Copper Standard Resources (CSE: CSR) has begun a 5,000 metre drill campaign at its flagship property in Peru.
The program will focus on the Colpayoc Project, found in the Yanacocha Mining District. The program, deemed a phase one program, will consist of 18 holes that will focus on a potential copper-gold porphyry, while aiming to expand the current resource that exists. Drill holes will be conducted to a depth of 200 metres on average, with two holes aiming to extend to depths of 400 metres.
“Previous drilling ended in phyllic alteration with anomalous gold and copper, indicating potential proximity to a porphyry copper/gold system. Phase I drilling will not only establish the potential of the oxide gold mineralization at depth but will provide important guidance for expanded exploration of the underlying porphyry system in Phase II drilling,” commented Chairman Andy Swarthout.
The potential porphyry is believed to exist under the current oxide gold cap that is known to exist at the project, where the company has an inferred mineral resource of 305,000 ounces at 0.48 g/t gold. The two deep drill holes are intended to intersect the potential porphyry, with the goal of intersecting enriched copper and copper-gold.
A potential phase two drill program is to follow the phase one program, dependent on the results of phase one drilling. The planned programs are said to be fully funded.
Copper Standard last traded at $0.40 on the CSE.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
