Coronación is a porphyry copper/gold project located in prolifically mineralized Mio-Pliocene age mineral belt of Northern Chile and was generated by Mirasol as part of its ongoing Atacama-Puna generative program.
The 1,200 ha Coronación project is situated in Region II of Chile near the border with Argentina at an altitude of 4,000 to 4,600 m ASL and on a major NW structural trend associated with several Andean porphyry deposits.
Mirasol looks forward to a successful season of exploration work at Coronación and will update its shareholders on material developments at the project.
On October 07, 2019, Mirasol announced that it signed an Option and Farm-in Agreement with First Quantum Minerals (FQM).
Mirasol granted to FQM the option to earn-in 80% of the project over 6 years by making annual cash payments totaling US$ 875,000, completing at least 10,000m of drilling, and delivering a NI 43-101 compliant Prefeasibility Study Report.
FQM is committed to completing 3,000 m of drilling and a systematic geophysical program on the project over the first 24 months of the Agreement. Following this period, FQM is required to spend a minimum of US$500,000 per year over the term of the Agreement. FQM will be the operator during the option period. Following the completion of the 80% earn-in, FQM will have a one-time option to acquire the remaining 20% on terms to be negotiated between the parties. If this option is not exercised, the parties will form a participating joint venture to further fund the development of the project.
Work completed by Mirasol indicates the potential presence of a porphyry/breccia system intruding a layered Miocene aged volcanic sequence of dacitic domes and pyroclastic units. Alteration consists of an advanced argillic lithocap (alunite/jarosite) developed in the central-eastern side of the property and intermediate argillic alteration (white micas) in the western portion of the property, along with pervasive, and locally vuggy silica alteration.
These two distinct and coincident areas display affinities to a high sulfidation epithermal system to the east, with the western side displaying a more typical porphyry deposit related style of alteration. Alteration signatures have been interpreted using ASD spectral analysis and the geochemistry is supportive of these interpretations. Geochemical sampling has defined a large 600 by 800 m Cu-Mo geochemical anomaly on the western side within the overall 3 by 2.5 km alteration halo.
Mineralization occurs as sheets and stockworks of banded quartz veins with up to three phases of silica emplacement recognized. Relic sulfide boxworks within the veins and wall rocks contain iron oxides (hematite-goethite and jarosite), with secondary copper and manganese oxides occurring along (or lining) fractures.