Australia’s Golden Rim Resources will recommence work at its Paguanta copper and silver-lead-zinc project in Chile as copper prices soar. Copper prices on the London Metal Exchange is up 85pc, or up by $4,300/mt in a year, to around $9,371/mt as on April 22.
The company reviewed its historical data and with rise in international copper prices rising, it has decided to return to the project. Exploration is set to begin in May with focus on unexplored Loreto porphyry copper targets at Paguanta Project.
Paguanta Project, located in northern Chile at the northern extension of the West Fissure, is the world’s largest concentration of major porphyry copper–molybdenum deposits. The site contains high-grade secondary copper up to 4.1pc copper and there is potential for a porphyry at depth, the company noted.
Golden Rim’s Managing Director, Craig Mackay, said that bullish copper price forecast of around $15,000/mt has encouraged the company to assess previously unexplored targets at Paguanta Project.
The project has been on the radar of major companies that hold the area surrounding Paguanta, including, BHP, Glencore, Anglo American, Freeport and Vale. Prominent copper companies Codelco and BHP are already surrounding Loreto.