Exploring Jurassic Porphyry Coppers In The Amazon Jungle Of Ecuador

I will talk today about a porphyry copper exploration program now underway in the Amazon jungle in the southeastern part of Ecuador near the border with Peru. The project is unusual for two reasons: first the deposits are of Jurassic age, 153 m.y.o., which is unusually old for porphyry copper deposits and they may be the most significant pre-Tertiary age porphyry deposits known. Second, the district was found only six years ago which makes this the most recent discovery of a totally new porphyry copper district. The new porphyry district, known as the Zamora River Copper Belt, or the Corriente Copper Belt, is a north trending area 50 km long by 10-15 km wide, which is nearly aligned with the axis of the Jurassic age Zamora batholith and with the course of the Zamora river. Gencor in 1994 initiated a regional grassroots gold exploration program based on reconnaissance geologic mapping and geochem sampling which did not find a gold mine, but which identified the San Carlos porphyry copper system in April, 1995. In a later reorganization between Gencore and Billiton the Ecuador project was transferred to Billiton and between the Gencore work and Billiton’s a total of 10 porphyry copper systems were found over the next four years. In the period of 1997 - 1999 Billiton drilled a total of 11,000 meters of wide spaced core holes in the San Carlos, Panantza and Kutukus prospects. In October 1999 Billiton concluded a farm-out, joint venture agreement with Corriente Resources and Lowell Mineral Exploration for additional exploration of the Zamora property. This is funded by Corriente and managed by Lowell Mineral Exploration and a total of 28,000 m of core drilling was completed through August 2001. An immediate result of the Corriente Lowell project was the discovery of potentially commercial ore reserves in two new deposits at Mirador and Warintza. Additional closer spaced drilling was done in the Panantza deposit and additional drilling is planned at San Carlos, in targets related to Warintza, and elsewhere.