Princeton plans more work for Rio Lluta copper project

Toronto-listed Princeton Mining is considering joint-venturing a portion of its interest in the Rio Lluta project near Arica in northern Chile.

The company drilled 11 rotary holes, intersecting what it believes is the western edge of a porphyry system. The results included one hole grading 0.12% copper over 10.5 metres and another grading 0.2% copper over a 3-metre interval.

In a separate development, Princeton entered into an agreement to acquire a 100% interest in a strataform oxide copper property with open-pit solvent extraction potential.

The property, about 90 km northeast of the port city of Antofagasta, is being mined at 750 tonnes per month at an average grade of 5% copper. No drilling has ever been done on the property and Princeton is planning an initial program of mapping and sampling, to be followed up with trenching and fence-line drilling. Total estimated cost: US$500,000.