Geo Minerals, Inmet drill Arizona porphyry copper targets

Joint-venture partners Geo Minerals (gm-t) and Inmet Mining (imn-t) have resumed drilling on a copper porphyry target at the Middle Mountain property in south-central Arizona.
At least two reverse circulation (RC) holes are planned to test for copper mineralization to a depth of 370 metres beneath shallow gravel cover and outcrops exhibiting intense alteration and quartz-sulphide veining.
The drill target is defined by an induced polarization (IP) geophysical survey completed in spring 2010, in conjunction with surface geological mapping. The IP survey comprised 17 line km, with three of the lines generating a weak to moderate anomalous response. Two holes drilled last summer failed to encounter any significant mineralization.
The Middle Mountain property is in the westernmost foothills of the Tortilla Mountains, 16 km southeast of Florence. Porphyry-style alteration was originally discovered on the eastern side of the property in outcropping streambed exposures covering a 700-by-1,000-metre area.
Previous work identified anomalous copper mineralization in vegetation and enzyme leach surveys across large portions of the property. Geo Minerals previously completed two deep RC holes and six shallow holes on the eastern portion of the property. Three of the holes intersected intense sericite-pyrite alteration. Geo Minerals states that this kind of alteration is typical of the upper levels of a porphyry copper setting.
The current drill program is expected to be completed soon, after which the drill rig will move to the Red Hills property, 10 km farther to the north. Recent IP work has outlined three anomalies, of which two show potential for follow-up drilling.
The Middle Mountain and Red Hills properties cover a combined total of 33.5 sq. km. Geo Minerals originally optioned a 100% interest in the properties in 2008 under separate agreements from what is now a whollyowned subsidiary of Eurasian Minerals (emx-v).
Geo Minerals agreed to spend US$3 million exploring Red Hills over five years, while making advance royalty payments totalling US$705,000 cash and 800,000 shares over the same period for each property. Eurasian retains a 2.5% net smelter return royalty on each property.
After completing a first pass of limited drilling on the Middle Mountain property, Geo Minerals entered into two separate option agreements with Inmet in November 2009 to further explore the Middle Mountain and Red Hills projects. Inmet can earn a 70% interest in the properties by making cash payments of $675,000 and spending $2 million on exploration over five years on each project.
Geo Minerals was trading around 11¢ at presstime in a 52-week range of 3.5¢-15.5¢. The company has 71.1 million shares outstanding, or 103.1 million fully diluted.