Haquira is one of the world’s major undeveloped copper deposits with excellent potential for a large-scale copper mine. It is located in southern Peru adjacent to the Las Bambas copper-gold project
First Quantum’s acquisition of Antares Minerals and its principal asset, the Haquira deposit, was finalized in December 2010.
The deposit has reported measured and indicated resources of 3.7 million tonnes of contained copper equivalent and inferred resources of 2.4 million tonnes of contained copper equivalent.
Detailed soil sampling over targets identified in the 2012 helicopter magnetic survey has confirmed porphyry style geochemistry over six main target areas within the Haquira tenure. The multi-element sampling has demonstrated a very extensive footprint halo around known mineralization that should prove useful for defining new porphyry mineralization in Southern Peru.
Exploration drilling at Haquira is likely to be postponed during 2013 while the Company concentrates on the community and environmental aspects of the project development.