Teck-Inco Joint Venture Teck-Inco Joint Venture Prepares for Drilling on Brasilca's Tucuma Property
Brasilca Mining Corp
BSL
Tue 21 Aug 2001 News Release
Mr. Franz Scheitz reports
The Teck-Inco joint venture has completed a program of soil sampling over a
portion of Brasilca's Tucuma property. Analytical results are being
interpreted along with results from a 2001 airborne EM and magnetometer
survey.
A total of 1,550 soil samples were collected along 100 line kilometres of cut
grid, with lines 200 metres apart and sample intervals at 50 metres. The
sample grid covers the Tapajos mining permit area and is located about eight
kilometres northeast of the 512 zone where Brasilca's drilling in 2000
intersected 16 metres of 1.3% copper and 7.1 grams per tonne silver.
A program of approximately 1,500 metres of reverse circulation drilling with
eight to 10 holes, testing several discrete geochemical and geophysical
targets, is planned as an immediate followup.
A new grid, of approximately 45 line kilometres, is being established over an
area immediately east of the 500 zone. Geological mapping and soil sampling
are planned for this new area. The 500 and 512 zones appear to be located in
a 12-km-long shear zone where a hydrothermal alteration zone, consistent with
typical iron oxide-copper-gold (IOCG) deposits, was mapped during Brasilca's
previous exploration program.
Exploration work on Tucuma is under the terms of a joint venture agreement
between Brasilca Mining Corp. and Teck Cominco Limited and Inco Limited that
was entered in April, 2001. Under terms of this agreement, Teck Cominco and
Inco, acting as 50-50 joint venture partners, have the option to earn a 51%
interest in Brasilca's Tucuma property by incurring $3.5-million (U.S.) in
exploration expenditures and making cash payments in the amount of $500,000
(U.S.) to Brasilca over three years. Teck Cominco and Inco can earn an
additional 24% interest in the property by making staged cash payments
totalling $6-million (U.S.), and by completing a bankable feasibility study
on the property.
Based on Brasilca's exploration program to date, the Tucuma property shows
potential for discovery of an IOCG deposit, similar to the large copper-gold
deposits of Olympic Dam (Australia), Candelaria (Chile), and Sossego,
Cristalino and Salobo (Brazil). The property is situated in the prolific
Carajas mineral province in north-central Brazil, where the last three
mentioned deposits are located.
"Franz Scheitz"
Director & President