VANE confirms that it has drilled a copper-molybdenum porphyry system at its McGhee Peak project.
Drilling continues at McGhee Peak which is located on the Hillsboro-Chino-Tyrone-Bisbee porphyry mineral trend in southwest New Mexico. The drilling has discovered two mineralised targets located approximately one mile apart within a clearly identified porphyry system, containing copper, molybdenum and zinc.
- Two rotary holes completed with a third being re-drilled
- Mineralised copper, molybdenum and zinc (Mo Zn Cu) porphyry system encountered
Copper values in the range of 300-600 ppm
Zinc values greater than 200 ppm
Visible molybdenite encountered in hole subsequently lost due to caving and therefore being re-drilled
- Further drilling being undertaken to determine if economically viable higher grade mineralisation is present
David Newton, CEO of VANE, commented:
"These are encouraging results, showing a mineralised porphyry and confirming our geological theory that the porphyry systems that have been successfully discovered and mined at surface in this part of the U.S., also occur at depth. Further drilling is required over the coming months to confirm whether this porphyry has economic potential. This successful drilling result at what is only our third project on this very favourable mineral trend gives us confidence of further exploration success in our remaining projects. "
Three McGhee Peak holes have been drilled and are in various stages of completion. Holes MP-2 and MP-3 are located in the north target area approximately half a mile apart. Both holes intersected a silicified porphyry intrusion with encouraging alteration and vein-type copper, molybdenum, tungsten and zinc mineralisation.
Hole MP-2 intersected anomalous copper values in the range of 300-600 ppm to a depth of about 380 feet. Higher zinc values greater than 200 ppm were found below a depth of about 580 feet. This hole (MP-2) is presently being deepened in order to pursue visible Mo-Zn-Cu mineralization observed near the depth of 1,300 feet. Hole MP-3 also intersected the underlying porphyry body. Assay results are pending from this hole, which showed visible indications of zinc and weak molybdenum mineralisation to its completed depth of 1,508 feet.
Hole MP-1, located approximately 1 mile to the south, was designed to test the southern mineralised target area. The hole was lost at a depth of 360 feet. Encouraging alteration with anomalous copper and visible molybdenite was encountered before bad ground conditions prevented continuation of the hole. A plan is in effect to re-drill the hole in order to test the projected porphyry target below 1,000 feet.
Results to date from drill hole and surface geology/geochemistry/geophysics are encouraging, in that a larger mineralised porphyry system encompassing both the north and south target areas is indicated. The discovery of a large mineralised porphyry system is the first step in VANE's copper exploration program. This will be followed by vectoring within the large porphyry system to determine if economically viable higher grade mineralisation is present.
The rotary drill currently working at McGhee Peak will be moved to our next copper target once the re-drilling of hole MP-1 is completed as additional drill holes will require permitting. Permitting of the additional holes at McGhee Peak is underway and bids on the diamond drilling required for the vectoring holes are being evaluated.