Porphyry Copper Exploration Update, USA
VANE Minerals plc (AIM:VML)
("VANE" or the "Company")
Porphyry Copper Exploration Update, USA
VANE Minerals plc announces the progression of the Porphyry Copper programme and completion of its drilling operations at the first two projects of its Porphyry Copper exploration programme. The programme is designed to test in an efficient and cost effective manner numerous porphyry targets identified utilizing the GIS system that the VANE geological team has developed. At this stage, a further 21 targets have been identified and remain untested. Land positions and drill permitting of additional projects are underway. With the extensive data based developed by the team and also following the extension of the Freeport database for a further two years, as announced on 8 July 2011, the board is confident of the success of the programme.
Granite Gap Project in Hidalgo County, New Mexico
Four holes were successfully completed to targeted depth, +/-500 feet, and analytical results of the cuttings and spot core samples have now been received and reviewed. The project was a success from the stand point that a large pediment area was confirmed but the intensity of the alteration/mineralization did not increase as would be expected if a porphyry copper center was being approached.
Yuma King Project in La Paz County, Arizona
Two holes were successfully completed to targeted depth and analytical results of core samples have now been received and reviewed. Having reflected on these results VANE management believes that the alteration and mineralization effects encountered are not sufficiently encouraging to justify the cost of access and further drilling in the steep terrain northeast of the Yuma King mine.
VANE's attention will be turned to another one of our covered area targets identified and further updates will be forthcoming.
Clark Arnold, director of geology, commented; "We have explored these projects in a cost effective manner and although at this stage the programme has not yielded the results we had hoped for we are confident that with the number of targets identified a new discovery is promising. The Freeport database agreement has been extended for a further two years and we will ulitise this and the GIS system we have developed in house to identify further copper targets in the region. We continue with our objective to expand our portfolio of porphyry copper targets and aim to drill 6 targets a by the end of the year".
For further information, please contact:
|
VANE Minerals plc |
+44 (0) 20 7667 6322 |
|
Matthew Idiens Allenby Capital Brian Stockbridge/Alex Price |
+44 (0) 203328 5656 |
|
Threadneedle Communications Laurence Read/ Beth Harris |
+44 (0) 20 7653 9850 |
This information is provided by RNS
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