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Rio Blanco Project |
Rio Blanco Resources |
Geology |
History
 
HISTORY OF THE RIO BLANCO PROJECT
Rio Blanco was discovered in 1994 through regional reconnaissance work undertaken by Newcrest Mining of Australia. Detailed stream sediment and rock chip sampling led to the identification of mineralised porphyry with stronger copper than gold potential. As Newcrest's principal interest was in gold, the project was optioned in 1996 to Cyprus Amax, who completed 18 diamond drill holes totalling over 5,000 metres. The drill results intersected significant enriched copper mineralisation at Henry's Hill and a recommendation was proposed for a further 3,500 metre drill programme on the area in 1999. However, Cyprus Amax was acquired at that time by Phelps Dodge Corporation which subsequently relinquished their rights in the project.
In 2000, Gitennes Exploration Inc (TSX listed-GIT) acquired the divestment package of Peruvian assets from Newcrest and in turn optioned the Rio Blanco project to Monterrico in the following year. In 2003, after successful results from the initial drilling programme, the Company negotiated the acquisition of 100% of the Rio Blanco project.
Several prospective target areas were identified within the limits of the Monterrico concessions; the most advanced being the Henry's Hill target. A Pre Feasibility Study on Henry's Hill was completed in 2003; this study examined a 10 million tonne per annum operation.
Satisfied and encouraged by the results from the study, the Company commenced a Detailed Feasibility Study ("DFS") in 2004. Following, the continued success of the exploration programme throughout 2004, the scope of the DFS was altered to produce both copper and molybdenum concentrates and the treatment rate for the Base Case operation was expanded to 25 million tonnes of ore per annum. During 2005 and 2006, the remit of the DFS was further expanded to investigate and improve the configuration of the various elements of the Project. The DFS was completed in December 2006 and the results were presented in a press release on 5 February 2007.
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