Los Andes Copper Ltd (TSX-V:LA) reported more positive results from its initial drill program at the Vizcachitas copper property in Chile that point to the project’s large-scale potential.
Highlights from the latest round of assay results include 404 meters grading 0.41% copper equivalent in one hole, as well as 44 meters grading 0.46% copper equivalent on the southwestern edge of the deposit in another hole.
In a statement, Los Andes said that results from the completed initial drill campaign have shown that the 1.2 billion tonnes at 0.45% copper equivalent measured and indicated resource has “considerable potential” to grow both in scale and grade.
READ: Los Andes Copper says drilling at its Vizcachitas copper project in Chile shows limits of the deposit yet to be determined
Operating copper mines in the same area as Vizcachitas are among the largest in the world with resources more than 40 billion pounds of copper, the company noted.
"The drilling program results, with the new approximately one-kilometre intercepts of copper, clearly points to Vizcachitas becoming the next significant deposit in line for development in a district which hosts three of the largest porphyry copper mines in the world,” CEO R Michael Jones said in a statement. “We are only just now starting to see its full potential."
Drilling also returned several new continuous intercepts in excess of 850 to 1,100 meters in length above the resource cut-off grade of 0.18 % copper equivalent, and a 152-meter intercept of 1% copper equivalent, Los Andes said, nothing that the intercepts “clearly show the potential to continue growing the Vizcachitas resource.” The deposit remains open to the east and west.
Detailing high-grade near-surface mineralization in the south will be part of an upcoming prefeasibility study, which is currently in progress, the company told shareholders.
New resource estimate due
A new resource estimate is due in the fourth quarter of 2022. The current estimate contains measured resources of 254.4 million tonnes grading 0.489% copper equivalent and indicated resources of approximately 1.03 billion tonnes grading 0.442% copper equivalent.
As well, the company said it has filed “extensive” scientific information with the Environmental Court of Chile, asking to lift a preliminary injunction which currently prevents further drilling. Los Andes said it is confident that drilling can resume with no significant risk to the environment as outlined in its granted environmental permits. If the injunction is lifted, drilling is expected to resume in 3Q 2022.
Los Andes owns 100% of Vizcachitas. The property is not subject to any offtake agreements.
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