Western Metallica Resources Corp. (TSX-V:WMS) told investors it has unearthed a significant copper discovery at Luz Maria, one of the two prospects at the Caña Brava Project in Peru.
It comes as geochemical and drone-borne magnetometry surveys confirmed a large area of ‘potassic and phyllic alteration’, which the company described as a characteristic feature of Andean copper-molybdenum porphyry mineralisation systems.
Exploration work to date has revealed consistent copper grades up to 700 parts per mlllion copper and 600 ppm molybdenum, the company noted.
“We are very excited with this new discovery in what is elephant country for porphyry exploration,” chief executive Gregory Duras said in a statement.
“The Western Metallica team is focused on delivering value through the exploration and development of our Peruvian assets, as we advance our overall quality pipeline of attractive and underexplored copper and gold assets.
“The encouraging initial data received from the Q4-2023 work at Caña Brava coupled with the company’s technical expertise and strong cash position to advance operations through 2024, puts us in a prime position to unlock the untapped potential of this newly-acquired copper project and create accretive value for our shareholders.”
The company now plans further target definition work and an initial scout drilling programme to explore the new discovery.