Copper Giant Resources (TSX-V:CGNT) has reported deep drilling results that extend mineralisation below the current conceptual pit at its Mocoa copper-molybdenum project located in Colombia’s Putumayo Department, approximately 10km from the town of Mocoa.
Deep infill hole MD-064 returned 1,052m of mineralisation, including 486m grading 0.57% copper equivalent (0.41% copper and 0.029% molybdenum), exceeding the current mineral resource estimate average of 0.51% copper equivalent.
The hole also delivered the first modern confirmation of the western breccia system, establishing a third drill-tested mineralised breccia corridor at Mocoa alongside the existing central and eastern corridors.
Directional daughter hole MD-063 extended continuous mineralisation below the current conceptual pit through ground previously modelled as waste.
The hole returned 808m of 0.31% copper equivalent (0.20% copper and 0.021% molybdenum) from the kick-off point, including 303m of 0.41% copper equivalent starting from 541m downhole.
“These two holes do something more valuable than chasing a high number. MD-064 confirms the continuity and grade of the deposit across more than a kilometre of core, which leads us to believe the resource model we will build the Preliminary Economic Assessment (PEA) on is sound,” VP of Exploration Edwin Naranjo Sierra says.
“MD-063 shows the system continuing below the current pit, in ground we had modelled as waste, and the first modern confirmation of the western breccia tells us Mocoa is a larger, multi-centre system than the current resource captures.“
The results validate the geological model behind the company’s 1.12 billion tonne inferred resource containing 12.7 billion pounds (Blb) of copper equivalent, including 7.7Blb of copper at 0.31% copper and 1.0Blb of molybdenum at 0.039% molybdenum.
Copper Giant Resources controls more than 128,300 hectares of tenure covering a significant portion of the Jurassic porphyry belt within the northern Andes.
Mineralisation remains open toward the La Estrella target area, where the company’s third drill rig is conducting maiden drilling.
The results increase geological confidence in the resource model and set expectations for potential additional resource growth ahead of the PEA.
Write to JC Villarba at Mining.com.au
Images: Copper Giant Resources
