Vancouver One of the 13 reverse circulation drilled holes collared on the Candelaria iron oxide copper-gold project in northern Chile has returned the goods for partners BHP Billiton (BHP-N) and Far West Mining (FWM-V).
The 3,618 metre program tested three geophysical anomalies in the Manto Verde district with the 4c3 target yielding the best results of 2.47% copper and 0.33 gram gold per tonne over 60 metres from 28 metres downhole.
Mineralization is intrusive hosted with intensely quartz-sericite-carbonate alteration. About 50% of the zone consists of a mix of iron oxides (specular hematite and magnetite), chalcocite with associated traces of chalcopyrite and bornite, vein quartz, and a variety of copper oxides. The hole tested an area west of historic workings.
The target is outlined by a 3-by-5 km north trending gravity geophyscal anomaly with a partially coincident airborne magnetic anomalies up to 1.5 km in diameter. On surface, the area consists of hornfelsed volcanic rocks which have been intruded by diverse multi-episodic mafic to felsic intrusive plutons and dykes.
The partners collared two additional holes 705 metres and 1.7 km north of the hot hole but each failed to return any significant values.
Three holes were drilled in the 4c9 area targeting several iron-copper bearing structures within areas of high gravity and magnetic relief. Holes intersected zones of strong potassic and quartz-sericite alteration with associated pyrite and chalcopyrite mineralization. Broad zones with anomalous copper assay values returned grades up to 3,080 parts per million over 2 metres.
Four holes were punched into the 4d1 anomaly area with several mineralized structures with narrow intervals of copper-bearing massive iron oxides being hit. The best results came in at 2.94% copper over 4 metres.
At the 4b1 and 4b3 targets, three holes tested gravity anomalies that on surface are partially or completely covered by young quaternary fill. All of these holes cut intercalated calcareous sediments and volcaniclastic rocks with hematite alteration. The best values obtained were 2,330 parts per million copper over 2 metres.
Under an earlier agreement with BHP, Far West can earn a 70% participating interest in 468,650 Ha of ground covering 250-km of the Candelaria belt by completing 2,000 metre drilling. BHP retains the right to acquire, in stages, up to a 70% participating interest in any mineral deposit discovered in the area. In return the major must solely fund ongoing exploration, make various cash payments to Far West. The major must also complete a final feasibility study.
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