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Cerro Cori Copper-Gold Property ("Cerro Cori"): The Cerro Cori property covers 3,994 hectares and is located east of the mountain town of Puquio, south of the paved highway from Nazca to Cuzco. From the highway, the property is reached via a gravel road. Accessibility is excellent which will facilitate advancing exploration.
The property lies within a large mineralized district and encompasses a 5x4 km zone of pervasive silica-alunite alteration, localized in the center of a caldera. Over one hundred polymetallic occurrences are distributed along the caldera margin with the past producing Monica Lourdes gold mine located 6 km west of the property boundary.
The present model suggests this silica-alunite alteration represents a high sulfidation lithocap associated with a high sulfidation, epithermal gold-silver system that could be underlain by porphyry style copper-gold mineralization.
In April 2007 Southern Peru Copper signed an earn in agreement on the property where they can earn up to 75% interest in the project by paying Canadian Shield's 90% owned subsidiary - Gallant Minerals, US$1.5 million in cash over 30 months and spending US$3.5 million in exploration over 60 months. Effective initiation date of the option was July 25, 2007.
The property was explored in the late 1990s by North Mining Ltd., which led to drill target selection and road construction. No drilling was completed after North was purchased by Rio Tinto Zinc and their licenses were cancelled.
Regional geology, alteration and distribution of mineral occurrences in the area are consistent with basic zonation schemes modeled and generally accepted by exploration geologists. The relative ease of access and favorable geology make Cerro Cori a high ranking gold-silver-copper exploration play.
Southern Copper Corporation has completed a 9 hole, 3,428 metre diamond drilling campaign on the Company's Cerro Cori Property located in the Department of Ayacucho in southern Peru.
Significant intersections from the program are:
| Drill Hole |
From |
To |
Length (metres) |
Copper % |
| CO-03 |
126 |
174 |
48 |
0.36 |
| Including |
132 |
156 |
24 |
0.58 |
The mineralization in hole CO-03 appears to be stratigraphically controlled occurring in a porous, fragmental pyroclastic volcanic rock variably altered by silica and clay. Copper minerals comprise covelite and bornite with a trace of chalcopyrite. No appreciable precious metals were recognized in any of the nine core holes.
Based on the limited success of the drilling, Southern Peru has terminated the option and return all property rights to Canadian Shield. It is the opinion of the Canadian Shield technical staff that there remains untested mineral potential on the property.
Report
Property Fact Sheet
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