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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 30/07/2009)
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 south of, the Las Bambas Cu-Au district where Xstrata Copper has committed to invest US$121 million. The property is 100% owned by Minera Phelps-Dodge Peru S.A.C. (Freeport-McMoRan) and under the terms of the option-joint venture agreement signed by Minera Phelps-Dodge Peru S.A.C. and Minera Antares Peru S.A.C. on March 4, 2005, Antares can earn a 100% interest in the project by completing option payments totalling US$15 million over a five-year period. A finally payment of $5,000,000 is to be paid on March 4th, 2010, after which Antares will acquire a 100% interest in the Haquira. In addition, if a feasibility study is completed on Haquira, Antares will be obligated to make an additional payment to Phelps Dodge equal to US$0.01 for each pound of copper included as part of the mineral resource calculation in excess of 2.2 billion pounds.
A total of fifty-seven (57) drill holes totalling 29,082.80 m were completed during the 2008 Haquira drilling campaign. A total of 69,036.70 m in 286 drill holes have been completed on the Haquira project to-date (2001-2008). The best drill hole ever drilled at Haquira (and ever drilled by Antares Minerals) was completed during 2008; AHAD-159; intersected 937.30 m with 1.14% Cu, 0.034% Mo and 0.10 g/t Au (1.42% CuEQ), which included 331.00 m with 1.76% Cu, 0.013% Mo and 0.20 g/t Au (1.94% CuEQ).
In November 2008, an interim 43-101 resource prepared by TetraTech of Golden Colorado for the primary sulphide portion of the Haquira East deposit (using a 0.3% Cu cut off) was released. The resource includes: (a) Primary Sulphide Indicated Resource 147.9 MMt @ 0.71% Cu EQ 2.31 billion lbs Cu EQ, and (b) Primary Sulphide Inferred Resource 304.6 MMt @ 0.64% Cu EQ 4.31 billion lbs Cu EQ.
This interim primary resource compliments the resource released in 2007, an updated 43-101 resource prepared by Chlumsky, Armbrust, and Meyer L.L.C., (CAM) of Denver, Colorado (Feb. 2007) for the secondary Cu portion of both Haquira West and East deposits amenable to SX-EW processing (using a 0.3% Cu cut off). That resource included: (a) Secondary (leachable) Indicated Resource 133.7 MMt @ 0.53% Cu 1.55 billion lbs Cu, and (b) Secondary (leachable) Inferred Resource 43.6 MMt @ 0.44% Cu 0.43 billion lbs Cu (this is based on only 215 drill holes completed through the end of 2006).
In May 2008, a positive Preliminary Economic Assessment (PEA) for the secondary Cu portion of both Haquira West and East deposits amenable to SX-EW processing was released. Using a base case of $US 2.00/lbs Cu, the IRR was 25.9% and the NPV (using an 8% discount rate) was $US 224 million.
The bulk of the primary mineral resource is hosted within the Haquira East porphyry body which is currently understood to be a sub-vertical to steeply southwest dipping body with a sheet- to stock-like geometry that is open to the NW, SE, SW, and to depth. The upper part is more of a dyke swarm which grades rapidly with depth into a more coherent stock body. The current dimensions of the body are approximately 500m wide by 750m long by over 1000m deep.
The upside exploration potential of the immediate Haquira West and Haquira East areas is excellent; with several target areas having been identified: (a) Extension to the NW, SE, and depth of the Haquira East primary mineralization, (b) Possible major extension to the SW of the Haquira East secondary and primary mineralization (Haquira East SW Extension (LN)), (c) Deep porphyry potential in the NW portion of the Haquira West area, (d) Potato Patch porphyry target, and (e) Haquira Far East porphyry target.
In addition, Minera Antares Peru S.A.C. has signed a JV agreement with Minera del Suroeste S.A.C. (MISOSA), a wholly owned subsidiary of Southwestern Resources Corp. (now Hochschild), acquire up to a 60% interest in MISOSA; Cristo de los Andes project located immediately to the south of Antares; Haquira copper project. Together with the existing Haquira claim blocks, Antares now controls ~20,000 hectares of contiguous ground in the vicinity of its Haquira West and East deposits. A regional exploration program conducted by Antares staff has identified several new target areas within the large, Haquira-Cristo de Los Andes property holding; in particular the Amparito, Massimo, Cris, Piero, and additional targets in the Cristo de Los Andes areas.
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