“Three out of a thousand good looking prospects become mines,” according to Dave Lowell. The octogenarian geologist has discovered 18 ore bodies in his career, likely a world record, including La Escondida, the world’s largest copper mine.
In 2013, Lowell founded a new company, Lowell Copper (JDL.v), with the backing of billionaire resource investor Lukas Lundin, to once again go and hunt for large copper deposits.
The company picked up the Ricardo project in Chile, located 28-55km from CODELCO’s Chuquicamata mine, one of the world’s largest copper mines. Ricardo saw some drilling in the 1990’s with limited success, and is believed by some geologists to contain the missing segments of the Chuquicamata deposit, which is faulted and may have moved southward along the West Fissure onto the Ricardo property.
This morning, Lowell Copper announced they had received drill permits and will proceed with 4-6 deep drill holes at Ricardo this month. A team led by Lowell will be managing the program. With success additional holes will be drilled.
In New Mexico, Lowell Copper has also received drill permits to test its TC copper porphyry prospect, optioned from Rose Petroleum, and will commence a small one to two drill hole program this month.
Here’s the company’s news release: Lowell Copper Provides Project Exploration Update
In conversations with Lowell, we have learned a bit about how he hunts for copper deposits. He likes to turn over as many prospects as possible, starting at his desk. The best ideas are drill tested in “quick to fail” fashion so he doesn’t waste too much time on them if they don’t look like winners. His favourite tools of the trade are soil samples and drill holes, nothing too fancy.
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Ricardo and TC are two of the more promising projects in the Lowell Copper portfolio, but I know the legend is also excited about the Santa Marta VMS target in Mexico optioned from Minaurum Gold. We would not be surprised to see Lowell option or acquire other projects.
Marcel de Groot, President of Lowell Copper, commented, “We are pleased to have received drill permits to test two attractive targets in our portfolio. Our business model is focused on low cost opportunities to discover world-class copper deposits using the unique and proven mine finding talents of Chairman and Founder David Lowell and his team. We are excited to apply this model on the Ricardo and TC projects through the upcoming drill programs and look forward to updating shareholders once these programs are completed.”
Disclosure: I own shares in Lowell Copper as a speculation. Always do your own due diligence.