Golden Rim Resources Ltd (ASX: GMR) has obtained encouraging molybdenum results from additional geochemical sampling at the Loreto copper target at its Paguanta Project in northern Chile.
The promising molybdenum results were obtained in additional rock chip samples from the Loreto porphyry copper target area.
Managing Director, Craig Mackay, said the results indicate the porphyry centre, which is a highly prospective copper target, is approximately 2.3km x 1km, double the areasuggested by previous sampling.
Loreto’s interpreted porphyry centre lies within an even larger 3.5km x 3.5km leached cap (intense hydrothermal alteration zone); geochemical sampling has not yet been conducted over the entire alteration zone.
Mr Mackay said remnants of copper oxide veins at surface, outcropping igneous breccia and porphyry dykes with chalcopyrite (copper sulphide), and Late Oligocene – Early Eocene age dating results, further highlight the copper prospectivity of the porphyry centre at Loreto.
Golden Rim plans to construct an access road, and conduct exploration including additional geochemical sampling and geophysical surveys to define targets for drilling.
Golden Rim believes that Loreto could well represent the last unexplored outcropping Oligocene-Eocene porphyry system in northern Chile and it has potential for the discovery of a Tier 1, world-class, Collahausi-type porphyry copper deposit,” Mr Mackay said.
“Not surprisingly, Loreto is surrounded and over-pegged by BHP and Codelco, two of the largest copper companies in the world.
“Golden Rim’s initial exploration at Loreto continues to highlight the exciting potential for the large and growing porphyry centre at Loreto to host a deeper porphyry copper deposit.
“The company looks forward to finalising access agreements with the landowners so that systematic geochemical and geophysical exploration can commence to generate drill targets.”