The Sierra Valenzuela copper property of Minera Rayrock (TSE) in Chile was tested this year by the drilling of shallow holes into the bedrock. The company drilled the oxide material to depths of 120 metres.
Grades averaged between 1% and 2.5% copper, and the geology and mineralization have been similar to that of the company’s producing Ivan copper property 40 km to the southwest.
Sierra Valenzuela consists of land and options totaling more than 250 sq. km. To date, 13 mineralized zones have been identified on the southern portion of the property, six of which were uncovered by Minera. The most recent additions are La Novia (formerly Pampa 4), Sorpresa and Gorro. The summer exploration program included followup work at Esperanza; three holes between Rosario and Madrugador, at the Gorro deposit; and a hole west of La Novia, at the Sorpresa deposit. At La Novia, widespread low-grade mineralization, with some narrow higher-grade sections, was uncovered. A preliminary reserve of 10-15 million tonnes grading 1.5% copper is estimated for Sierra Valenzuela, Minera says, one-and-a-half times the current minable copper reserve at Ivan.
The company is now concentrating on reserve definition at a portion of the property around Rosario, Esperanza, Porvenir and Gorro. It hopes to have a reserve estimate and a mining plan ready by early 1995.
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