Vancouver – The end of the road is in sight for Global Copper (GLQ-V) it will soon become part of Teck Cominco (TCK.B-T, TCK-N) in a $415-million deal but the junior continues to drill apace and pull mega intercepts from the prize in the takeover: its Relincho copper-molybdenum project in Chile.
The latest results from the deep sulphide drilling program add to the count of lengthy, well-mineralized intercepts from the already massive project. The best intercept came from hole 224, a 110-metre step-out from the eastern margin of Las Guias, that returned 756 metres of 0.59% copper and 0.025% molybdenum from 216 metres downhole.
Las Guias is the middle zone at Relincho, where mineralization occurs in a broad zone centred on the contacts of a porphyry copper intrusion. The porphyry intrusion occurs at surface in the Relincho zone to the northwest, at depth in Las Guias, and below the base of current drilling at Marja to the south.
Other strong intercepts of late include 626 metres grading 0.57% copper and 0.031% molybdenum starting 270 metres down hole 231, another step-out to the east of Las Guias, and 403 metres grading 0.57% copper and 0.032% molybdenum from 484 metres down hole 26, an infill hole in the area between Las Guias and Marja.
In addition, hole 217 cut 24 metres of 0.78% copper and 0.011% molybdenum from 38 metres depth, followed by 60 metres grading 0.44% copper and 0.066% molybdenum from 260 metres downhole, 222 metres of 0.77% copper and 0.05% molybdenum from 470 metres depth, and 24 metres grading 0.59% copper and 0.018% molybdenum from 764 metres.
Five drill rigs are currently at work at Relincho. The drill program is focused on expanding the current mineral resource, especially the higher-grade contact zone at Las Guias, in advance of an updated resource estimate.
A resource estimate for the Andean porphyry-style deposit in Chile’s dry Region III from December pegged indicated sulphide resources at 498 million tonnes grading 0.47% copper and 0.023% molybdenum at a 0.4% copper cut-off. Inferred sulphide resources added 378 million tonnes grading 0.43% copper and 0.023% molybdenum.
On the oxide front, indicated resources stand at 114 million tonnes grading 0.32% copper and 0.009% molybdenum; inferred resources add 11 million tonnes grading 0.27% copper and 0.008% molybdenum, using a 0.2% copper cut-off.
It adds up to 9.6 billion lbs. copper and 465 million lbs. molybdenum. But Global’s exploration work since then is sure to increase the resource significantly.
On June 20th Global and Teck signed a definitive agreement for Teck’s takeover of Global. Under the arrangement Global shareholders will receive $12 or 0.26667 of a Teck Class B share per Global share, subject to pro-ration, and one share of a new company to be named Lumina Copper. The management team from Global, led by Ross Beaty and David Strang, will head up the new Lumina.
Global has called a shareholder meeting to approve the transaction, scheduled for July 25.
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