South America-Chile, Peru
The company's South American assets are now held through Metminco. The investment was initially held through Hampton Mining Limited (now 100% owned by Metminco). Hampton Mining was formed in 2005 to principally
acquire exploration interests in copper, gold and molybdenum in the mineral resource rich country of Chile. It later expanded into Peru, with the acquisition of the potentially significant copper-molybdenum project,
Los Calatos.
At the beginning of the 2008 financial year Takoradi increased its equity shareholding to 43.7% in Hampton Mining but this was subsequently diluted to 27.5% as a result of an issue of US$20milion of new shares to a Chilean investor,
providing Hampton with significant additional working capital.
Hampton, was ultimately acquired by Metminco as to 100% in 2010, which includes Takoradi's interest. Accordingly, Takoradi now holds an 11% direct interest in the ASX listed Metminco Limited (ASX:MNC).
Investments - Metminco Projects
Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and Chile. The most important property, the Los Calatos project, located in southern Peru,
has a JORC compliant Mineral Resource of 926 million tonnes, consisting of an Indicated Resource of 111 million tonnes at 0.39% Cu and 380ppm Mo, and an Inferred Resource of 815 million
tonnes at 0.37% Cu and 260ppm Mo (at a 0.2% copper cut-off grade).
The Chilean assets include:
- the Mollacas copper leach project with a JORC compliant Mineral Resource of 17 million tonnes comprising an Indicated Resource of 7.2 million tonnes at 0.56% copper and an Inferred Resource of 9.8 million
tonnes at 0.52% copper (at a 0.2% copper cut-off grade), this project is moving towards feasibility and potential, early development.
- the Vallecillo gold zinc project with a JORC compliant Mineral Resource of 10.1 million tonnes consisting of an Indicated Resource of 7.9 million tonnes at 1.14g/t Au; 11.4g/t Ag;
1.32% Zn; 0.29% Pb and an Inferred Resource of 2.2 million tonnes at 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au). A large Cu - Au porphyry target has been identified and
drilling will commence shortly.
- Other projects include: Camaron – A major, large untested low sulphidation Au project. Isidro – A typical Cu-Au mantos style geological environment.
Loica – A large scale exploration target with limited drilling to date. Further evaluation will take place in due course. La Piedra - ??? Content missing
For a complete Metminco company profile detailing the investing strategy and current projects, please visit www.metminco.com.au
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