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Taseko makes new copper discovery at Gibraltar project

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Taseko makes new copper discovery at Gibraltar project

Vancouver-based Taseko Mines Ltd. has uncovered a new high-grade copper zone northwest of the Extension pit at its Gibraltar project in British Columbia.

The discovery was made during recent diamond drilling to a depth of 2,500 feet that returned an intercept of 240 feet averaging 0.68% copper equivalent, inside an interval of 510 feet averaging 0.42% copper equivalent.

Taseko said Sept. 20 that there is evidence indicating that Gibraltar has a large, high-grade core that remains to be discovered, to the northwest and at reasonable depth.

The company acquired new mineral claims covering about 6,000 acres near the Gibraltar project in early August.

Drilling was undertaken to test the total thickness of mineralization presented by three drill holes drilled in 1992.

"Not only do copper grades appear to be dramatically increasing towards the northwest, and at depth, the historical drill holes were never assayed for gold," President and CEO Russell Hallbauer said.

"With gold and silver replacing molybdenum in the mineralized zones, the copper equivalent grade will increase, compared to that of our current resources and reserves."

Taseko has now begun an exploration program and will start with the drilling of around 15,000 feet across six holes to better define and expand the discovery.