Ichuña Copper-Silver-Gold Project
Property Description and Location
The 100% owned Ichuña Copper-Silver Project (1,000 hectares) is located 110 kilometres northeast of the city Arequipa in the Department of Moquegua in Southern Peru and lies just 3 km north of the San Gabriel (Canahuire) deposit, a diatreme breccia body with significant gold, silver and copper mineralization, owned by Compañia de Minas Buenaventura S.A.A. (“Buenaventura”). The total resource of San Gabriel (50% indicated: 50% inferred) is 12.3 million tonnes of 6.5 g/t gold and contains 2.5 million ounces of gold (source http://www.buenaventura.com).
The property is underlain by sedimentary and volcanic rocks which are cut by intermediate porphyritic intrusive bodies. Mapping and sampling has located at least seven mineralized zones on the property with a variety of styles of mineralization related to intrusive events. This includes porphyritic intrusive bodies with evidence of supergene copper enrichment, skarn zones at the contacts between intrusive and carbonate-rich sedimentary rock, and altered stockwork zones in intrusive, volcanic and sedimentary units. The evidence points to a widespread, well-mineralized hydrothermal system related to intrusive activity, with anomalous copper, silver, lead, zinc, arsenic, barium, and antimony. The mineralized areas stretch over an area larger than 1.0 X 2.5 kilometres.
In 2013 an option partner drilled seven holes totaling 2,754 metres along intrusive and limestone contact(s) where access and community agreements had been secured. The drilling did not return significant results along this contact. The necessary access agreements were not obtained to drill test the area of the IP geophysical anomaly trending west-northwest.
Buenaventura’s nearby San Gabriel (Canahuire) deposit was a blind discovery (not outcropping at surface) outlined by geophysics; IP (induced polarization) and magnetic surveying. These surveys outlined the San Gabriel deposit occurring at depth and along a 110 (WNW) degree orientation. IP and magnetic surveying at Ichuña have outlined a similarly oriented target. The largest IP chargeability and resistivity anomalies occur in the southwestern part of the property, in an area with almost no outcrop. The west-northwest orientation is similar to the orientation of the nearby San Gabriel (Canahuire) deposit. At Ichuña, the anomaly is approximately 0.6 to 1.0 kilometres by 1.8 kilometres in size. The strong IP response in this area is coincident with high resistivity values which may indicate strong silicification and sulphide mineralization localized along this important west-northwest trend. This anomaly has not been properly drill tested.