Update on Copper Properties
VANE Minerals plc (AIM:VML)
("VANE" or the "Company")
Copper Exploration Drilling to Commence, Lordsburg, New Mexico
Highlights:
· Permitting process complete for drilling at the Lordsburg copper project
· Drilling contractor mobilized and expected to commence operations within 10 days
o Six widely-spaced holes will be drilled on projected trend
o Test underlying bedrock for anomalous copper mineralization
VANE Minerals plc announces that their wholly-owned subsidiary AVEN Associates LLC has successfully completed the permitting process for their drilling program at their Lordsburg project in Hidalgo County, New Mexico. Del Rio Drilling & Pump was the successful bidder on the project and will shortly be mobilizing from their base in Chino Valley, Arizona.
Initially, six widely-spaced holes will be drilled on projected trends in order to penetrate the overlying alluvial gravels and test the underlying bedrock for anomalous copper mineralization. This type of prospecting for porphyry copper deposits, based on extrapolation of exposed or outcropping geologic features beneath gravel cover, is frequently used in districts where exposures have been thoroughly examined and tested using modern prospecting techniques. The method has been shown to be relatively inexpensive and has proven effective in both the southwestern U.S. and Chilean porphyry copper provinces.
Copper production from the southwest USA, southern Arizona and southwestern New Mexico, accounts for over 60% of all USA copper production. Of the approximately 30 known and worked deposits, the majority occur in outcropping pre-mineral rocks yet 2/3 of the southwest copper province is covered by post mineral rocks, gravels and/or younger Tertiary volcanic rocks. Lordsburg is located in this region and was identified through VANE's exclusive access to the Freeport-McMoRan exploration database, which covers nearly 100 years of exploration data around the world. VANE has significant copper exploration experience on its board in conjunction with its uranium expertise. Steve Van Nort, CEO, of VANE is a Former senior VP Freeport-McMoRan Global Exploration. Clark Arnold spent 17 years with the Lowell Mineral Exploration group and was also a consultant to Freeport. Members of VANE's exploration team were on the discovery teams for projects including Casa Grande West/Santa Cruz, Big Gossan, Limbah Tembaga, Kucing Liar and Wabu Gold. In addition to these primary discoveries the team were instrumental in significant expansions at the Grasberg copper/gold mine.
Steve Van Nort, VANE's CEO commented: "Today's successful permitting marks the beginning of exploration drilling by VANE at the Lordsburg project. We have identified Lordsburg as a key copper exploration target following analysis of the Freeport database and geological mapping. Of the 30 or so known and worked deposits in Southern Arizona and New Mexico, the majority occur in outcropping pre-mineral rocks yet 2/3 of the southwest copper province is covered by post mineral rocks, gravels and/or younger Tertiary volcanic rocks. Geologically speaking there is no reason why the density of porphyry copper deposits should be greater in the pre-mineral outcropping areas versus the area covered by post mineral rocks. Areas of post mineral rocks have had far less exploration carried out over them thus the odds of finding a shallowly buried porphyry copper deposit are still pretty good. The odds indicate that if one explores 10-20 post mineral targets, at least one porphyry copper deposit will be found."
For further information, please contact:
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VANE Minerals Plc |
+44 (0) 20 7667 6322 |
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Matthew Idiens
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Arbuthnot Securities |
+44 (0) 20 7012 2000 |
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John Prior /Richard Johnson
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Threadneedle Communications |
+44 (0) 20 7653 9850 |
Laurence Read/ Peter McCready
This information is provided by RNS
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