SEG 45 Final_qx4 - Society of Economic Geologists

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EXPLORATION REVIEWS 38 SEG NEWSLETTER No 63 • OCTOBER 2005 ... from 37 Exploration Reviews (Continued) an option to enter a formal joint venture agreement. Rio Tinto can potentially earn a 60% interest. On Trio Gold’s San Ramon Cu-Au- Co project, located 45 km west of Copiapo, step-out drilling testing the San Ramon shear intersected 7.7 m @ 5.4% Cu, 1.51 g/t Au, and 0.05% Co from 103.3 m. Trio Gold is planning to conduct further drilling to test geophysical anomalies associated with the same mineralized structure. Valencia Ventures reported earlier in the year results of a 16-hole RC drill program on its Cachinal Ag-Au project. Targeting historical workings, better intersections include hole CLRC-02, 21 m @ 189.3 g/t Ag, and 0.05 g/t Au from 63 m; and in hole CLRC-12, 18 m @ 231.4 g/t Ag, and 0.19 g/t Au from 122 m. Further exploration including RC drilling is planned. ECUADOR Aurelian Resources has completed a four-hole, 573-m, angled diamond drill program at the Las Penas-Bonza gold deposit in southeastern Ecuador. All holes tested cross structures of the main structural system with hole CP05-42 returning the best results of 101 m @ 2.85g/t Au including 14.47 m @ 14.47 g/t Au. Previous work at Penas-Bonza has determined an inferred resource of 15 Mt @ 1.07 g/t Au and 11.6 g/t Ag, at a 0.75 g/t Au equiv cutoff. Approximately 20 km southwest from the Las Penas-Bonza project, Aurelian confirmed gold mineralization associated with a northeast-trending, southeast-dipping shear zone, and identified several other vein and shear systems at the Bella Vista prospect. Further reconnaissance exploration for epithermal Au-Ag mineralization by Cornerstone Capital Resources on the Shyri project in south-central Ecuador has identified at least three areas of interest—Tasqui, Wison and areas adjacent to IAMGOLD’s Quimsacocha concessions—in addition to the Canaribamba area. These areas are reported to be gold bearing and have epithermal-style stockwork systems and vein arrays with advanced argillic and quartz-alunite alteration. Recent rock chip samples returned values up to 46.6 g/t Au and 19.1 g/t Ag over 0.4 m in the Canaribamba area. Reconnaissance work by Cornerstone continues on the Rinconada and Monterrey concessions. A 3,000-m drill program by Largo Resources is testing six IP geophysical anomalies on its Macuchi property in central Ecuador. Skeena Resources has begun a drill program on the El Corazon gold project in northwestern Ecuador. Previous drilling on the property returned 2.3 g/t Au over 70.8 m in DDH34, in DDH37 2.1 g/t Au over 90 m, and more recently underground sampling by Skeena returned 9.7 g/t Au over 56 m. Rock chip sampling reporting up to 6.26 g/t Au and 79 g/t Ag over 8 m confirmed the presence of mineralization in Dynasty’s Cola prospect. Recent drilling, 3,084 m in 32 holes, in the adjacent Papayal and Cerro Verde mineralized zones, returned intersections of 25.37 m @ 2.0 g/t Au and 8 g/t Ag in hole 05DDH24, and 14.0 m @2.34 g/t Au and 10 g/t Ag in hole 05DDH25. Laurentian University Department of Earth Sciences Mineral Exploration Research Centre Economic Geology The Department of Earth Sciences and Mineral Exploration Research Centre at Laurentian University invite applications for a tenure-track faculty position in Economic Geology to be filled in July 2006. We are particularly interested in candidates who have strong field and theoretical backgrounds in magmatic and/or hydrothermal ore deposits in Precambrian rocks. Applicants should have strong research records and be committed to excellence in teaching at the undergraduate and graduate levels. Supervision of graduate students within a vigorous, externally-funded research program is expected. Applicants must hold a PhD degree by the time of appointment. The successful candidate will work and interact with faculty, undergraduate and graduate students, and post-doctoral fellows in the Department of Earth Sciences and Mineral Exploration Research Centre. The Department currently offers BSc