Los Andes Copper Ltd (TSX-V:LA) has reported “excellent” deeper results from hole CMV-001B at its Vizcachitas project in Chile.
The company said the aggregate from 64 meters (m) to 1,265.15m contains copper equivalent grade of 0.50%, including 0.43% copper, and 198 parts per million (ppm) molybdenum (with 24m of lost core not reported).
The company said the average grades include newly reported 0.47% copper equivalent including 0.38% copper and 260 ppm molybdenum from 820m to 1,265.15m down the hole. Assay grades for silver for the complete interval reported are still pending.
READ: Los Andes Copper announces appointment of Santiago Montt as its chief operating officer
"A 1,177-meter intercept of copper mineralization is impressive and the area west of this intersection is open,” said Los Andes CEO R Michael Jones In a statement.
“We plan to systematically look for the limits of the Vizcachitas porphyry copper deposit with our continued drilling. We have completed approximately 6,000 meters of new drilling and, along with the approximately 52,000 meters in previous drilling, our data is increasing. However, we are early in our understanding of this 1.2 billion tonne plus mineralized copper system in one of the best copper belts in the world," he added.
Los Andes said the area to the west of drill hole CMV-001B remains open and two drill rigs are completing holes in this area.
As drill results become available, the company said it will be assessing the impact on the resources and potential mine plan. Tetra Tech (NASDAQ:TTEK) Engineering has been contracted to enable the implications of new large drill intercepts.
Also, drilling is continuing with four drill rigs at Vizcachitas with the objectives of expanding the resources within and outside the boundaries of the open pit designed in the Preliminary Economic Assessment, (PEA, 2019). The company said one drill rig is working on the east side of the deposit, and an additional rig is working in the South Breccia zone of the deposit.
Los Andes noted that the current Phase 1 drill program will continue with four diamond drill rigs and one reverse circulation drill rig. Approximately 6,000m of drilling have been completed. The full Phase 1 drill program consists of 30,000m of drilling with potential for further expansion.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham