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Apoquindo Hits Big Copper Intercepts in Peru
By James West
MidasLetter.com
Monday, February 15, 2010
Apoquindo Minerals Inc. (TSX.V:AQM), the Chile and Peru-based copper exploration company that is chaired by Juan Villarzu, former CEO of CODELCO, the world’s largest copper producer, has finally hit some big holes.
How big?
Well how about 167 metres grading 0.89% copper, including an 18 metre length grading 2.54% copper? How about 124 metres grading 0.96% copper with a 73 metre length assaying 1.19% copper?
These holes, announced on the second of February, are without doubt, discovery grade holes, and confirms what the company has suspected all along about the Zafranal project located in the northwestern extension of the Southern Peru Copper Porphyry Belt near Arequipa. Specifically, that the high grades on long intercepts encountered in drill holes completed by Teck (TSX, NYSE:TCK) in 2003 would continue in step out drilling.
And these were just the first of 6 holes in a 75 - 100 hole program, all of which ended in mineralization. Never mind the fact that this is just one of 5 targets on the Zafranal project. And never mind the fact that the Zafranal is only one of three exploration projects, all of which have the potential to become major discoveries of copper.
Then last week, the company announced more spectacular results.
Stepping out 125 metres from the Main Zone, the company hit 181 metres grading 0.6% copper, including a 47 metre section grading 1.3%. Another hole twinned from earlier drilling increased widths and grades of the original hole, returning 181.05 metres grading 0.59% copper including a 41 metre section grading 0.98% copper. This brings the entire strike length of this main zone to over 1.2 kilometres in length.
"These excellent assay results continue to prove the growing size of the Zafranal Main Zone and have gone beyound our expectations. Holes ZFRC10-041 and ZFRC09-06 both ended in mineralization, leaving the deposit open at depth as well as to the east, west and south. Furthermore, our twinning of a Teck RC hole shows that some historic holes may have under-reported the true copper grades, thus significantly increasing the size potential of the Zafranal Main Zone ," says Bruce Turner, President and CEO Apoquindo Minerals.
The property under option totals 24,499.6 hectares and consists of 27 claims, totaling 19,799.6 ha, which are 100% owned by Teck, and 4,700 ha which are subject to a 1.5% capped NSR to a third party. Property elevation ranges from 2,300 m to 2,900 m with moderate to steep relief and scarce vegetation.
Discovered by Teck
Zafranal was first discovered by Teck in early 2003 as part of a generative exploration program within the northern segment of the Southern Peru Porphyry Copper Belt. Exploration efforts by Teck to date include detailed mapping, rock sampling, 5km of AMT geophysical surveying over four lines, and orientation EM geophysical surveying.
36 holes (32 RC holes, 4 diamond) were drilled between 2004 and 2005 totaling 11,805m. The main deposit was drilled at wide drill spacings of 250m-400m. Limited diamond drilling by Teck returned higher copper grades than RC drilling in the same location.
Several other excellent prospective porphyry copper-gold prospects (Sicera Sur, Sicera Norte and Campanero) have been recognized within the Zafranal property boundary, with very little exploration carried out to date on most of them. Work at the Campanero and Sicera prospects included AMT and gradient-array IP surveys (50 line-km total) and 18 exploratory RC drill holes totaling 4,899m.
There are a few existing major copper deposits in relatively close proximity to Zanfranal that demonstrate unequivocally the areas mega mine potential. There’s the Cuajone ine operated by Souther Peru Copper Corp, one of the world’s largest privately held mining companies. The Cuajone mine contains a resource of 1.2 billion tonnes of copper grading 0.64%.
The Cerro Verde mine, another privately held operation, has just started an expansion project that will see production increased to 120,000 metric tonnes per day. The deposit contains a known resource of 1 billion tonnes grading 0.51% copper, and is Peru’s 4th largest copper mine.
Then there’s the Toquepala deposit, with 770 million tonnes grading 0.74% copper, and the Quellaveco Mine, with 213 million tonnes in secondary sulphides grading 0.94% copper, 0.014% molybdenum and 1.74 grams per tonne of silver. In secondary sulphides, there is 761 million tonnes grading 0.57% copper, 0.23% molybdebnum, and 2.32 grams per tonne of silver.
Apoquindo continues an aggressive drill program at Zafranal with the plan to drill 40,000 meters that will include grid drilling the Main Zone, testing of the east and west extensions of the Main Zone, deep drilling on the Main Zone, and testing several of the satellite targets during 2010.
KoriTambo can acquire an initial 51% interest in the Zafranal copper-gold porphyry project from Teck, subject to Teck's right to earn-back to a 60% interest. The agreement also provides options for KoriTambo to increase its interest to 60% and to 100% if Teck does not exercise its earn-back in right within 60 days of the Company exercising the option for the initial 51%.
SOURCE: http://www.midasletter.com/news/10021401_Apoquindo-hits-big-copper-intercepts-in-Peru.php
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