Asarco plans more drilling for Taseko

A 12,500-ft. drill program is scheduled to begin in late May on Westpine Metals’ (VSE) Taseko copper-gold property, 140 miles north of Vancouver, B.C. The property is reported to contain preliminary reserves of 7.45 million tons of 0.73% copper, 0.024 oz. gold and 0.05 oz. silver per ton in the probable and possible categories. This calculation is for the Lower North zone, one of three copper-gold zones identified within the Empress showing. It should be noted that the depth from surface to the top of the Lower North zone ranges between 350 and 550 ft.

This year’s $550,000 program will once again be financed by a unit of Asarco (NYSE) which holds the right to earn a 60% interest in the property by funding $3.65 million in work through 1993, and completing option payments totalling $344,000 by mid-January of 1994.

Westpine and Asarco’s joint venture agreement was signed last May, and the major has already spent over $500,000 on exploration and drilling on the property. The 1990 program consisted primarily of stepout drilling and testing of previously identified targets within the Empress showing.

The Taseko property has an exploration history dating back to the 1920s. It was explored for porphyry copper-molybdenum in the 1960s and 1970s, and again in 1985 for its epithermal gold potential.

“We wouldn’t be where we are today without having the benefit of all that early exploration work,” said Westpine director Willis Osborne.

While work will continue on the Empress showing this year, Westpine expects that work will also be carried out on several other targets, including the Buzzer and Rowbottom showings. The Buzzer showing is considered to have potential for 5.5 million tons of 0.35% copper and 0.031% molybdenum, based on reports from previous operators.

These favorable targets, including Empress, extend a length of over three miles in an east-west direction along an intrusive-volcanic contact.

Westpine said about 60% of the planned 1991 holes are outside of the Empress area. The new target areas were defined by an interpretation of results from a Dighem airborne geophysical survey and copper soil anomalies.

Alpine Exploration (VSE) will operate the Taseko project. Alpine and Westley Mines (VSE) each hold one million shares of Westpine Metals’ 2.7 million outstanding shares. The Taseko property is accessible by road by way of Williams Lake.