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Zulema Property


The 3600 hectare Zulema property is located 700 kilometres north of Santiago and 15 km west of the Pan-American Highway. Regionally the property is located within the Atacama Fault Zone in an area of interfingering Bandurias Formation andesitic volcanics and limy sediments. The Coast Range granodiorite-diorite batholith lies 1 km to the east and north. This geological setting is similar to that at the Phelps Dodge Candelaria Mine (365 million tonnes grading 1.03% copper and 0.25 gpt gold) situated 40 km to the NE. A number of independent and major company geologists have examined this property in recent months and all concur that excellent potential exists here for the occurrence of a Canderlaria type deposit.






Prior exploration by RTZ and others in the 1960's and as recently as 1995 have outlined a large Induced Polarization and partially coincident magnetic anomaly with Candelaria like characteristics. Outcrops are sparse but those encountered are skarned equivalents of the Candelaria host rocks and contain disseminated mineralization grading up to 1% copper and 0.9 gpt gold.


The Zulema property sits at the centre of a huge land package recently staked by the BHP Billiton as one of four prime target areas to be surveyed with BHP Billiton's proprietary Falcon system. The stated objective of this survey (Far West news release, 5 September, 2002) is to explore for IOCG (Candelaria, Manto Verde etc.) type deposits.


This new acquisition follows from extensive regional studies along this Late Cretaceous metallogenic belt between Copiapo and La Serena. The Company's wholly owned Sierra Pintada property (April 26, May 27 news releases) is the first acquisition to result from this program and induced polarization surveys over similar geologically selected targets will be carried out shortly.