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Property Status
- Property History
In 2000, Minera Phelps-Dodge del Peru S.A.C. embarked on a regional stream-sediment sampling program in the Andahuaylas-Yauri copper-gold porphyry/skarn belt of south-central Peru. Anomalies generated during this program were followed up and copper oxides were recognized at the surface in what is now the Haquira project. In 2001, five contiguous claim blocks covering 4,800 hectares were applied for and granted. During the second quarter of 2001, mapping, sampling and two lines of pole-dipole IP geophysics were completed. During the fourth quarter of 2001, seven reverse circulation drill-holes totalling 743m were drilled. The last hole of this program, HAC-07, was lost due to operational problems at 32m; however the last ten metres of this hole contained 1.20% CuT contained in fine-grained black copper oxides hosted within a red bed sequence.
Further sampling and refinement of the geologic map and model continued during 2002; in addition, gradient IP and one pole-dipole IP line were acquired. Later that same year, eight reverse circulation drill-holes totalling 1,369m were drilled. Although Phelps-Dodge was focus on the southern sector of the prospect; in the northern sector, a road-cut exposed 114m of 0.65% CuT occurring as copper oxide and chalcocite, and HAC-08 encountered 21m of 0.54% CuT as black oxides and 174m of 0.39% CuT (as Chalcopyrite) and 0.012% Mo in an intrusive rock in the hypogene zone. This drill-hole was the first true expression of porphyry copper style mineralization, even though all the previous drill-holes had encountered sulphides, albeit principally disseminated pyrite.
CuT = Total copper
After this drill program, a grid of soil-sampling was completed and formed the basis for the third drill program, which was executed during the second quarter of 2003. The program consisted of ten reverse circulation drill-holes totalling 1,883m. Seven of these drill-holes encountered secondary mineralization with grades between 0.35% CuT and 0.88% CuT over intervals of between 12m and 43m near the surface; an eighth-hole intercepted 219m of 0.62% CuT, which included 93m of 0.88% CuT.
The sampling grid was immediately expanded and infilled while drilling permits for a 92 drill-hole program were applied for. Two diamond drill-rigs and one reverse circulation drill-rig drilled Phelps-Dodge’s final program on the property during the fourth quarter of 2003. This final program approximated a 200m by 200m grid pattern in and around the best intercepts and surface anomalies and consisted of 24 diamond drill-holes for 3,460m and 36 reverse circulation drill-holes for 3,926m. Finally a general block model and preliminary inferred mineral resource was completed in February 2004. This estimate does not comply with NI 43-101 requirements and is too recent to be considered as a Historical Estimate.
After Phelps-Dodge’s unsuccessful bid for the privatization of the Las Bambas project, located immediately to the north of the Haquira project, a decision was taken by senior Phelps-Dodge management to sell or joint-venture the property. In late 2004, staff from Antares Minerals Inc. visited the Haquira project site and reviewed drill-holes and data stored in Phelps-Dodge’s Arequipa warehouse; as part of a due-diligence process. On March 4th, Antares Minerals Inc. (“Antares”) (ANM-TSX.V) and Minera Phelps Dodge del Peru S.A.C. (“Phelps Dodge”), a wholly owned subsidiary of Phelps Dodge Corporation (PD-NYSE), executed an option agreement whereby Antares could acquire a 100% interest in the Haquira SX-EW copper project (see above for terms of the deal). On March 17th, 2005 the deal was formally announced to the capital markets and public.
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