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Updates from the ongoing iron ore exploration program at the Cuervo Resources Inc. (CNSX:FE,FWB:CRR) wholly owned Cerro Ccopane project include diamond drilling showing consistent, high-grade results; ground geophysical surveys identified two additional primary target zones on the property; and a 3-year agreement with the Misanapata community to conduct advanced exploration, including diamond drilling, on the “Bob 1” anomaly.
Updates from the ongoing iron ore exploration program at the Cuervo Resources Inc. (CNSX:FE,FWB:CRR) wholly owned Cerro Ccopane project include diamond drilling showing consistent, high-grade results; ground geophysical surveys identified two additional primary target zones on the property; and a 3-year agreement with the Misanapata community to conduct advanced exploration, including diamond drilling, on the “Bob 1” anomaly.
As quoted in the press release:
The Cerro Ccopane property covers 14,000 ha of contiguous mineral concessions with an additional 3,300 ha of mineral concessions in its vicinity. Diamond drilling (21,000 m) in four zones of magnetite mineralization has shown consistent, high-grade results and all zones have been shown to exhibit the same geophysical expression. The Orcopura Zone, where the majority of the drilling has been performed, has a reported National Instrument (“NI”) 43-101-compliant Mineral Resource Estimate of 55.5 Mt “measured and indicated” grading 46.8% Fe in addition to 50.8 Mt “inferred” grading 43.7% Fe.
Ground geophysical surveys (magnetic and gravity) have identified two additional primary target zones on the property (designated the “Bob 1” and “Huillque Norte” anomalies), each with gravity-modelled tonnage estimates in excess of one billion (1,000 million) tonnes. This potential quantity of mineralization, of undetermined grade, is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. Recent field investigations have indicated that the “Bob 1” zone is marked by the extensive outcroppings of magnetite typical of other known zones of mineralization on the property. An up-to-date NI 43-101 disclosure report is in preparation.
In July, 2011 the Company secured a $15 million two-stage financing from Strike Resources Limited (ASX: SRK; “Strike”) to fund the advanced exploration on the Cerro Ccopane project. Strike itself is an important explorer for iron ore in southern Perú through its interest in Apurímac Ferrum S.A.C. The companies believe that a cooperative exploration effort between Cuervo and Strike will be strategic to the development of the iron ore resource potential of Perú.
Since August of 2011, Cuervo has focused on completing agreements with the local campesino communities to allow access to their surficial land holdings. Such agreements with the local communities have been challenging to achieve. Nonetheless, this month, Cuervo was successful in signing a three-year agreement with the Misanapata community to conduct advanced exploration, including diamond drilling, on the “Bob 1” anomaly. An agreement with the Huillque community to build a 15 km access road to “Bob 1” has been obtained while other discussions continue with the community.
Click here to read the Cuervo Resources Inc. (CNSX:FE) press release
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