Santiago Precious Metals to acquire copper-gold project in Chuquicamata

Región Metropolitana/SANTIAGO - Santiago Precious Metals announced that it entered into a buy-in to acquire the 2,807-hectare copper-gold property located in Chuquicamata.

Santiago Precious Metals said concessions overlie a large copper-gold-molybdenum-bearing porphyry system which has been only partially tested by two diamond drill holes previously.

Santiago Precious Metals analysts stated that historical information revealed that two of the drill holes intersected a potassic altered granodiorite porphyry including drill hole which returned 1,194 meters grading 0.52% copper, 0.24 grams per tonne gold and 36 parts per million molybdenum.

Santiago Precious Metals’ Chief Operations Officer, Mr. Francisco Joaquin Montero said “While prior operators focused largely on the near-surface potential, it wasn’t until recently that the porphyry potential of the property was recognized.”

“Deeper seated systems represent the next stage in copper-gold porphyry mine development with major mining companies now exploring and developing bulk tonnage underground mines. We are eager to start a systematic exploration campaign with the goal of defining the full potential of Chuquicamata area,” added Francisco Joaquin Montero, Chief Operations Officer of Santiago Precious Metals.

Santiago Precious Metals
Planta 4, Serrano 25
Santiago
Región Metropolitana
Chile

Santiago Precious Metals is a precious metal exploration and mining company focused on generating continued value for our shareholders through discovery, development and capitalization of deposits of precious metals such as gold, silver and platinum group metals.

Santiago Precious Metals combines conventional exploration methods with innovative techniques developed by Santiago Precious Metals’ team of industry specialists. Santiago Precious Metals conducts comprehensive searches utilizing satellite imagery, topographical mapping and aerial surveillance to identify areas with the geographic and geological characteristics frequently found in major gold, silver and platinum group metal producing areas.

Santiago Precious Metals combines our comprehensive search capabilities with a range of detailed on-the-ground exploration techniques, including sampling rock composition, water sediment testing and core sample analysis. This enables our exploration specialist to target the localities with the highest likelihood of containing high concentration of precious metal deposits.

This release was published on openPR.