Antofagasta sees positive results from Encierro and Cachorro deposits

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Antofagasta PLC on Tuesday reported preliminary results for the Encierro deposit in the Chilean High Andes and gave an update on its Cachorro project in northern Chile.

The FTSE-100 listed copper producer said during 2016 to 2021, diamond drilling completed at the Encierro deposit, located 100 kilometres east of the city of Vallenar and 600 kilometres north of Santiago, identified a significant deposit containing 0.79% copper equivalent, including 0.22 grams of gold per tonne.

Antofagasta also provided an update on its wholly-owned Cachorro project, located in the western Atacama Desert in northern Chile, announcing that further in-fill drilling increased the deposit size to 155 million tonnes inferred resources of 1.20% copper from 142 million of 1.21% copper reported as at December 31 in 2021.

The deposit consists of manto-type sulphides, mostly chalcopyrite and bornite and some oxides.

It said Cachorro remains open and additional drilling will be carried out during the rest of this year.

Antofagasta shares were up 0.4% to 1,398.50 pence on Tuesday morning in London.

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