Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Pacific Ridge Exploration (TSXV: PEX) announced today that it is planning to buy the Spius porphyry copper project, located 40 kilometres southwest of Merritt, British Columbia.
In a press release, the Vancouver-based miner whose assets span from Yukon to B.C., said that the Spius property was explored for its porphyry potential in the 1960’s and early 1970’s. However, most of the records from that early exploration work have been lost, including drill logs.
“Exploration in the past few years has included prospecting and soil sampling. The soil sampling has defined an anomalous zone, outside the area of the previous drilling, of approximately 500 metres by 1,000 metres, with copper values ranging from 500 to 5,320 ppm, open to the south. Two recently collected float samples of porphyry style mineralization with disseminated chalcopyrite and bornite assayed 2.53% Cu and 1.43% Cu,” the media statement explains.
Once it acquires the property, Pacific Ridge says it plans an IP survey to update and expand the earlier survey, additional soil sampling and geological mapping. The results of such work would be used to define targets for a drill program.
“This is an extremely strong copper soil anomaly which, combined with the recently discovered high grade float samples and the size of the historic IP anomaly, suggests the potential for discovery of a significant porphyry deposit at Spius,” the company’s CEO and President, Gerry Carlson, said in the brief.
The terms of the agreement allow Pacific Ridge to earn a 100% interest in the Spius property by making payments of $210,000, issuing 1,000,000 shares and completing $800,000 in exploration by December 31, 2020.
Comments
Robert
Is’t It amazing how many earlier drill and exploration records, especially from the 60 – 70’s, have “gone missing. Worked in the coal industry for over 40 years and the older information was very well preserved, but the more recent was no where to be found or the quality was so low as to make it unusable. One company I worked for let the sales and accounting people move the old records – (1978) – everything that wasn’t sales related went in the dumpster!