Toronto, Canado-based Anaconda Mining Inc. Thursday announced that a US$2.2 million drilling program has commenced on the Minera Hierro Antofagasta S.A. (MHA) iron properties located 35 kilometers east of the port city of Taltal, Chile and 70 kilometers north of Anaconda's San Gabriel iron deposit joint venture.
The purpose of the 5,000-meter reverse circulation drill program is to test a series of large magnetic anomalies located within four main exploration concession areas: Octavia, San Mateo, Atenas and Germania. The anomalies have been defined by approximately 4,000 kilometers of ground magnetic surveys and 4,200 gravimetric stations. The budget for the drilling program includes funds for additional follow-up diamond drilling and metallurgical testing, if results warrant.
Lew Lawrick, President and CEO of Anaconda states, "This program as funded by our partners will drill test several significant anomalies as identified by detailed geophysics and gravity surveys. The geophysical models developed for the anomalies suggest the potential for each to host a significant magnetite orebody."