Elementos (ASX: ELT) has returned copper values of up to 3.5% from initial sampling work at the Ignacia prospect within the Mercedes Project in northern Chile.
Mercedes is located within the Atacama region, the world’s foremost copper producing region which hosts a number of world class porphyry deposits.
Projects in the region include BHP Billiton’s (ASX: BHP) Spence Mine with a copper Resource of 64 million tonnes at 1.01% copper oxide and 222 million tonnes at 0.91% copper sulphide.
Mapping and geological sampling at the Ignacia and Mecha prospects returned 21 rock chip samples with high grade copper values, along with anomalous silver and molybdenum.
Of these samples, 18 assayed at greater than 1% copper.
At Ignacia, samples assayed up to 3.5% copper, 22 grams per tonne (g/t) silver and 9g/t molybdenum, while samples from Mecha assayed up to 2.7% copper and 35g/t silver.
So far, Elementos has identified 1 kilometre long mineralised trends at both Mecha and Ignacia.
Mapping and sampling is continuing over near surface high grade targets and at deeper porphyry prospects in order to generate targets for drilling.
In February 2012 Elementos secured an option to acquire a 90% interest in the Mercedes copper project.
Elementos is acquiring the Mercedes project through a series of options over four years, for a total consideration for the acquisition comes to $10 million.
The company is now responsible for managing and funding all exploration, evaluation and development of Mercedes.