Option over Ferris Haggerty copper deposit extended

02 January 2008 | 04:44 Code : 16430 Geoscience events
Black Range Minerals Ltd has extended its option to earn up to a 90% interest in...

  Black Range Minerals Ltd has extended its option to earn up to a 90% interest in the Ferris Haggerty Copper Deposit in Wyoming, USA by a further twelve months. The company now has until December 11, 2008 to complete due diligence on the project.Mike Haynes, the company’s managing director, said that the decision to extend the option follows the completion of a three hole diamond core drilling program. Encouraging results were returned, with significant intersections including 2.2m at 5.04% copper, 1.21g/t gold and 5.95g/t silver; 0.4m at 1.72% copper, 0.11g/t gold, >10,000g/t silver and 0.16% nickel.“Results confirm the presence of high grade base and precious metal mineralisation,” said Mr Haynes. “Unfortunately drilling difficulties precluded the evaluation of the down-dip extension of the deposit, so mineralization remains open at depth.”The results returned are sufficiently encouraging to warrant further drilling. The company is now making arrangements to commence another drilling program during the second quarter of 2008.The Ferris-Haggerty Copper Deposit was discovered in 1897 and was brought into production the following year. Two shafts and several adits were used to explore and develop the deposit to a depth of approximately 200m. The main orebody averaged 8m to 10m in width, but was up to 20m wide in places. The orebody graded 6% to 8% copper and 3g/t to 4g/t gold. Mineralisation remains open at depth.Historic mining focused almost exclusively on the upper portion of the orebody. Weathering resulted in depletion of copper in the shallowest portions of the orebody, substantially enriching the upper zones. Grades in this upper zone averaged over 20% copper. Mining operations ceased in 1908 when fire destroyed the mines’ processing facilities and a drastic decline in copper prices precluded the viability of rebuilding the facilities. Records indicate that approximately 50,000 tonnes of ore were extracted at an average grade of 20% copper prior to the mines’ closure. No mining or exploration has been undertaken at the project subsequently.

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