RE: HUGE NEWS!!!!! Acquisition and Financing!!I called the company -- sounds like they could have a billion lbs of copper (2.33 % is the grade of the deposit) with a strong chance of at least doubling the size of the deposit. Do some math on that and the numbers are extremely impressive (copper right now at $3.50 / lb) !!
L.J.
The Oracle Ridge copper project is a historic high-grade copper producerlocated at Marble Mountain in Pima county in Arizona in the UnitedStates. The project hosts multiple zones of primary copper skarnmineralization with potentially significant gold and silver byproductcredits. The project was in production as recently as 1996, at a rateof 1,000 tons per day, and had an expansion plan in place to increaseproduction to 2,000 tons per day.
In 1995, a prior operator reported a geologic reserve ofapproximately 8.14 million tons proven and probable at 2.33 per centcopper, and a total geological reserve of approximately 24.74 milliontons proven, probable and possible at 2.33 per cent copper. Thisestimate is not NI 43-101 compliant; it is cited for historical purposesonly and should not be relied upon until further work is carried out.
The electronic database of 534 holes with 163,622 feet ofhistoric drilling has been recovered along with a significant amount ofhistoric data, information and mine plans. In addition, twosemi-trailers containing intact drill core are present on the property.
Much of the historic mine infrastructure remains in place. Theunderground mine consisted of three access levels containing an estimateof over 5.5 miles of haulages and development drives. Groundconditions were reported to be competent at mine closure. A maintenanceshop is present and in good repair. While the flotation mill wasremoved, the site and attendant earthworks remain
Environmentally, the project has no known liabilities. Coppermineralization is hosted in carbonate rocks and is therefore non-acidgenerating.
Following approval for the acquisition of the Oracle Ridge project, thecompany intends to complete a program designed to validate the existingdatabase and produce an NI 43-101-compliant resource study. Thisprogram will consist of resampling and assaying the existing core,drilling of confirmation holes, surveying the underground workings,confirming drill hole collar locations, and underground mapping andsampling.
In addition, a significant portion of the property has not been drilltested. The proposed program will also include an underground coredrilling program to locate additional areas of mineralization.