According to
The initial exploration program will include geological mapping and sampling of the project area. A ground magnetic survey will be completed followed by selected IP lines over areas of interest, to be followed by diamond drilling and trenching. The company expects to complete this work, including drilling, during the first year of the option agreement.
The prospect is located east of the Pelambres-El Pachon world class porphyry system. A number of other copper porphyry and porphyry skarn deposits are located near Pircas Verdes.
Piton is a leached intrusive with anomalous copper values in rock chip samples that covers an area of 1,500m by 800m. Piton is interpreted as possibly representing the upper levels of a buried mineralized porphyry system.
The Pircas Verdes prospect area contains intense quartz-sulfide stockwork exposed over an area of approximately 450m by 600m peripheral to the Piton leached intrusive.
Other exploration targets peripheral to the main Pircas Verde-Piton hydrothermal center. Vetarron, Marcelino and West include quartz-tourmaline breccias and veinlets associated with copper oxides and sulphides. Such veins are commonly associated with copper porphyry systems in
No drilling or geophysical surveys have been completed over the property.
The Pircas Verdes property covers a total of 2,015 hectares located in the eastern part of
Within the district lies the
At Pircas Verde, the large areas of hydrothermal alteration, presence of tourmaline breccia pipes and veins, extensive copper anomalies, malachite staining on outcrops, and unexplored leached intrusive rocks are excellent indicators of a potential porphyry copper system in the area.
In the district there are numerous intrusive bodies of different ages that range from the Late Cretaceous to the Miocene intruding the volcanoclastic rocks of the Vinitas Formation. Some of these pulses have generated large colour anomalies which are represented by extensive areas of hydrothermal alteration (advanced argillic, argillic, phyllic and propylitic), which in some cases are accompanied by mineral occurrences.
TARGET PITONES: Extensive zone of hydrothermal alteration exposed over an area of 1,500 x 800 metres, the zone presents a strong oxidation and leaching of the host rock. This target could potentially represent the upper, leached part of a porphyry copper system. The area is characterized by anomalous copper values in rock.
TARGET PIRCAS VERDES: Strong stockwork of Quartz drusiform veinlets with presence of relict sulfides of leached copper veinlets with halos of sericite. These veinlets have a density of between 40 to 60 veins per metre showing a high intensity of alteration. The area of intense veinlets extends for 600 metres X 450 metres where it can be observed in outcrop.
TARGET WEST VETARRON: Polydirectional tourmaline veinlets in a coarse-grained intrusive (mozodiorite) along with aplitic porphyry with abundant tourmaline rosettes outcrop in the contact zone between the intrusive and volcanoclastic sequence, accompanied by oxidized copper mineralization. A structurally controlled zone of quartz-tourmaline veins with copper mineralization 25 to 30 metres wide structural corridors have been traced for 300 metres along strike and show development of minor lateral stockworks with oxidized copper content.
TARGET MARCELINO: Drusiform quartz veins with preferential orientation N60-degreeE, cutting the volcanoclastic sequence. The veins range from 1 cm to 1 m with copper content. They are generally oxidized with minor remaining sulfides of chalcopyrite with gold and molybdenum. The strong veinlets develop brecciated areas of 70 metres wide and shows an increase in the persistence of veins and copper content towards the south.
Option Agreement
Pursuant to the Option Agreement, the Company must make the following payments to the optionor to acquire a 100% interest in the Project:
Upon the completion of the payments above, the Company will own 100% of the Project subject to a 1.5% NSR royalty held by the vendor on future mineral production on the Project. The Company has a right to repurchase 1.0% NSR on the Project from the optionor for
This transaction is arm's length and has been approved by the
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr.
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Cautionary Note Regarding Forward-looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of the Project, the mineralization of the Project, the terms of the Option Agreement and the Company's ability to exercise the option, the Company's ability to explore and develop the Project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of
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