Drills already turning
At the end of May, Canadian Cerro de Pasco Resources (CSE CDPR / WKN A2N7XK) reaped the rewards of years of hard work and was granted the right to exploit the giant polymetallic project Quiulacocha in Peru. The opportunity to exploit these huge deposits is a truly transformative milestone for the small company. Thanks in part to substantial investment from mining legend Eric Sprott, CPDR has the capital to start working. And now things can really get underway, as it was announced today that the Peruvian Ministry of Energy and Mines has approved the start of exploration work in a truly historic decision!
To emphasize this once again: This is the first ever such permit in Peru related to a new mining exploration project within a waste rock dump! And Cerro de Pasco Resources, wasted no time, immediately installed the first drill rig and has already started the first phase of drilling at Quiulacocha!
Cerro de Pasco’s plan for Quiulacocha is to extract the metal still contained in the tailings while advancing environmental remediation. Originally, the tailings piles came from the mining of more than 16 million tonnes of copper-silver-gold mineralization with historical grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag, and later from the mining of more than 58 million tonnes of zinc-lead-silver bearing material with an average grade of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.
40 boreholes should be sufficient for official resource
As a first step, the company intends to carry out exploratory drilling on the spoil heaps. The experts from Ingetrol Comercial S.A.C have been engaged for this purpose and will drill 40 boreholes over a period of around eight weeks in order to obtain around 1,000 overburden samples, which will enable comprehensive data to be collected over the entire depth of the Quiulacocha overburden. Cerro de Pasco anticipates that this information, together with geophysical studies already underway to outline the underside of the tailings, will be sufficient to establish a 43-101 resource for Quiulacocha.
The necessary geochemical and metallurgical analyses of the samples taken will be carried out by Inspectorate Services Perú S.A.C., a Peruvian subsidiary of Bureau Veritas, and will not only enable the initial resource estimate to be made. They will also allow the company to determine the metallurgical methods for processing the Quiulacocha tailings.
Summary: Today's announcement by Cerro de Pasco Resources is truly historic, as it is the first drill permit for a new mining exploration project over tailings in Peru's history that was not granted in connection with a processing concession! And extremely exciting times are now dawning for Cerro de Pasco and its shareholders as the company begins to determine the true value of the Quiulacocha tailings. In parallel, according to CEO Guy Goulet, the "master plan" for the entire Quiulacocha tailings resource is being developed. The market and CPDR shareholders can therefore look forward to a steady, exciting news flow in the coming weeks and months!
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