Porphyry Copper Exploration Update
VANE Minerals plc today announces an update from their copper porphyry exploration programme in Southwestern U.S.A.
- Property positions established on 6 targets; New Mexico and Arizona
- Target development underway in two additional areas
- Drilling at McGhee Peak target to commence shortly with completion expected Q4 2011
- Railroad target to be drilled subsequently
VANE has focused its porphyry copper exploration operations in the Southwest Copper Porphyry Province of the USA, an area that contains one of the highest known density of porphyry copper deposits in the world, with individual porphyry copper deposit gross values of between $2.2B and $40B.
The Company has developed a pipeline of exploration drilling targets with an ongoing stream of projects being identified through the compilation of various geologic criteria; major mineral/deposit trends, mineral clusters at the edge of cover rocks, wide-spread areas of post mineral cover rocks, gravity data suggesting shallow cover rocks, Freeport-McMoRan data base, and NURE geochemistry. As of today the following land positions have been established, Railroad, McGhee Peak, Bouse, Peg Leg, Cherry Creek and Lone Hills, within the copper quadra-lateral of southwest New Mexico and southern Arizona. These areas are well known for the occurrence of bulk-disseminated copper-molybdenum deposits.
The Company currently has a drilling permit issued for its McGhee Peak property, with the Railroad property expected to be permitted in the near future. Drilling at McGhee Peak will begin shortly and, following completion of drilling scheduled in Q4 2011, the rig will be moved to Railroad. VANE's objective is to have a pipeline of projects capable of supporting the drilling of at least a target per quarter. Further areas have also been identified within Arizona and New Mexico and VANE is working to secure these new prospective areas in order to begin the permitting process.
VANE recently extended its Agreement with Freeport-McMoran Copper and Gold Inc. to 30 June 2013, which provides access to Freeport's extensive domestic and international exploration files which provide valuable information used in the target selection process.
David Newton, CEO, commented: "Within VANE's sphere of activities, the copper-porphyry exploration portfolio is one of the most exciting activities we are undertaking. Our primary objective is to identify which of these targets might hold significant amounts of copper in order potentially to delineate a major new copper-molybdenum deposit in one of the richest regions of the world for such mineralization. One of my key objectives as the new CEO of VANE is to drive forward the copper porphyry program and ensure that our Mexican precious metals production operations are maximized, thus allowing us the opportunity to discover a new porphyry copper system."