MEXICO STINGRAY RESOURCES of Toronto has purchased Noranda Mexico from XSTRATA. Stingray now owns all the outstanding shares of Noranda Exploracion Mexico SA de CV which owns the El Pilar oxide copper project in Sonora. The US$20-million deal includes a 25-year database, several exploration properties plus the office, employees and equipment.
The El Pilar property lies roughly 15 km south of the US-Mexico border in the Sonora-Arizona property. The area has been a continuous source of copper for over 100 years; the Cananea (Groupo Mexico) and Morenci (Phelps Dodge) copper mines are nearby. Stingray is planning to complete a feasibility study on the economics of mining the El Pilar deposit. Follow the companys progress at www.StingrayResources.com.
Copper at El Pilar is hosted by a conglomerate unit containing clasts of intrusive, porphyry and highly silicified rock. The mineralization is interpreted to have been derived from a pre-existing porphyry copper deposit and/or related structurally controlled mineralization. The principal copper mineral is chrysocolla which is acid-soluble and a known copper mineral in many copper heap leach operations. The NI 43-101-compliant inferred resource is 306.2 million t at 0.28% Cu containing 1.93 billion lb. of copper.