If the old saying, "We're number 2, we try harder," rings true, that must mean that Centenera Mining Corp. (CT:TSX.V; CTMIF:OTCQX) is trying hardest of all because one of its drill holes returned the third best copper intersection reported in the first quarter of this year.
The company announced on May 8 the final batch of drill results from hole 18-ESP-025 at the Esperanza Copper-Gold Porphyry project in Argentina's San Juan province. Results for the entire hole grade 0.57% copper and 0.27g/t gold; 0.78% copper equivalent. The mineralization remains open at depth.
Keith Henderson, Centenera's president and CEO stated, "In a global context, the complete results from drill hole 18‐ESP‐025 compare well with drill results from peer copper deposits reported in Q1 this year; the drill hole would have ranked number three only being exceeded by two deep copper deposits (see table below)."
"Looking at the comparison table it is important to remember that Centenera's drill intersection is the only one starting from surface. Other factors such as location with respect to infrastructure also upgrade the Esperanza intersection relative to deposits in more remote locations," Henderson noted.
According to the company, seven holes were first drilled in the Esperanza project in 2007–2008 and "all drill holes intersected significant copper‐gold mineralization."
Centenera noted the following highlights:
- Mineralization is outcropping at surface with a pyrite halo extending over a 1,400m x 850m area
- Drill holes generally intersected mineralization at surface
- Mineralization is open in all directions
- Majority of drill holes terminated in mineralization and are open at depth
- Several drill holes demonstrate increasing grade with depth
Centenera has caught the attention of Peter Epstein of Epstein Research, who wrote in March regarding the Esperanza project, "based on exploration to date, the significant grade, and thickness of reported intervals, management believes there could be hundred(s) of millions of metric tonnes of mineralization. The area of interest is already 1,400m by 850m. If strong grade and wide intervals continue to be found, the deposit could host billion(s) of Copper Equivalent (Cu Eq) pounds. Make no mistake, it's still early days, but there's a real possibility for substantial scale to be unearthed here."
"Delineating hundred(s) of millions of tonnes is not a sure thing, and it won't necessarily come in the maiden mineral resource estimate," Epstein stated. "However, historical exploration, combined with the current drill program, could provide further evidence of grade, scale and continuity that attracts considerable attention."
"Centenera Mining Corp. is sitting on what could be a major copper-gold asset in San Juan," Epstein concluded.
San Juan province is also home to McEwen Mining Inc.'s (MUX:TSX; MUX:NYSE ) Los Azules project; the company has reported an Indicated and Inferred resource of 29.6 billion pounds of copper, as well as substantial gold and silver resources.
Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Centenera Mining.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Centenera Mining, a company mentioned in this article.
Additional disclosure for Epstein Research as of March. 12, 2018