Lowell discoveries

Major discoveries made by David Lowell (Image: Lowell Copper)

Lowell Copper (JDL:TSXV) has optioned another copper project, this time off of Cornerstone Metals (CCC:TSXV). Lowell will be able to earn up to a 75% interest in the West Jerome property in Yavapai County, Arizona.

The West Jerome target is a large VMS deposit and is 2.4 km away from the past producing high grade (4.36%) copper United Verde mine.

Terms of the deal:

  • Lowell will earn 51% by spending $600,000 on exploration expenditures within the first two years.
  • Lowell can earn another 24% by spending $2,000,000 within 2 years after earning in the first 51%.

J. David Lowell, Chairman and CEO of Lowell Copper commented, "We intend to complete an initial gravity survey on the Project which, if warranted by results, will be followed up with a targeted drill program. Consistent with our strategy, West Jerome represents an attractive copper rich volcanogenic massive sulphide ("VMS") target which can be tested efficiently and economically."

An update was also provided on drilling activities.

Drilling at the Ricardo project in Chile failed to reach target depth and was lost, however the company is pleased with what they see in the drill core and plan on re-twinning the hole in the first quarter.  There, Lowell hopes to find the missing faulted half of the Chuquicamata mine, one of the world's largest copper producers some 35 kilometers to the North of Ricardo.

In New Mexico, the TC project will be abandoned after initial drill results failed to meet expectations. This is the Lowell style, being quick to test a project and move on, given "3 out of 1000 good looking prospects become mines," the legendary explorer says.

Mr. Lowell has been credited with over 16 major discoveries and is the most successful mineral explorationist in history. We know the team at Lowell is also excited about the Santa Marta VMS project in Mexico jv'd with Minaurum Gold, where they await drill permits.

The stock remains an extremely thin trader and is in tight hands, with major shareholders including Lowell, Geoff Loudon and Lukas Lundin. Lowell Copper last traded at $0.41 with 71.64 M shares outstanding giving the company a market cap of $29.4 M. The company had $6 million in cash, according to an October presentation, which will likely be somewhat lower now.

Read: Lowell options 75% of Cornerstone Metals' West Jerome

Related: Video - Mining's Greatest Explorer - An Interview with J. David Lowell

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