Infinitum Copper Corp. (INFI.TSV.V) is using unexpected clues from diamond drilling results at its La Adelita project in the Sonora and Sinaloa states of Mexico to help pinpoint where to sink the next holes.
The company released assay results from two more of its 12 holes Thursday, showing that in the four holes analyzed so far the highest grade copper-gold-silver mineralization has been associated with semi-massive to massive magnetite, which is much easier to detect remotely.
In a Sept. 17 post, Caesars Report newsletter editor Thibaut Lepouttre called one of the holes from La Adelita “exceptional,” and said the magnetite discovery was a “bonus.”
“The combination of semi-massive magnetite with high-grade Cu-Au-Ag (copper-gold-silver) mineralization should be detectable with detailed magnetometry,” he wrote. “Infinitum Copper is planning to complete a detailed magnetometer survey after the vegetation in the area dies again.”
A series of “strong conductive anomalies” found during a geophysical survey last spring will help Infinitum target its next holes, the company stated. It plans to build trails to allow vehicle access to those areas.
Magnetite is “a really good Pathfinder to have from an exploration perspective, because it is so strongly ferromagnetic you can easily do a very simple magnetometer survey over the area and it helps you identify those areas that have more magnetite,” Infinitum President and Chief Executive Officer Steve Robertson told Streetwise Reports. “If the copper, gold, and silver is strongly associated with it, then you're going to increase your chances of finding more of (it) by just exploring those areas.”
Lepouttre said the results released this week were “good in any setting.” Results from eight holes are still pending and could pinpoint even more magnetite.
Out of the two holes released this week, hole AD-22-0019 was the most impressive. It returned 32.25 meters of 1.01% Cu, 0.52 grams per tonne (g/t) Au, and 39.69 g/t Ag, or 1.74% copper equivalent (Cu Eq) starting at 36.65 meters downhole in the Cerro Grande zone.
In previously released results, another hole intersected 20.6 meters true width of 1.915% Cu, 3.71% Cu Eq, 2 g/t Au, and 40.91 g/t Ag starting at 163.15 meters downhole in the Cerro Grande Zone.
The results give the company multiple directions to go for future drilling at La Adelita.
“The higher gold values to the south and strong geophysical anomalies that are untested near surface and at depth give us a plethora of worthy targets, so we are full of anticipation for our next round of drilling,” Robertson said.
The Future of Copper
Copper conducts heat and electricity and is helping to drive the new green economy. Electric Vehicles (EVs) use three times as much of it as combustion engine cars do, and solar panels require it, as well.
Demand is expected to rise 16% and outstrip supply by more than 6 million tonnes by the end of the decade, according to independent energy research company Rystad Energy.
New uses are popping up all the time, including in the biomedical industry, where copper’s antibacterial properties are prized.
The U.S. Geological Survey estimates there are 3.5 billion metric tons of copper on the planet.
“However, only a fraction of this geologic resource is economically viable at present-day prices and using current technologies,” S&P Global said in a recent report called “The Future of Copper.”
It can take more than decade to develop a new mine, so any needed growth in capacity will likely come from a combination of expanding existing mines and progress in opening mines currently under development.
An Excellent Neighborhood
La Adelita is 6,446 hectares and made up of seven mining claims. The company has identified three zones of significant copper, silver, gold, and zinc mineralization at the Cerro Grande Footwall, Las Trancas, and Pericos zones.
It’s in an excellent neighborhood, as well. Just 5 kilometers away is the past-producing silver mine Alamo Dorado, and the copper-producing Piedras Verdes mine is 60 kilometers northwest.
The company started its two-phase, 9,000-meter drilling campaign at the project in March. Results from the remaining holes of Phase 1 are expected in the next few weeks. Phase 2 will be 6,000 meters of drilling set to begin after the rainy season ends.
That drilling will target follow-ups from Phase 1, mineralization identified in the ongoing trenching program, prospective anomalies generated by the geophysical survey, and extension of known zones.
The company is looking for the extension of the high-grade copper, gold, and silver mineralization of the Cerro Grande zone and the recently discovered Cerro Grande Footwall zone. Mineralization there consists of chalcopyrite, bornite, and covellite.
Magnetite content is estimated to be from 15% to 75% over the 20.6-meter length of hole AD-22-0018, and iron values average 24%.
The company is working toward eventually having a resource estimate for the site.
Ownership and Share Structure
Infinitum has 45.6 million shares outstanding, 23 million of them free floating, according to the company. Among its major shareholders are Minaurum Gold Inc., which owns 13%; insiders including directors; institutional investors including MCM and Terra Capital; and retail investors.
Its market cap is CA$7.63 million, and it trades in a 52-week range of CA$0.52 and $0.13.
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