Drilling Approvals Update, Copper Targets, USA
22 March 2011
VANE Minerals plc (AIM:VML)
("VANE" or the "Company")
Drilling Approvals Update, Copper Porphyry Targets, USA
VANE Minerals is pleased to announce successful permitting of its drilling programme on the Yuma King Project, near the Yuma King Mine in western Arizona. Exploration drilling permits are also being secured at three other prospective projects in the copper exploration portfolio held by VANE. The Company intends to identify and delineate new porphyry copper systems across the southwestern copper belt of the United States, an area which accounts for some 60% of the U.S.A. annual copper production.
Highlights: Copper Exploration Projects, southwestern copper region, USA
· Permitting for exploration drilling secured for Yuma King
o Site preparation expected to begin within 10 days
o Drilling anticipated to commence early Q2 2011
o Initial 2 hole programme of 300-600 meters based on historic copper-molybdenum intersections, geologic and geophysical surveys
· Granite Gap project, New Mexico in final stages of permitting for drilling
o Drilling anticipated to commence early Q2 2011
o Exploration program based on favorable geology/geochemistry projected under shallow alluvium
· McGhee Peak, New Mexico. Permitting process in motion
· New Acquisition of Railroad Project, New Mexico
o Permit application process commenced
At the Yuma King copper project, final approval for exploration drilling has been received from the U.S. Bureau of Land Management. Road repair and site preparation is expected by the Board to begin within 10 days. A drilling contractor is presently being mobilised and the Board anticipates that drilling will commence in early Q2 2011. The Yuma King drilling programme has been formulated following a review of historic exploration work as well as geologic field work carried out by VANE. Previous drilling by the Big Bar Resources, Inc. exploration group intersected disseminated copper and molybdenum mineralization of the sort associated almost exclusively with porphyry copper systems in the Southwestern Porphyry Province.
The Granite Gap project in southwestern New Mexico is located within the Hillsboro - Bisbee porphyry trend and is in the final stage of permitting. Drilling at Granite Gap will target favorable geology beneath shallow post-mineral cover rocks, and will either run concurrently with or follow closely the drill programme at Yuma King. The McGhee Peak project, also in this favorable mineral trend, is part way through the permitting process. Additionally a property position has recently been established in a nearby area known as Railroad, also on the southwestern New Mexico mineral trend.
CEO Steve Van Nort commented "One of the core strategies at VANE is to use the Board's experience working in the copper exploration industry and to pursue highly prospective targets in the world class copper region located in the southwestern United States. With permits secured at Yuma King and other priority projects well advanced in the approval process, VANE expects to conduct a number of exploration drilling campaigns to identify new copper porphyry deposits under shallow post mineral rocks. My belief is that, to date, only the outcropping potential of the region has been tested and significant undiscovered mineralization exists beneath post-mineral rocks which make up 2/3 of the surface exposures in the Southwest Porphyry Province. I look forward to updating our shareholders as results from our drilling programmes as they become available."
For further information, please contact:
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VANE Minerals plc |
+44 (0) 20 7667 6322 |
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Matthew Idiens Allenby Capital Brian Stockbridge/Alex Price
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+44 (0) 203328 5656 |
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Threadneedle Communications |
+44 (0) 20 7653 9850 |
Laurence Read/ Beth Harris
This information is provided by RNS