Promesa finds possible copper porphyry system in Peru
Published 01-MAY-2014 11:22 A.M.
|
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Promesa Limited (ASX: PRA) says it’s found strong evidence of a potentially very large copper porphyry system at its at Alumbre project in northern Peru.
Drill cores show potential for huge porphyry system
PRA has mapped out a large geophysical anomaly at its copper-gold-molybdenum Alumbre project, 70km southeast of the coastal city of Trujillo, and a 2,200m diamond core drilling programme is underway to map and measure it.
Four drill holes have been completed and analysis of a drill core sample from hole ALDD14004 shows an intersection with a large Potassic zone of mineralisation.
PRA says it’s found fine grained copper and molybdenum mineralisation represented by Chalcopyrite, Bornite and Molybdenite – all of which points strongly to the presence of a large porphyry system – huge deposits of copper, gold and molybdenum.
The drill cores from each of the first four holes will be sampled and assayed once logging is complete. PRA says “the geological information from this drill hole will greatly assist in further defining the geological model and target future drill holes.”
Drilling is continuing for a fifth hole and PRA says it will release its results as soon as they come to hand.
Stage two drilling programme set to start
PRA wants to drill up to 5,200m of its Alumbre project over three stages. With stage one showing strong evidence for a large porphyry system preparation has begun for the next round of exploration.
Once all three stages of drilling have been completed, PRA says it hopes to have a raft of copper-gold-molybdenum porphyries mapped out so it can develop plans to mine them.
PRA’s activities
PRA has two copper-gold-molybdenum projects in northern Peru, Alumbre and Quinual, where it has completed a number of geological surveys to identify porphyry targets.
Copper, gold and molybdenum (which is used to strengthen steel) are the most common elements PRA is hunting at its prospects.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