degrees in Geology and Environmental Earth Sciences, thesis-based and applied MSc degrees in Geology, and PhD degrees in Ore Deposits and Precambrian Geology. Faculty and students have access to excellent light optical, electron optical, and geochemical analytical equipment, including FLINC, SEM, EPMA, WD- XRF, ICP-OES, ICP-MS, LA-ICP-MS, and EBSD. Additional information about the Department and MERC can be found at http:www.laurentian.ca/geology. Send curriculum vitae, including a complete list of publications, a statement of teaching interests, long- and short-term research goals, and the names and mail/e-mail addresses of at least (4) academic references to: Faculty Search Committee, Department of Earth Sciences, Laurentian University, Sudbury, Ontario P3E 2C6, Canada, e-mail: DES@laurentian.ca, Fax: (705) 675- 4898. Screening of applications will begin 01 November 2005, but applications will be accepted until the position is filled. Laurentian University is a bilingual institution and an equal opportunity employer. It has a policy of passive bilingualism (English/French) as a condition of tenure. The university is committed to equity in employment and encourages applications from women, aboriginal peoples, members of visible minorities, and persons with disabilities. PAID ADVERTISEMENT PAID ADVERTISEMENT
OCTOBER 2005 • No 63 SEG NEWSLETTER 39 The previously reported positive feasibility study completed by Corriente Resources for the Mirador project in southeastern Ecuador of in-pit Indicated Resources of 111 Mt @ 0.67% Cu and 0.22 g/t Au (at a cutoff of 0.4% Cu) continues to undergo optimization. Optimization studies include a recently completed two-stage infill drill program of some 11,850 m in 51 drill holes, a pit slope review, and inclusion of Ag revenue in the mine model. Recent drilling encountered high grade mineralization. Drill hole M116 reported 58 m @ 1.94% Cu and 0.33 g/t Au in enrichment, from 58 m depth, and continued in primary mineralization with 269 m @ 0.66% Cu and 0.17 g/t Au. A new resource calculation incorporating this drilling and updated geological modeling is expected by the end of September. IAMGOLD continues to report infill and expansion drill results from its Quimsacocha project in south-central Ecuador. Results include hole 190 with 59.3 m @ 5.1 g/t Au, hole 192 with 67.5 m @10.3 g/t Au, hole 197 with 50.4 m @ 7.9 g/t Au, hole 210 with 54.8 m @5.3 g/t Au, and hole 221 with 58.2 m @ 4.1 g/t Au. The current drilling may be completed by August, at which time an independent resource estimate will commence with a presentation date of late fall. Metallurgical results reported by IAMGOLD for the Quimsacocha project indicate roughly 99% of gold and copper is extracted using a process of pressure oxidation followed by cyanidation of the residue. In unoptimized floatation tests 94 to 97% of Au and 98 to 99% of copper reported to the concentrate which treated with pressure oxidation and cyanide extracted 97% of the gold. Recent drilling by IMC at its Rio Blanco project intersected high-grade mineralization of up to 151 g/t Au and 647 g/t Ag over 1.2 m, in a newly discovered vein system following the drilling of some 1930 m in 13 drill holes. Drilling continues in this sector in order to develop an inferred resource. IMC has also completed some infill and condemnation drilling on the immediately adjacent Alejandra deposit and infrastructures areas for which the company will complete a feasibility study in January 2006. PERU Exploration activity for gold and copper in Peru continues at a strong pace despite the growing anti-mining sentiment in Peru led by left-wing NGO’s, very political church leaders, drug-traffickers, and political groups vying for higher profiles leading up to the next federal election in April 2006. The general widespread frustration, leaving the communities open to be swayed by the above mentioned groups, is largely due to the lack of perceived benefits for the regional communities from the mining operations as well as the federal governments and business community’s apparent lack of interest in the problem, to date, and