Drilling is imminent at the Oracle Ridge project near Tucson, Ariz.
Santa Catalina Mining (VSE), 70% owner, carried out an airborne geophysical survey over the area, identifying targets similar to the signatures of the known copper mag-netite orebodies currently being mined.
The company operates a 1,000-ton-per-day underground mine at Oracle Ridge, which contains proven and probable reserves of 8.1 million tons grading 2.33% copper.
Santa Catalina is working to boost daily milling capacity to 2,000 tons at an estimated cost of US$12 million. Annual output is projected to be 25 million lb. of copper, and expansion funding is expected to be in place by mid-May.
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