Cobriza Metals (CZA-T)
www.cobrizametals.com
31.8 million o/s
$5 million in the coffer
Fully financed for exploration on priority projects, including drilling on Arikepay.
Cobriza's initial 2012 drill campaign of 14 reverse circulation drill holes at Arikepay was a great success, with the discovery of a large copper-gold-silver porphyry system announced on July 3rd, 2012. Six of the fourteen drill holes completed at Arikepay have now returned long intervals of significant copper-gold-silver. All six of these holes were stopped in mineralization at the drill rig's maximum reach of 300m, leaving the system open to depth and to a limited extent to the north.
Compilation and interpretation of all results and planning of further exploration at Arikepay is currently underway.
Selected highlights of the Arikepay discovery include:
- 142m of 0.51% Cu Eq* in hole RC-12-ARI-006
- 186m of 0.43% Cu Eq* in hole RC-12-ARI-011
- 292m of 0.39% Cu Eq* in hole RC-12-ARI-002
- 146m of 0.31% Cu Eq* in hole RC-12-ARI-003
- 170m of 0.31% Cu Eq* in hole RC-12-ARI-013, and
- 80m of 0.35% Cu Eq* in hole RC-12-ARI-005
The Arikepay porphyry discovery currently measures approximately 2,200m by 700-1,200m, is elongated north-northwest and extends to a depth of at least 300m. Within this larger area lies an area of significant Cu-Au-Ag mineralization that measures approximately 1,200m by 800m, which trends to the northwest. The area of significant copper-gold-silver mineralization is defined by holes RC-12-ARI-001, 002, 003, 005, 006, 011, 013, 014 and appears to be zoned with respect to copper, gold and silver grades.
Over half of the Arikepay porphyry discovery is covered by younger gravel cover deposits. Strong pyrite mineralization occurs in all but two holes and notable copper, gold, and silver values occur in 11 of 14 holes. Alteration is typical for porphyry systems with widespread propylitic alteration of varying intensity overprinted by moderate to strong phyllic alteration. Potassic alteration is not well defined, likely due to the intensity of the phyllic overprint and relatively shallow depth of drilling. This alteration assemblage is consistent with the area of sparsely exposed alteration in the south part of the system. Petrographic work to assist in better defining alteration types is currently underway.
The Arikepay property consists of two claim blocks totalling 1,800 and 2,200 ha each. Arikepay is road accessible approximately 110 km south of the city of Arequipa, and lies 45 km south of the 3.5 billion tonne Cerro Verde copper-molybdenum mine (Freeport 54%, SMM Cerro Verde Netherlands 21%, and Buenaventura 19%) in southern Peru.
Cobriza conducted reconnaissance mapping and sampling in 2011 and reported that highly anomalous copper, gold, and molybdenum geochemical results were returned from strongly altered and leached rock samples collected from an area of sparsely exposed outcrop. Despite the previous drilling in the 1990s, Cobriza's exploration team felt that the area was under-explored and that potential for porphyry style mineralization existed beneath the gravel cover to the northwest of the outcrop.
In May 2012, immediately prior to the initial drilling program that defined the Arikepay discovery, Cobriza completed approximately 800 line kilometres of airborne magnetic surveying to guide the drilling efforts. |
