After completing preliminary geochemical and geophysical studies, Princeton Mining (TSE) expects to initiate a drilling program in early November on the Rio Lluta project near Arica in northern Chile.
Geochemical work on the property has extended a copper-molybdenum anomaly over an area measuring 3,000×1,100 ft. before disappearing below an ignimbrite cover. A helicopter-supported radiometric and magnetic survey indicates the presence of two anomalous areas extending below the ignimbrites. Princeton’s wholly owned Chilean subsidiary is now completing a road to the main target area to provide access for a ground geophysical program as well as drilling equipment. The budget for the entire program is set at US$500,000. Princeton also started negotiations with Chutine Resources (VSE) and its Mexican partners to acquire an interest in their Luz del Cobre property in Mexico.
A preliminary feasibility study on the project recommended it be put into production using solvent extraction-electrowinning technology at a rate of 20,000 tons per day. Estimated minable reserves stand at about 14 million tons grading 0.9% copper.
Outokumpu sells mine interest
A 39.9% interest in Compania Minera Lince Ltda. has been sold by Outokumpu Copper Resources B.V. to Chilean Northern Mines for about US$36 million. Lince operates an open pit copper mine with solvent extraction-electrowinning facilities in northern Chile. Construction of that US$62-million project was completed at the end of 1991; planned production is 20,000 tonnes per year of copper cathodes.
Outokumpu Copper is a unit of Outokumpu Metals and Resources of Finland. Chilean Northern is part of The Antofagasta Holdings Group.
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