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Updates on the Haquira Project
For the latest updates on the Haquira project, please visit our Press Releases page.
(last updated on 29/04/2008)
The Haquira project is located approximately 75 km to the southwest of Cuzco, Peru  in the Apurimac Department of southern Peru. The centre of the property is located at approximately E786000 and N8433000 (Zone 18S), in the emerging middle Eocene to early Oligocene Andahuaylas-Yauri copper-gold porphyry/skarn belt which hosts the Tintaya copper-gold skarn mine (Xstrata Copper), the Las Chancas copper-gold porphyry deposit (Southern Peru Copper Corp.), the Las Bambas copper-gold skarn deposits (Xstrata Copper), as well as numerous other copper-gold-molybdenum porphyry and skarn occurrences.
The Haquira project offers potential for a low-strip, low-cost SX-EW operation in southern Peru as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum deposit. The project is located contiguous to, and immediately outh of, the Las Bambas Cu-Au district where Xstrata Copper has committed to invest US$121 million. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. (“Phelps Dodge”) to acquire a 100% interest in the Haquira project by completing optional payments totalling US$15 million over a five-year period.
Antares recently announced an updated resource estimate for the near-surface, SX-EW amenable portion of the Haquira project (October 09, 2007) and is in the process of completing the corresponding 43-101 technical report which will also include a preliminary economic analysis. Based on 215 drill holes completed through the end of 2006, Haquira hosts an indicated resource of 133.7 million tonnes at 0.53% total Cu with an additional inferred resource of 43.6 million tonnes at 0.44% total Cu (0.3% total Cu cut-off, leachable secondary copper sulphides and oxides only). The current resource estimate does not incorporate any of the 2007 drilling that has been focussed on delineation of the newly discovered high-grade primary copper-molybdenum-gold zone beneath the Haquira East copper oxide zone. The higher-grade primary mineralization is hosted within the Haquira East porphyry which has surface expression of 750m by 500m and is still open in several directions. Highlights include:
AHAD-102 intercepts 746.15 m with 0.86% Cu and 0.01% Mo
- includes 661.45 m with 0.91% Cu and 0.011% Mo
- includes 194.00 m with 1.14% Cu and 0.14 g/t Au
- includes 45.55 m with 1.05% Cu amenable to leaching at top of intercept
- hole remains open to depth with final 10m grading 0.59% Cu
- hole terminated at 800 m due to depth limit of drill rig
AHAD-107 intercepts 943.30 m with 0.65% Cu and 0.01% Mo
- includes 442.85 m with 0.75% Cu and 0.01% Mo
- and 340.05 m with 0.66% Cu and 0.01% Mo
AHAD-108 intercepts 641.70 m with 0.66% Cu and 0.025% Mo
- includes 421.50 m with 0.77% Cu and 0.029% Mo
AHAD-109 intercepts 845.45 m with 0.64% Cu and 0.028% Mo
- includes 548.90 m with 0.70% Cu and 0.029% Mo
- includes 168.20 m with 0.92% Cu and 0.042% Mo
AHAD-103 intercepts 697.65 m with 0.51% Cu
- includes 452.40 m with 0.59% Cu
- includes 100.55 m with 0.70% Cu and 0.019% Mo
AHAD-106 intercepts 697.65 m with 0.51% Cu
- 42.35 m with 0.84% Cu (secondary) at top of intercept
- includes 496.35 m with 0.58% Cu and 0.024% Mo
- includes 211.00 m with 0.67% Cu and 0.032% Mo
AHAD-099 intercepts 384.80 m with 0.74% Cu and 0.042% Mo
- includes 297.00 m with 0.88% Cu and 0.052% Mo
- includes 178.00 m with 1.05% Cu and 0.080% Mo
- includes 110.70 m with 1.15% Cu and 0.082% Mo
AHAD-098A intercepts 536.45 m with 0.55% Cu, 0.01% Mo, and 0.07 g/t Au
- includes 380.65 m with 0.67% Cu, 0.013% Mo, and 0.08 g/t Au
- includes 121.70 m with 0.83% Cu, 0.006% Mo, and 0.10 g/t Au
- and 94.7 m with 0.89% Cu, 0.003% Mo, and 0.11 g/t Au
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