The final results from Cobriza Metals (CZA-T) first drill campaign at its Arikepay project in Peru are in and they continue to indicate that the company is on to a large porphyry system.
The latest 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 grams gold and 1.1 grams silver or 0.33% copper equivalent and 170 metres grading 0.27% copper, 0.039 grams gold and 1.5 grams silver or 0.31% copper equivalent. Those intercepts are from two separate holes.
The assays dovetail nicely with past results as 6 of the 14 holes drilled at the property have now returned long intervals of mineralization. Prior highlight results included 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 its is now planning its second phase of exploration drilling and with roughly $5.5 million in working capital it has the funds to push ahead.
Midday in Toronto on August 10 the company shares were flat at 13¢. Its share price has moved between 10¢ and 51¢ over the last 52-week period and the company has 28.2 million shares issued.
The reverse circulation holes were drilled roughly 1.5 km from a zone of sparsely exposed outcrop and while they hit sulphide mineralization over their entire lengths Cobriza says mineralization varies from gold-dominant to copper-dominant to silver-dominant.
The Arikepay porphyry system measures approximately 2,200 metres by 700 to 1,200 metres and extends to a depth of at least 300 metres and within that large area Cobriza is zeroing in on an area of more significant mineralization that measures roughly 1,200 metres by 800 metres.
Arikepay is road accessible and sits 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 as a joint venture between Freeport McMoRan (FCX-N), SMM Cerro Verde Netherlands and Compania de Minas Buenaventura (BVN-N).
Cobriza stock was listed late last year after the company was formed as a spin-out of all of Candente Copper’s (DNT-T) properties except for Cañariaco. Candente shareholders hold 86% of the company while Candente Copper itself holds 14%.
Of the 11 properties in its portfolio, all of which are in Peru; Arikepay, Don Gregoria and Miraflores are its primary focus.