Tosca Mining’s goal is to acquire advanced stage projects that can be placed into production quickly. The Company’s primary asset is the Red Hills Molybdenum/Copper project located in Presidio County, Texas. The 2,880-acre project lies along a seven-kilometer mineral district characterized by significant occurrences of precious and base metals. This includes the Shafter-Presidio silver deposit owned by Aurcana. Tosca Mining is based in Vancouver, British Columbia.
A program to confirm and expand the considerable size and potential of the Red Hills Molybdenum/Copper project is presently underway. The Red Hills advanced stage project is 18 kilometers north and west of the Texas-Mexico border town of Presidio, which is served by U.S. highway 67 and the South Orient Railroad.
An agreement allows Tosca Mining to purchase 100 percent ownership of all mineral and surface rights for the Red Hills mineral property. It involves cash payments to the Vendors, Red Hills Copper Corp., a private Texas Corporation, for $10,900,000 US and the issuance of 2.1 million common shares over a five-year period, while earning an equity interest. The first commitment is $575,000 and 400,000 shares until May 1, 2012. The Vendors will retain a 2 percent net smelter return over the Red Hills property.
In 2012, Tosca Mining will continue to develop Red Hills by investigating the economic feasibility of molybdenum/copper extraction and recovery on a large scale. This study will be incorporated in a Preliminary Economic Assessment (PEA) now undergoing preparation by M3 Engineering in Tucson, Arizona. Tosca Mining is making plans for a drill program to upgrade the resources and to drill test the potential southern extension of the deposit.
Yesterday, Tosca Mining announced the completion by Mine Development Associates (MDA) of Reno, Nevada, of the first publically reported, NI 43-101 compliant mineral resource estimate for the Red Hills Deposit. In addition, the MDA report summarizes the results of a metallurgical study completed by METCON Research in Tucson, Arizona.
The mineralization of interest at Red Hills occurs within a porphyry molybdenum deposit and near surface copper enrichment zone, which covers an area approximately 4,000 ft. (1220 m) by 3,000 ft. (915 m). The porphyry molybdenum mineralization has a depth-extent of over 2,000 ft. (610 m). However, the mineralization is not well defined past a depth of 1,000 ft. (305 m). Both copper and molybdenum mineralization are open to the south under post-mineralization cover.
Sadek El-Alfy, PhD, CEO, commented, “The results from the 2011 diamond drill campaign confirmed that Red Hills is a large porphyry deposit with commercially attractive grades of both molybdenum and copper. Metallurgical studies have shown that recoveries of this molybdenum/copper resource are encouraging and straightforward.”
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