ATERRA Metals (CSE: ATC) has published a maiden mineral resource estimate for its Totora copper-gold project in Chile, outlining 159.8 million tonnes of material across four near surface porphyry deposits.
The estimate was prepared by SRK Consulting at a base case cut-off grade of 0.20% copper. Highlights from the estimate include:
- Inferred resources of 159.8 million tonnes grading 0.51% copper equivalent (0.30% copper and 0.15 g/t gold)
- Containing 1,790.8 million pounds copper equivalent (1,067.3 million pounds copper and 792.9 thousand ounces gold)
The Frontera deposit carries roughly half the tonnage and the best grades, with 81.5 million tonnes at 0.34% copper and 0.19 g/t gold for 603.7 million pounds of copper and 496.8 thousand ounces of gold. Totora, Algarrobilla and Clinton make up the balance. Clinton is the smallest at 16.0 million tonnes but holds the highest gold grade of the group at 0.22 g/t.
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Mineralization is hosted in Cretaceous dioritic porphyries and breccias along a northeast-southwest structural corridor, with chalcopyrite as the main copper mineral and only a thin oxide component at surface.
“Since finalizing our option agreements earlier this year, we have integrated a substantial body of historical drilling with the results of our Phase I program to establish an Inferred Mineral Resource of 159.8 million tonnes containing more than one billion pounds of copper and approximately 793,000 troy ounces of gold,” said chief executive officer Carl Hansen.
Phase II drilling will target extensions of Frontera and its higher-grade core, step-outs along the Totora system and infill work to tighten drill density. The program will also collect samples for the project’s first metallurgical tests and examine untested targets on the property.
Totora sits in the Dos Amigos mining district, adjacent to Compañía Minera del Pacífico’s Pajonales deposits and near Hot Chili’s La Verde discovery, with access to the Pan-American Highway and high voltage power. ATERRA holds the ground under option agreements.
ATERRA Metals last traded at $0.06 on the CSE.
