The final results from Cobriza Metals’ (CZA-T) first drill campaign at its Arikepay polymetallic project in Peru are in, and they continue to indicate that the company is on to a large porphyry system.
The results come out of the final four holes from the first phase of exploration drilling, and yielded highlights of 292 metres grading 0.10% copper, 0.32 gram gold and 1.1 grams silver, or 0.33% copper equivalent and 170 metres grading 0.27% copper, 0.039 gram gold and 1.5 grams silver, or 0.31% copper equivalent. The intercepts come from two separate holes.
The assays dovetail nicely with past results, with six of the 14 holes drilled at the property returning long intervals of mineralization. Prior highlight results include 142 metres grading 0.51% copper equivalent and 292 metres of 0.39% copper equivalent.
Copper-equivalent grades were calculated assuming 100% metal recoveries, a gold price of US$1,200 per oz., a silver price of US$20 per oz. and a copper price of US$2.50 per lb.
Cobriza says it is planning its second phase of exploration drilling, and with $5.5 million in working capital, it has the funds to push ahead.
On Aug. 10 — the day the results were released — the company shares were flat at 13¢. Its stock has moved between 10¢ and 51¢ over the last 52 weeks, and the company has 28.2 million shares issued.
The reverse-circulation holes were drilled 1.5 km from a zone of sparsely exposed outcrop. While they hit sulphide mineralization over their entire lengths, Cobriza says mineralization varies between gold-dominant, copper-dominant and silver-dominant.
The Arikepay porphyry system measures 2,200 by 700 to 1,200 metres, and extends to a minimum depth of 300 metres. Within that large area, Cobriza is zeroing in on more significant mineralization that measures 1,200 by 800 metres.
Arikepay is accessible by road and located 110 km south of the city of Arequipa, and 45 km south of the 3.5-billion-tonne Cerro Verde copper-molybdenum mine, which is held by Freeport-McMoRan Copper & Gold (FCX-N), SMM Cerro Verde Netherlands and Minas Buenaventura (BVN-N).
Cobriza stock was listed late last year as a spin-out of all of Candente Copper’s (DNT-T) properties, except for the Canariaco Norte copper project in northern Peru. Candente shareholders hold 86% of Cobriza, with the rest being widely held. Of the 11 properties in Cobriza’s portfolio — all of which are in Peru — Arikepay, Don Gregorio and Miraflores are its primary focus.
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