Vancouver — The second and third holes by New World Resource (NW-V, NWFFF-O) at the Lipea project in southwestern Bolivia indicate a wide zone of higher-grade copper-gold mineralization.
Hole 06DLP-47 delivered a 172.5-metre true-width intercept (from 231 metres down-hole) grading 1.48% copper, 2.57 grams gold per tonne and 21.9 grams silver per tonne, including 60.6 metres (true width) of 3.2% copper, 5.3 grams gold and 47.2 grams silver with a 6.9-metre high-grade interval of 7.5% copper, 23.2 grams gold and 90.6 grams silver. The hole was collared about 345 metres north-northeast of New World’s initial hole (06DLP-45) to test for extensions of the mineralized zone.
Another hole, 06DLP-46, spotted about 80 metres southwest of 06DLP-45 also cut a wide mineralized intersection returning 122.9 metres of 0.94% copper, 0.74 gram gold and 7.3 grams silver.
New World’s program at Lipea is confirming 1996 drill results by Battle Mountain Gold, now part of Newmont Mining (NMC-T, NEM-N), that encountered widespread copper-gold mineralization over 1 km of strike length along a northwest-trending structure. Battle Mountain’s program returned intersections up to 108 metres grading 2.2% copper, 2 grams gold and 25.5 grams silver, with a number of shorter intervals of higher grade. The major drilled about 12,700 metres in 44 holes from 1995-1997.
Mineralization at Lipea is associated with magmatic hydrothermal breccias composed of tourmaline, quartz and specular hematite cement intruding intermediate volcanics. Later-stage epithermal alteration has overprinted mineralization on the project. Previous exploration reviewed three breccia zones along the 1-km structure, which remains open along strike.
New World is looking to test whether the breccia zones coalesce at depth and if it is the upper level of a copper-gold porphyry system.
In early 2006, New World entered its agreement to acquire up to 75% of Lipea for cash payments totalling $1.1 million, 1.85 million shares and $2.2 million in exploration spending, all staged over four years.
Shares in the Vancouver-based junior trade in a 52-week range of of 16 to $1.88.
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