Vancouver-based GoldOre Resources (GOZ-V) has purchased the La Plata copper property, near Durango, Colo., in exchange for shares and the assumption of US$35,000 of debt.
La Plata overlies a porphyry system that hosts two notable showings, Allard and Copper Hill. Historic and recent sampling show both to be enriched in copper and precious metals.
At Allard, five recent channels returned a best result of 0.57% copper, plus 7.26 grams silver, 0.18 gram platinum and 0.33 gram palladium per tonne, over 20 metres. The lowest-grading sample averaged 0.86% copper, 3.26 grams silver, 0.03-gram gold and 0.02 gram palladium over 20 metres.
The samples were spaced over a combined strike length of 260 metres and taken perpendicular to a structure that appears to control the mineralization.
About 1.7 km to the southeast, the Copper Hill showing averaged 2.21% copper, 20 grams silver and 0.24 gram gold, plus 0.15 gram each of platinum and palladium, over 10 metres. Mineralization here is associated with a vertical, highly altered structure.
GoldOre is seeking a joint-venture partner while crews continue to compile the old data and re-assay pulp from historic drill core. Nearly 13,000 metres were drilled prior to the 1990s.
In related news, GoldOre plans to issue 1 million units to raise $100,000. A unit consists of a share and a warrant that entitles the holder to buy another share one year after the deal closes, at 15.
The non-brokered private placement has yet to be approved by regulators.
GoldOre has 13 million shares outstanding.
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