Gibraltar heading south

While Gibraltar Mines (TSE) continues to explore prospects near its copper mine in south-central British Columbia, the company has expanded its search much farther south, in Chile.

Earlier this year, Gibraltar optioned the Lomas Bayas copper property, 100 km northeast of Antofagasta. The project has a preliminary oxide reserve of 79 million tons grading 0.76% copper. A preliminary evaluation suggests capital costs of US$130 million for a solvent extraction-electrowinning operation. Operating costs are estimated at US50 cents per lb. Drilling and metallurgical testwork are in progress and Gibraltar believes the potential for new discoveries is good.