Copper - South Western USA
Utilising both the considerable knowledge of our lead geologists and the Freeport-McMoRan vast exploration database VANE has identified a number of potential porphyry Cu, Cu-Mo targets. These are being investigated further and a number of targets are likely to be added to the conveyor belt of exploration projects.
Overview:
- Low cost acquisitions provide access to high-value copper projects with rapid turn around
- Based on the density of known deposits found “outcropping”, should be a proportional number in “covered areas”
- 60% of the region is “covered”, giving potential for 30+ deposits to be discovered
- Region’s individual porphyry copper deposit gross value between $2.2B and $40B
- Target development underway in other areas
- Region accounts for 60% of US Production
Map of near-term copper exploration targets, October 2011
♦ Short-term targets ♦ Historical production ♦ Management involved in discovery
Southwest USA Porphry Copper Exploration
VANE's copper programme is focused on porphyry copper systems and based on the application of a number of proven techniques, many of which were developed and employed successfully during the time that two of the Directors were associated with a well-known copper expert during the 1970s and 1980s. These techniques involve acquisition and drill testing of a number of prospects in favourable areas as rapidly as possible and at low cost and the Directors were involved with a number of significant copper discoveries in this area.
These concepts were employed by VANE early in its history in conjunction with the Freeport-McMoRan data base and have recently been advanced and refined to incorporate current technology including published and proprietary geophysical gravity data as well as water well geochemistry, both of which are referenced to a Geographical Information System (GIS). This work has highlighted 24 untested targets in a region containing the highest known density of porphyry copper deposits in the world that produces 60% of the U.S.'s annual copper production.
Property positions have been established in six areas, Railroad, where drilling will follow McGhee Peak and Bouse, Peg Leg, Lone Hills and Cherry Creek. Target development is also underway in additional areas and all of the areas mentioned are focused on copper and gold. Four are located in southwest New Mexico; one is situated in Pinal County, Arizona, which is also an area known to have a high concentration of porphyry copper deposits. Bouse is a bulk disseminated copper-gold target located in western Arizona in an area also known for the occurrence of such systems.
The time required for permitting of drilling projects once a property position has been established continues to be a bottleneck, particularly in New Mexico. In an effort to minimize delays, the Company has contracted that part of the exploration program to a local service group specializing in the provision of those services.
The Company continues to believe that its best chance of success in its copper exploration program lies in testing a large number of virgin targets situated beneath post mineral gravel or volcanic cover in areas well known for the type of deposits we are seeking. Targets are selected on the basis of fundamental geologic criteria and tested as quickly and inexpensively as possible.