Initial drilling on the Copper Mountain property near Mina, Nev., has returned several oxide copper intersections.
Mina Resources, an affiliate of TSE-listed Quest Capital (formerly Noramco Mining), can earn a 51% interest in the property from Cactus West Explorations (VSE) by spending US$250,000. Cactus, in turn, holds an underlying option to acquire a 100% interest by paying US$1.5 million over six years.
The recent work included eight holes designed to confirm work done in the late 1960s and early 1970s. The best of the recent intersections returned 210 ft. grading 0.6% copper, with a 95-ft. interval grading 1.11% copper. The eight new holes were widely spaced, following the old drilling which was performed in clusters of holes scattered over an area measuring 2,800 by 1,200 ft.
Copper oxide mineralization is fracture-controlled and, for the most part, is contained in chert or cherty argillite. The mineralization is believed to be controlled by several east-west, steeply dipping fracture zones ranging up to 100-200 ft. in width.
Additional work will have to wait until Mina completes an initial public offering this summer on the Vancouver Stock Exchange. Recent drill results are as follows:
Hole Interval Width Copper
(ft.) (ft.) (%)
CM-1 000-210 210 0.60
incl. 095-190 095 1.11
CM-2 000-125 125 0.30
incl. 100-125 025 0.73
CM-4 00-75 075 0.31
CM-5 00-20 020 0.32
CM-6 00-80 080 0.36
CM-7 25-85 060 0.36
CM-8 00-30 030 0.32
Bad ground conditions prevented CM-3 from reaching its planned depth.
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