Chile is definetelly an elephant country, at least as far as Cu deposit goes, see below news from Rio Algom that found a huge copper deposit at 1% grade ( Rio is a major whose price went up 4 dollars in the last few days)....I sugggest you call International PBX and ask for a package, take a look at how they describe their property and you will see a lot of simmilarities with Rio Algom's property, the differences between ROm and IVU:
ROM - 55 Millions share, $34/sh
IVU - 5 Million Shares, $1.74/sh
I realize that I am comparing apples with oranges, but if IVU hits, it will really fly. Apparently 30% of the stock is owned by the Geologist owners of the company and a good chunk of the the recent buying came as a result of the San Francisco Gold Show where most of the people that showed interest were also Geologist. If someone has a Geologist friend, please give him the info and ask for his opinion, I would be very interested to hear an independent opinion.
Rio Algom Limited - News Release
Major copper deposit discovered in Chile
Rio Algom Limited ROM
Shares issued 55,620,783 Jan 8 close $31.00
Thu 9 Jan 97 News Release
Mr Gordon Gray reports
The company has discovered a major copper deposit in northern Chile
approximately 140km northeast of Antofagasta on the highway to Calama. The
discovery, called the Spence deposit, is on claims held by Compania Minera
Riochilex SA, a 100% owned subsidiary of Rio Algom.
A recently concluded program of diamond drilling of more than 24,000 metres
in 81 vertical holes spaced at 200 metres and 6 angle holes, to an average
depth of 280 metres has outlined an inferred resource estimated at
approximately 350 million tonnes averaging 1% copper. The deposit also
contains minor values in silver, and molybdenum. Based on drilling to date,
it appears the deposit will be amenable to open pit mining and to
conventional metallurgical treatment.
The deposit is covered by gravel and leached rock ranging in thickness from
50 to 145 metres. Typical of many Chilean copper deposits, there is an
oxide cap amounting to approximately 12% of the total resource, underlain
by an enriched sulphide zone, grading into primary sulphides at depth. The
discovery is comprised of two adjacent zones centred on granitic porphyries
intruding sediments and volcanics.
A program of 100 metres spaced diamond drill holes and preliminary
metallurical testing will commence this month to upgrade this inferred
resource to a proven and probable reserve in preparation for a feasibility
study which is currently expected to commence in the second half of 1997.
The Spence deposit is named in honour of Colin Spence, Rio Algom's former
western Canadian exploration manager who was killed in a tragic incident in
the Philippines in June 1996.
The Spence deposit is at an elevation of 1,700m, on a major highway, close
to cities of Antofagasta and Calama. It has the potential to produce copper
at a rate greater than the company's successful Cerro Colorado mine which
will reach a level of 220,000,000 pounds of copper per year in 1998. |
