Los Andes Copper Ltd. (TSX Venture Exchange: LA) is pleased to announce that it has received approval from the Regional Environmental Committee (Comisión de Evaluación Ambiental) for drilling to be carried out at the Company’s Vizcachitas project over the next four years.
The Regional Environmental Committee unanimously approved the drilling permit application submitted by Compañia Minera Vizcachitas Holding, the wholly-owned subsidiary of Los Andes that owns the Vizcachitas Project. This approval contemplates up to 350 drill holes to be completed on up to 124 platforms over the next four years.
The approval covers the required drilling to complete the Pre-Feasibility Study, which is currently underway. Additionally, it covers further exploration drilling and any other drilling that the Project may require as its development advances.
Fernando Porcile, Executive Chairman of Los Andes, commented:
“I am delighted to have received unanimous approval from the Regional Environmental Committee for future drilling at Vizcachitas over the next four years.”
“We are continuing to progress the Pre-Feasibility Study (“PFS”) and this approval will allow us to carry out further PFS drilling in the coming months, completing certain aspects of the study and therefore contributing to the delivery of a robust PFS.”
“I look forward to keeping the market up to date with our progress.”
For more information please contact:
|Fernando Porcile, Executive Chairman||Tel: +56 2 2954-0450|
|Antony J. Amberg, President & CEO||Tel: +56 2 2954-0450|
|Blytheweigh, Financial PR |
|Tel: +44 207 138 3203|
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the Vizcachitas Project in Chile. The Company is focused on progressing the Project, which is located along Chile’s most prolific copper belt, into production. Vizcachitas is one of the largest copper deposit in the Americas not controlled by the majors and the Company believes it will be Chile’s next major copper mine.
The Project is a copper-molybdenum porphyry deposit, located 120 km north of Santiago, in an area of very good infrastructure. The Company’s Preliminary Economic Assessment (the “PEA”), delivered in June 2019, highlights that the Project has a post tax NPV of $1.8 billion and an IRR of 20.77%, based on a $3 per pound copper price. It also has a Measured Resources of 254.4 million tonnes having a grade of 0.439% copper and Indicated Resource of approximately 1.03 billion tonnes having a grade of 0.385% copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report dated June 13, 2019, with an effective date of May 10, 2019 and titled “Preliminary Economic Assessment of the Vizcachitas Project”, prepared by Tetra Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Additionally, there is significant exploration upside at Vizchachitas with potential to increase the resource base beyond the initial 45-year mine life.
Antony Amberg, the Company’s President and CEO, is the qualified person who has reviewed and approved the scientific and technical information contained in this news release.
Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.