Business
Tosca Mining to Acquire the Red Hills Molybdenum-Copper Project in Texas
Mar. 2, 2011 (Filing Services Canada) -- Tosca Mining Corp. (TSQ - TSX Venture, TQ4 - FWB), rep...
About this update from Germanium Mining Corp.
[{"type":"text","content":"\nTosca Mining to Acquire the Red Hills Molybdenum-Copper Project in Texas\n\n Mar. 2, 2011 (Filing Services Canada) -- Tosca Mining Corp. (TSQ - TSX Venture, TQ4 - FWB), reported today it has signed a letter of intent to acquire 100% interest in an advanced stage moly-copper project located in Presidio County, Texas. The 2880 acre Red Hills project lies along a seven kilometer mineral district characterized by significant occurrences of precious and base metals, including the Shafter-Presidio silver deposit. Ron Shenton, President and CEO of Tosca commented,\" This is great opportunity for Tosca to be able to secure such a promising project. With the current high commodity prices, and an experienced technical team already in place we are confident the Red Hills project can be quickly evaluated and advanced\".Red Hills is located 18 kilometers north and west of the border town of Presidio which is served by US highway 67 and the South Orient Railroad. Water is available from adjoining properties. A major power line serves the Shafter silver property located seven kilometers east of Red Hills. Porphyry style molybdenum mineralization occurs within a circular latite porphyry stock of Laramide age and to a lesser extent with slabs of intruded sediments. A chalcocite blanket, developed below the oxide-sulphide transition zone, coexists with the molybdenum mineralization. In addition, high grade copper was intersected by Duval in three holes located northeast of the porphyry system.The property was worked by several major companies (ASARCO, Phelps Dodge, Amax and Duval) between 1955 and1972. Most of the drilling (88 holes in total) took place in 1971-72 under the operatorship of Duval Corporation. In 1997, the Rio Grande Mining Company conducted Pre-Feasibility studies aimed at determining the viability of extracting the shallow historic copper resources previously identified at Red Hills. Note that in this news release all reference to previous studies, drill results and resource estimates is based on historic information. Since a qualified person has not done sufficient work to verify the historical data and estimates, the historical data and estimates should not be relied upon.Based on historic drilling, the following targets have been identified1) A molybdenum (copper) porphyry system which occupies a horseshoe shaped zone approx...