Three Valley Copper Corp. (TSXV:TVC) has announced a corporate and operating update for its 91.1% owned Minera Tres Valles property near Salamanca, Region de Coquimbo, Chile. The company also provided guidance for 2022 and 2023, and news of a new copper porphyry target.
December 2020 saw construction begin at Papomono Masivo which has proven and probable reserves of approximately 102 million pounds of contained copper with an average grade of 1.51%4. Papomono’s development is currently at 71% for horizontal works and 85% for vertical works. Expectations are that Papomono will be completed at the end of 2021 or in early 2022. Production is expected to then ramp up in 2022.
“We continue to improve the development rate of this project during the month of August (the advance rate being the best month on record), and we expect the fourth quarter’s projected advance rate to be similar,” said Joe Phillips, COO of the Company. “We have completed the critical ventilation shaft and the ore pass which will further accelerate the speed of our continued advance. We remain on track to commence the caving/mining process in December 2021 or early 2022.”
2022 and 2023 to Capitalize on Momentum
Guidance for 2022 and 2023 has also been provided by Three Valley Copper (TSXV:TVC) since the positive progress for the Papomono project is moving swiftly:
Copper production is expected to significantly increase in 2022 compared to 2021’s production range of 4,500 to 5,500 tonnes as the initial construction of the PPM project concludes and mining of PPM begins during the 2022 ramp-up year. Thereafter, it is expected that annual production between 13,000 and 16,000 tonnes of copper cathode will be attained in 2023 approaching the operation’s full production capacity. The Company’s production profile includes mineralized material from both Don Gabriel and PPM during 2022 and predominantly from PPM during 2023 together with material from ENAMI and third-party miners expected during both years. Looking forward to 2022 and 2023, Cash Costs are expected to fall significantly driven by higher grades from PPM and throughput coupled with decreased capital development and other sustaining capital programs. As the Company exits 2021 and completes its budgeting process, updates to this preliminary guidance may be required.
Source: Three Valley Copper
New Target Identified
Three Valley Copper commenced its near-mine exploration program at Minera Tres Valles on September 15 and has now announced it has identified a new copper porphyry target in its license area.
Previously mapped as a late Cretaceous granitoid intrusive, the identified targets displays likely hydrothermal alteration characteristics of the phyllic zone of porphyry copper deposits. This was determined after processing ASTER satellite data from the United States Geological Survey.
The newly identified central core is approximately 2 kilometres by 1 kilometre, and this outlines the surface footprint of the new target. A nearby copper deposit has been described as a skarn, and it should be noted that copper skarns are often nearby porphyry deposits. The fact that they are often located near one another is a very positive indicator for this new target and Three Valley Copper.
Michael Staresinic, President and CEO of Three Valley Copper commented, “John Mortimer, our exploration consultant, has identified an exciting target for the Company. Copper porphyry deposits are associated with some of the largest long-life copper mines in the world, with Chile hosting the greatest concentration of these deposits. This target is an example of the broader potential of this property as we continue to identify additional targets on our 46,000-hectare land package. This target forms part of our new exploration sections in our corporate presentation available on our website at https://www.threevalleycopper.com.
The recently announced exploration campaign will continue as planned, focusing on 6,000 to 8,000 metres of proposed drilling near Minera Tres Valles’ existing mines. Once this exploration campaign is completed, Three Valley Copper (TSXV:TVC) will direct its efforts toward this new exciting copper porphyry target.