refusal to pay attention to the underlying causes of the protests—inequality, frustration and a feeling of abandonment in the regions. All of these factors together are creating an environment of hostility toward mining and exploration companies. One can hope that the increased quantity of mining income tax and royalty funds available to the communities will be utilized for beneficial projects in the regions (infrastructure, etc.), and that the mining and exploration companies and federal government develop and carry out more proactive social and community relations programs. Drilling by Bear Creek Mining on its optioned Corani Ag-Au property continues to show encouraging silver (± lead-zinc) results with the second ninehole program returning an average of 109 g/t Ag over 52 m in all holes (up to 62 m @ 128 g/t Ag, 48 m @ 156 g/t Ag and 127 m @ 93 g/t Ag). Previous holes included 78 m @ 130.6 g/t Ag and 52 m @ 102.6 g/t Ag. Mineralization has been outlined over a 1,300-m strike length and remains open in all directions. Trenching has identified new targets to the east. To date, Bear Creek has drilled 3,000 m and drilling continues. Trench results to date include 120 m @ 115 g/t Ag and 132 m @ 50 g/t Ag. Bear Creek has also commenced a 500-m, threehole drill program at their optioned Pichacani Au-Ag prospect in southern Peru. Chariot Resources continues to come up with encouraging results on the Marcona Copper JV in southern Peru. Chariot has completed ~40,000 m of a 55,000-m drill program in a 1.8 × 0.8 km area. Latest results include 100 m @ 2.32% Cu, 40 m @ 4.19% Cu, 64 m @ 1.7% Cu, 36 m @ 2.4% Cu, 62 m @ 1.7% Cu, and 76 m @ 1.2% Cu in sulfides, as well as 102 m @ 0.87% Cu, 70 m @ 1.3% Cu, and 60 m @ 1.1% Cu in oxides. Chariot hopes to have a new resource estimate completed by early fall and a scoping study done by the end of the year. The previous resource estimate is 218 Mt @ 0.80% Cu. Peru Copper continues to drill their Toromocho porphyry Cu project located in central Peru, having drilled ~100,000 m in 180 holes. Previous operators drilled 42,394 m. Current global resource is 1.58 Gt @ 0.49% Cu, 0.015% Mo and 6.8 g/t Ag including a higher grade core of 818 Mt @ 0.64% Cu, 0.022% Mo and 8.3 g/t Ag. Issues include metallurgy and social risk as the adjacent community of Morococha will have to be relocated. A new mineral resource and prefeasibility study is expected later in 2005. Phase two drilling (4,365 m in 13 holes) by Candente Resource Corp. on their Cañariaco copper property, located in northern Peru, has expanded the area of mineralization to the south by 750 m. The mineralization remains open at depth and laterally. Assays have not been released yet. Phase 1 Candente drilling (2,648 m in 12 holes) and previous drilling outlined a resource of 76.5 Mt @ 0.61% Cu and 0.10 g/t Au (0.3% Cu cutoff) in a 400 × 400 m area. Xstrata is reporting positive results from the current drilling taking place on their Las Bambas Cu property located in southern Peru. Xstrata has completed 30,385 m in 132 drill holes so far in 2005 and expects to complete 50,000 m by year end. Xstrata acquired Las Bambas from the Peru government for initial cash payments of US$91M and further commitments. Social problems continue with several NGO’s threatening more action. Serious social problems continue at Monterrico Mineral’s Rio Blanco Cu- Mo porphyry property, located on the northern Peruvian border with Ecuador, with a couple of violent anti-mining protests having taken place recently. Monterrico has resumed drilling on the project as part of the ongoing feasibility study. The new indicated and inferred resource at Rio Blanco is 213 Mt @ 0.89% Cu and 0.022% Mo at 0.7% Cu cutoff. Rio Blanco has a global resource of 1.3 Gt @ 0.57% Cu and 0.022% Mo at a 0.4% Cu cutoff. Latest drilling by Quadra Mining on the Magistral Cu- Mo property located in northern Peru has returned up to 253 m @ 1.19% Cu and 0.062% Mo, 126 m @ 1.0% Cu and 0.13% Mo, 140 m @ 082% Cu, and 0.144% Mo and 142 to page m @ 0.88% Cu and 40 ... EXPLORATION REVIEWS
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