The project was identified during an extensive and ongoing generative program targeting copper deposits within the most mining supportive jurisdictions of
Aguila is focused on copper and precious metal acquisition, exploration and development within the major mining belts of western
The Lida project lies in south-central
The Walker Lane Mineral Belt is a broad northwest striking fault zone that trends for more than 500km through western
The Lida copper project lies within the Walker Lane Mineral Belt of
Lida was prioritised as a target by Aguila due to the association of widespread surface copper mineralization with a discrete magnetic high. This signature is similar to most major mineralization systems within the
Widespread copper oxide mineralization within shale and quartzite of the Campito Formation is reported in historical exploration records. The Campito Formation overlies the Deep Spring Formation and Reed Dolomite which are comprised of prospective limestone, dolomite and quartzite.
Recent site visits by Aguila have demonstrated that many of the 100's of prospecting pits across an area of 2km x 2km expose extensive oxide copper within fault structures and quartzite. The area of prospecting pits is constrained to the immediate north, south and east of Lida by shallow cover.
The most recent exploration documented at Lida was by
The positive association between structurally controlled copper oxide mineralization, propylitic alteration, copper-mineralized breccia pipes, and the regional magnetic high with no modern exploration defines a high-priority copper target. The largely impermeable Campito Formation may overlie a pyrite rich (chargeable), shallow buried porphyry copper-molybdenum system.
Aguila will immediately commence field activities with mapping and sampling followed by a detailed magnetic survey.
Aguila continues to progress its project generation and acquisition strategy for copper and precious metals in highly prospective mineral belts. The rapidly growing demand for copper due to the accelerating uptake of electric vehicles and the supporting infrastructure, aligned with the growing uncertainty of sustainable ethical supply, makes North American targets a high priority.
'The newly staked Lida project represents another exciting step for Aguila into copper exploration in the Western US,' said
The timing could not be better, as secure global copper supplies are tightening and price is rising, coinciding with strong demand growth as a result of a global infrastructure, electrification and renewable energy boom. We look forward to applying modern exploration techniques to this under explored district.'
The Lida copper project lies in
Aguila's claims cover an area of low to moderate relief and sparse vegetation. The prospect is accessible by two-wheel drive vehicles and can be reached by
Small scale, historical mining activity was undertaken in the 18th and early 19th century focused on the No 1 shaft, which targeted structurally controlled primary copper mineralization comprising chalcopyrite, bornite and chalcocite. A structural zone adjacent to the No 1 shaft was reported to contain copper mineralization across a width of up to 30m.
The bedrock geology at Lida comprises northeast striking, northwest dipping Lower Cambrian limestones of the Poleta Formation overlying the quartzites/shales of the Campito Formation. Iron rich breccia bodies with a pipe-like geometry have been mapped and appear associated with copper mineralization. Hydrothermal alteration includes widespread propylitic-style with local skarn-hornfels alteration associated with intrusive dikes.
Previous documented exploration was primarily conducted by Conoco during the 1970's, which comprised of sampling, geophysics (induced polarisation) and shallow drilling. Conoco identified a large and strong IP anomaly, approximately 2km in length and 500m wide, which trends north-easterly across the prospect coincident with the widespread structurally controlled copper mineralization, small intrusions and widespread propylitic alteration. Drilling did not penetrate the quartzite. Minor pyrite identified in drilling by Conoco within the quartzite is unlikely to account for the strong IP anomaly and may be associated with a pyrite rich 'phyllic' porphyry shell.
Aguila believes the Campito Formation formed a relatively impermeable 'cap' though which hydrothermal fluids only vented along structures to form the widespread fracture and vein-controlled mineralization found at surface.
The Lida project was staked to test beneath the widespread propylitic alteration and structurally controlled copper oxide mineralization with coincident IP anomaly for a preserved porphyry copper or copper skarn system. Porphyry copper systems in
Initial exploration will consist of detailed mapping and sampling in addition to a high-resolution magnetic survey. Results will be shared as they become available.
The Company has obtained and is continuing to review the historic exploration data. Although the historic exploration data was generated by reputable companies, Aguila cannot verify the data or determine the quality assurance and quality control measures applied in generating the data. Accordingly, the Company cautions that the exploration data reported in this news release may not be reliable.
Production to 1986, Ruetz J W, 1987 - The Geology of the
Production to 1982, Harris N B, Einaudi M T 1982 - Skarn deposits in the
Technical Background
The Company has obtained historic exploration data for this press release from the
About
Aguila American Gold is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery.
Contact:
Email: info@aguila.gold
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'intend', 'could', 'might', 'should', 'believe' and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
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