Tom Hoskyns from Mining Journal speaks to World Copper Ltd CEO, Nolan Peterson about their new, 426 million tonne oxide copper resource, at the Escalones Project in Chile. Nolan outlines a planned drill program as the company advances to a PEA in the coming months. Nolan also discusses World Copper's acquisition of the Zonia oxide copper resource in Arizona and the favourable economics involved.
The world needs copper. It's the prime metal to be used in the electrification revolution. Many of the major mines built in the past decades have declining grades which is putting pressure on supply. Much of the low hanging fruit has been picked.
World Copper has 2 oxide copper resources, Escalones which is 97 kilometers from Santiago, Chile, and Zonia which is 100 miles from Phoenix, Arizona.
Both are in excellent copper mining jurisdictions. Because oxide copper projects have reduced capital and operating costs compared to sulphide projects, the economic prospects of both projects look to be superb.
Both Escalones and Zonia have significant upside potential in tonnage and grade. Recent surface samples at Escalones, outside the currently defined resource, produced a 15-meter traverse of 17.4% copper.
Included in the Escalones claim block there are 3 other porphyries of similar size to the main resource porphyry, with noteworthy copper outcroppings. Those have been sampled with results expected soon.
Due to previous involvement in the lithium space in Chile, the World Copper team has developed the unique skill of navigating the country's mining scene, with substantial capital experience and broad-based shareholder support.
The team includes former executives from CODELCO, Antofagasta Minerals, and KGHM.