost 30,000 tonnes copper in total.