C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) announced that it has received authorization to start activities from the Peruvian Ministry of Energy and Mines for a recently modified Declaration of Environmental Impact permit for its 100%-owned Jasperoide copper-gold project in the country.
The mineral exploration company said the modified drill permit increases the area permitted for exploration drilling by 74% and consists of an additional 24 drill platforms and 53 additional drill holes, which will allow C3 Metals to systematically test two additional skarn targets: Cresta Verde (CVZ) and Callejon De Oro (COZ) that are immediately to the northwest and south of the Montana de Cobre (MCZ) skarn deposit.
"We believe there is potential for multiple deposits across this belt similar to MCZ," C3 Metals CEO Dan Symons said in a statement.
"Our goal is to prove up additional copper-gold skarn deposits of similar size and grade to support a 50,000 tonne per annum copper cathode production hub in this world-class copper-gold district," he added.
C3 noted the 30,000-hectare Jasperoide project sits within the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of southern Peru that is hosted in a similar geological setting to the nearby major mining operations at Constancia (Hudbay) and Antapaccay (Glencore).
The company added that with the Drill Permit modification approved and the Authorization to Start Activities now received, it is in the position to systematically drill test this interpretation, although with positive initial results from an ongoing drill program at Bellas Gate in Jamaica a decision to restart drilling at Jasperoide is unlikely to be taken until the current drill program at Bellas Gate is completed.
The MCZ deposit has an estimated near surface Measured & Indicated resource of 569.1 million pounds of copper and 326,800 ounces of gold at an average grade of 0.5% copper and 0.20 grams per tonne (g/t) gold.
C3 Metals is a minerals exploration company working on the discovery and development of large copper and gold deposits.
The company also holds a 100% interest in five licenses covering 207 square kilometres of highly prospective copper-gold terrain in Jamaica and also holds about 24,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of southern Peru.
Contact Sean at sean@proactiveinvestors.com