Resource boost at Galeno

Vancouver — A new resource estimate has been delivered to Northern Peru Copper (NOC-T, NPUCF-O), increasing the size of its Galeno copper-gold-molybdenum deposit, about 600 km north of Lima, Peru.

At a 0.4% copper-equivalent cutoff, an indicated resource of 504 million tonnes grading 0.54% copper, 0.12 gram gold per tonne and 0.015% molybdenum (totalling 0.71% copper equivalent) was reviewed. In terms of contained metal, that equals 6 billion lbs. (2.7 million tonnes) copper, 1.9 million oz. gold and 167 million lbs. molybdenum. The deposit hosts an additional 554 million inferred tonnes at 0.39% copper, 0.09 gram gold and 0.01% molybdenum (0.5% copper equivalent) at the same cutoff.

The study is based on over 32,000 metres of drilling in 99 holes at Galeno where continued infill drilling is focused on further upgrading inferred resources.

Within the indicated resource, a central, higher-grade core to the deposit was outlined, containing 148 million tonnes of 0.78% copper, 0.16 gram gold and 0.019% molybdenum (0.98% copper equivalent) using a 0.8% copper-equivalent cutoff. The potential starter-pit portion contains about 2.5 billion lbs. (1.15 million tonnes) copper, 760,000 oz. gold and 62 million lbs. molybdenum. Northern Peru Copper president and CEO Marshal Koval says the demarcation of a high-grade, near-surface core, which will become the starter pit, significantly improves the economics of the project.

The independent calculation gives Northern Peru Copper a new National Instrument 43-101-compliant figure, and provides a substantial upgrade over the historic inferred resource estimate of 486 million tonnes of 0.57% copper and 0.14 gram gold. The historic, 1998 estimate was calculated by North Ltd., now part of Rio Tinto (RTP-N).

Galeno is near Newmont Mining’s (NMC-T, NEM-N) 51.35%-owned Minera Yanacocha complex, where the major is developing and exploring new deposits to extend the operating life of South America’s largest gold producer. Its Conga deposit, located just 5 km from Galeno, hosts several million ounces of gold reserves.

Northern Peru Copper is continuing work on its Hilorico gold zone, an epithermal system just 1 km from Galeno. Recent drilling returned up to 201 metres of 1 gram gold and 5.6 grams silver per tonne, including 62 metres grading 1.5 grams gold.