PacMag Metals has identified and secured a porphyry copper project in the US state of Arizona, which includes 50 unpatented lode mining claims.
The Meadow Vally project is situated in the Laramide porphyry copper province that contains significant copper deposits and stretches from Arizona to adjacent parts of New Mexico and Sonora.
PacMag chairman Mike Joyce said that the project is a low cost, low risk opportunity that will help give the company further exposure to the buoyant global copper sector.
“Potential exists for the delineation of a major porphyry copper deposit at this underexplored property in a pro-mining jurisdiction,” Joyce said.
“The opportunity has arisen because the historic drill records for the project are not publicly available and no significant exploration is thought to have occurred on the project since the mid-1970’s,” he added.
In 1974-75, limited drilling was executed at the property by Texas-based oil firms, which intersected copper sulphides in five of the eight holes drilled, PacMag said.
PacMag will conduct ground-based geophysical surveying and geological mapping programmes to guide the deign of an initial drill programme.
The surface geology of the project area’s northern part is a diorite to granodiorite stock intruding Palaeozoic thick-bedded limestone of possibly Devonian to Mississippian age, the company said.
The project area’s southern part is overlain by a thin basalt-flow cap beneath which lies the copper mineralised porphyry intrusive intersected in the 1974-75 drilling programme, the company said.