Tenke Mining Corp.: Vicuna Project Update,
ie Rio throws in the towel and the next bihhie would be BHP!?
VANCOUVER, BRITISH COLUMBIA--(TNK - TSE) Tenke Mining Corp. (the ``Company'') provides the following update on the Company's Vicuna Project in Argentina/Chile. The Project encompasses over 26,400 hectares and is located in a prolific copper/gold belt system straddling the Argentina/Chile border which hosts, among others, the multi-million ounce Pascua/Veladero gold deposits.
Notable success was achieved in the Company's very first drilling program at the Vicuna Project with the discovery of significant copper mineralization at the Filo del Sol target, one of several key targets under investigation. A total of 3,986 metres of drilling was completed in 24 holes during the 2000/2001 exploration season (October-April). These holes were widely spaced over the Vicuna project area from 0.25 kilometres to 1 kilometre apart. The best results from this initial drilling program were obtained from the Filo del Sol target located near the centre of Vicuna project. Key intercepts included:
VRC-04: 118m @ 0.51% Cu + 81 g/t Ag + 0.38 g/t Au from 162m to total depth.
VRC-05: 168m @ 0.86% Cu + 33 g/t Ag + 0.23 g/t Au from 96m to total depth.
Further drilling expanded the mineralization at Filo del Sol southwards in Hole VRC-20. Hole VRC-20 was drilled 500 metres south of the mineralized body discovered at Filo del Sol and returned a 58 metre intercept averaging 0.85% copper, 18 g/t silver and 0.41 g/t gold, including a 38 metre intercept of 1.12% copper, 9 g/t silver and 0.45 g/t gold - within this intercept there is a supergene enriched zone of chalcocite/chalcanthite which averages 1.89% copper over 18 metres. The hole was angled across a zone of complex sheeted structures (striking northeastward) south of the mapped Filo del Sol diatreme and ended in mineralized porphyry. Drill hole VRC-20 clearly shows that the enargite copper mineralization discovered at Filo del Sol is also open to the south and that it can be high grade when supergene enriched. The dimensions of the mineralized area delineated to date are 1,600 metres long by 200-600 metres wide, and a known depth of at least 150 metres (mineralization is open at depth).
The Company's partner during the year, Rio Tinto, funded the first drilling program at Vicuna and has commended Tenke on its success. Although pleased with the copper discovery, Rio Tinto's principal target was gold at this project and for this principal reason, Rio Tinto has elected not to participate further.Rio Tinto had an option to earn a 51% interest in the project. Tenke is seeking a new partner for the Project and is in discussions with other senior mining companies who have expressed an interest. |
