Intrepid and BHP-Billiton have teamed up to explore the Suaqui Grande Cu-Au porphyry in Sonora.

 

Intrepid Minerals Corporation   IPM   (TSE)

Has teamed up with BHP-Billiton to explore the 90 square km Suaqui Grande Cu-Au porphyry system in central Sonora. BHP-Billiton will make a prvate placement of $300,000 Canadian and 80% of that is dedicated to be spent on the project. If BHP-Billiton continues then $2 million will have to be spent to earn a 50% interest. A JV would then be formed and commit to spend an additional $4 million. BHP-Billiton can increase interest to 70% by taking project to a mine status. A 3% NSR is due to the underlying vendors and is subject to a buy-out.

The Suaqui Grande property straddles a prominent copper + gold  belt within the Sierra Madre Occidental in northwestern Mexico.  The Suaqui Verde copper oxide deposit is located immediately  adjacent to the property. Exotic copper oxide mineralization  derived from the Suaqui Verde deposit has been identified within  100 m of the boundary of the Suaqui Grande property. 

Gold occurs within an eight km long placer system centered  on the Suaqui Grande property. The gold is associated with black  magnetite-bearing sands, believed to be derived from the Suaqui  porphyry-subvolcanic complex. Gold placer mining has continued  intermittently on the property since the turn of the century, and  the spatial coincidence of the gold-bearing placers appears to have been overlooked. Several prominent magnetic anomalies on the property are associated with extensive zones of hydrothermal alteration within large roof pendants rafted into the intrusive complex. The hydrothermal alteration zones (potassic, argillic,  and propylitic) have been further defined by multispectral landsat studies. In addition, mapping of the property has identified  copper and gold anomalies associated with the roof pendants and  adjacent porphyry complex. Of specific interest is the presence of extensive tourmaline breccias, which intrude the cupola, recalling similarities to the world-class Rio Blanco- Los Bronces copper  deposit in Chile. The breccias occur as pipes and mantos and are  associated with sulphide mineralization, which together with the exotic copper zones constitute prime drill targets. 

"Intrepid was fortunate in being able to identify and acquire this opportunity and to find a partner familiar with the mineral  potential of the region. Rio Algom, a subsidary of BHP Billiton,  agreed that this was an exciting opportunity and we welcome BHP  Billiton as a shareholder in Intrepid "said President Laurence Curtis.

WWWinfo 28Mar02
Press Release 22Oct01