SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 18, 1996
FREEPORT-McMoRan COPPER & GOLD INC.
Delaware 1-9916 74-2480931
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
The following news release was issued by Freeport-McMoRan Copper
& Gold Inc. on September 18, 1996:
FREEPORT-McMoRan COPPER & GOLD
. INITIATES DELINEATION DRILLING OF THE KUCING LIAR PROSPECT
. UPDATES EXPLORATION ACTIVITIES
NEW ORLEANS, LA., September 18, 1996 -- Freeport-McMoRan Copper
& Gold Inc. (FCX) announced today that drilling activities at the
Kucing Liar prospect within the "Golden Triangle" area at P.T.
Freeport Indonesia Company's (PT-FI) Ertsberg-Grasberg District
have moved from the exploration phase to the delineation phase.
Early results confirm the continuity of extensive skarn-type
copper/gold mineralization between drill holes.
Delineation drilling of the Kucing Liar mineralization
utilizing 6 diamond drill rigs is underway from underground sites
in the Amole tunnel and the new northwest-trending Kucing
Liar/Lembah Tembaga tunnel. Underground drill sites are 50 to
135 meters apart allowing multiple holes, known as fans, to be
drilled from each site across a portion of the 1.5 kilometer long
Kucing Liar mineralized zone which, based on current information,
could represent a 250 million metric ton geological resource at
an average grade of greater than 2 percent copper equivalent. To
date, 15 delineation holes have been, or are being, drilled over
a 500 meter interval, 1/3 of the 1.5 kilometer mineralized zone.
Assay results from 8 holes have been received and visual
estimates from all 15 holes suggest continuity between holes and
fans. Following are the assay results of the 8 holes.
Hole Interval %Cu g/tAu %Cu equiv
------ -------- ---- ----- ---------
KL16-1 401.1m 2.00 1.90 3.24(in progress)
KL18-1 266.2m 1.02 1.06 1.71
-2 264.0m 1.02 1.41 1.94
-3 122.5m 1.11 1.55 2.12
-6 45.3m 0.83 0.84 1.38
KL20-1 176.0m 0.93 1.02 1.59
KL23-1 48.0m 1.79 1.12 2.52
KL23-2 67.0m 1.01 1.14 1.75(in progress)
The Kucing Liar cross-section from the KL18 drill fan is
characteristic of the extent and continuity of the mineralization
with apparent thicknesses of 50 to 250 meters which indicates the
applicability of low-cost block caving underground mining. This
high grade underground mineralization, in close proximity to the
mill, could have a significant positive impact on the grade of
the ore feed to PT-FI's "fourth concentrator mill expansion".
The optimum rate of the expansion is being assessed but is
expected to be at least 190,000 to 200,000 metric tons of ore per
day. Permitting for this expansion is currently underway with a
start-up date anticipated during the second half of 1998.
This delineation drilling was initiated following the
successful exploration of a one square kilometer area by drilling
21 widely spaced drill holes on the southeast side of the
prolific Grasberg copper/gold porphyry deposit. This drilling
resulted in the discovery of significant copper/gold skarn
mineralization, called the Kucing Liar prospect, which was
intersected within the Waripi and Kembelangan formations between
the 2500 to 3000 meter elevations, representing a potential
mantle of copper and gold around the base of the Grasberg
deposit. A northwest-southeast trending fault, the Idenberg #1
fault, bounds this mantle of copper on the south and appears to
contain copper/gold mineralization over a distance of at least
1.5 kilometers.
Exploration drilling activities continue to explore the
extent of the Kucing Liar style mineralization. Once the Amole
tunnel has progressed to the center of the Grasberg orebody,
exploration drilling will be conducted from underground to test
the western and northern flanks of the Grasberg for Kucing Liar
style mineralization as well as to test the deep Grasberg below
the presently outlined 600+ million metric ton block-cave reserve
that was announced in December 1995.
Geological mapping, sampling, geophysical surveying and
drilling continued at the Wabu prospect as well as other targets
within PT FI's Block B area. Geologic work including drilling
and geophysical surveying continued at Etna Bay in Block I and in
Block II. Reconnaissance mapping and sampling is scheduled to
take place in Block III during the 4th quarter of 1996.
FCX is engaged in the exploration, mining and milling of
copper, gold and silver in Irian Jaya, Indonesia, and the
smelting and refining of copper concentrates in Spain.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
FREEPORT-McMoRan COPPER & GOLD INC.
By: /s/ Michael A. Weaver
------------------------------
Michael A. Weaver
Controller-Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: September 27, 1996
