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- Golden Rim Resources (GMR) plans to recommence work on its Paguanta copper and silver-lead-zinc project in Chile
- The company’s return to the project was prompted by a review of historical data, as well as rising copper prices
- Golden Rim will initially focus on the unexplored Loreto porphyry copper target at the Paguanta Project
- The company is currently preparing access agreements for Loreto and expects to begin exploration in May
- Golden Rim Resources is up 20 per cent and trading at 1.2 cents per share
Golden Rim Resources (GMR) plans to recommence work on its Paguanta copper and silver-lead-zinc project in Chile.
The Paguanta Project is located in northern Chile, at the northern extension of the West Fissue. The Fissure is the site of the largest concentration of major porphyry copper-molybdenum deposits in the world.
The company intends to initially focus on the project’s unexplored Loreto porphyry copper target. Loreto is one of five hydrothermal cells identified at Paguanta thus far, all of which are prospective for copper mineralisation.
Preliminary assessment at Loreto has already highlighted various encouraging signs, including colour anomalies, remnants of copper oxide veins at surface, igneous breccia outcrops and multiphase porphyry dykes.
Golden Rim’s decision to return to its Chilean assets was only partially prompted by a review of historical data from Loreto, which showed evidence suggesting a sizeable porphyry system.
The company’s Managing Director, Craig Mackay, said that the strengthening copper price had also encouraged the company to evaluate Paguanta’s Loreto target.
“Golden Rim believes that Loreto could well represent the last unexplored outcropping Eocene-Oligocene porphyry system in northern Chile, and it has potential for the discovery of a tier one, world-class, Collahausi-type porphyry copper deposit,” he said.
“Not surprisingly, Loreto is surrounded and over-pegged by BHP and Codelco, two of the largest copper companies in the world,” he added.
Golden Rim is currently preparing access agreements for the Loreto target and expects to begin exploration there sometime in May.
Golden Rim Resources is up 20 per cent, trading at 1.2 cents per share at 11:07 am AEST.
