Pan Asia Metals (ASX:PAM) is preparing for the first phase of a reverse circulation drilling program at the Rosario Copper Project in Chile, after completing an initial fieldwork program.
The $11.33 million market capitalisation company is in discussions with contractors, with the aim of kicking off drilling in November 2024.
Drilling targets will be prioritised after collating geochemical and induced polarisation results.
This news comes after Pan Asia completed the first pass geochemical exploration program at Rosario, which comprised 316 samples.
The program identified strong visual copper indications with many samples containing visible green and blue secondary copper minerals.
Managing Director Paul Lock says initial observations from this fieldwork program provides “compelling” support for the work conducted by previous explorers.
The observations from old mine workings indicate the potential for “high-grade lodes and lower grade halos”.
“The program yielded many rock chip samples of green (malachite) and blue (chrysocolla) secondary copper minerals, as well as some copper sulphides, which is pleasing,” Lock says.
“We have plenty of walk-up drill targets across the project and we are targeting drill rig mobilisation in November. The geophysics program is going well, we are hoping to see good deep oxide zones, which we expect to be amenable to simple heap leaching operations.
“The underlying fundamentals of the copper market continue to provide price support, with copper near US$10,000 per tonne at the moment. For PAM, its entry into Rosario could not have been timed better.”
The initial results from the soil and stream sediment sampling is anticipated to be returned in two weeks.
Meanwhile, the induced polarisation survey is ongoing and is expected to be completed this week.
The Rosario Copper Project lies in Chile’s central copper belt, 10km north of the El Salvador copper mine, which has been in operation since 1959.
Pan Asia Metals is a battery metals company focused primarily on lithium and copper exploration and development projects in Southeast Asia and South America.
Write to Aaliyah Rogan at Mining.com.au
Images: Pan Asia Metals
