Elementos’ (ASX: ELT) Mercedes Project in northern Chile is revealing its high grade copper potential with 75% of geochemical samples assaying above 1%, including peak assays of up to 9.79% copper.
At the Mercedes prospect the majority of the samples contained more than 1% copper, including peaks of 7.3% copper and 53 grams per tonne (g/t) silver.
Most samples from the Elvira prospect contained more than 1% copper, including peaks of 9.79% copper, 37.3g/t silver, 38g/t molybdenum and 100g/t tungsten.
The Pamela mine, within the Elvira prospect, returned grades of 4.81-6.65% copper in mined material and 9.79% copper from outcrop.
Importantly, the high grade tungsten indicates close proximity to a porphyry source.
A single sample from the Maria prospect contained 1.37% copper, while samples from the Marcelita prospect contained peaks of 5.11% copper with 620 parts per million lead and 345 parts per million zinc.
The consistently high grades, from both the high-angle structures and mantos at the Mercedes prospect, highlight the potential for a significant volume of near-surface copper oxide mineralisation across the project.
The presence of anomalous gold, molybdenum and tungsten at Elvira indicates a probable igneous source for the mineralisation.
This further supports the potential for porphyry mineralisation at shallow to mid-levels in this prospect.
Elementos has also begun an aero-geophysical survey comprising 3,153 line-kilometres, flown at a 125 metre line spacing and 100 metre nominal height. The program will cover most of the 29,789 hectare project area.
The survey should take six days, with the results available within one month.
The continuation of the surface sampling, the ongoing geological mapping and the recently commenced airborne geophysical survey should provide a rapid indication for the size and extension of structures and bodies, as well as defining geological models for drill testing in the short-term.
Last week Elementos secured an option to acquire a 90% interest in the Mercedes Project, which is located close to a cluster of world-class porphyry deposits 60 kilometres east of the Chiquicamata mining district.
Mercedes comprises 8,589 hectares of mining concessions and 21,200 hectares of exploration permit applications near to a region hosting large mines and deposits including BHP Billiton’s (ASX: BHP) 64 million tonne at 1.01% copper-oxide and 222 million tonne at 0.91% copper sulphide Spence mine.
The Atacama region is one of the largest copper producing areas, located centrally within the prolific northern Chile copper belt.
Mercedes contains structurally hosted, copper oxide mineralisation on surface with associated stratabound mantos in a volcanic sequence.
The average grade of mined copper oxide material in 2011 was 1.6%. Five selective samples assayed between 0.7-3.1% copper in different mineralogical environments across the project area.
Initially, exploration activities will focus on the copper oxide target at Mercedes and the porphyry targets at Elvira.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/25327/elementos-geochemical-sampling-returns-up-to-979-high-grade-copper-at-mercedes-in-chile--25327.html