Geology of Chile’s Lomas Bayas Porphyry Copper Deposit

The Lomas Bayas copper property is located93 km (58 miles) east of Antofagasta, Region II, Chile (Fig. 1). The deposit was discovered in 1880. The deposit produced intermittently until 1992. Production at Lomas Bayas took place in high-grade veins and breccias mined underground. During 1991, Empresa Minera Mantos Blancos SA (EMMB) optioned the property from Compania Doña Ada SA. Doña Ada maintained the right to continue mining the ores by open-pit and block-caving methods and hauling the ore to its plant located60 km (37 miles) to the north. EMMB conducted exploration and column test programs. On May 9, 1994, Compania Minera Gibraltar Ltda.(CMGL) signed a purchase option agreement to acquire the Lomas Bayas property. CMGL conducted 8,612 m(9,490 ft) of reverse-circulation drilling, 2,028 m (6,650ft) of diamond drilling, a series of metallurgical tests and geologic mapping. The company then decided to exercise its purchase option.