Nord is a copper/gold project located in the Eocene-Oligocene Copper Porphyry belt of Northern Chile and was generated by Mirasol as part of its ongoing Atacama-Puna generative program.
The 1,967 ha Nord Project is located in Region III of Chile within the Exploradora District at an altitude of 3200 to 3900 m ASL, which lies on the western side of the N-S trending, regional scale Domeyko fault zone.
On October 31, 2019, Mirasol announced that it signed a MOU with Mineria Activa (“Mineria”) for its Nord Project in northern Chile. Mineria is a Chilean, mining focused, private equity fund with over US$150 million in assets under management. The Nord Project lies adjacent to the Ciclon-Exploradora polymetallic-epithermal project which is currently being advanced toward production by Mineria.
Mirasol granted to Mineria the option to earn 100% of the Project over 4 years by making annual cash payments totaling US$ 3,000,000, and completing at least US$500,000 of exploration expenditures over the first 2 years of the option period.
Upon completion of the option, Mineria will earn a 100% interest in the Project and Mirasol will retain a 2% NSR royalty, of which 0.5% can be bought back by Mineria within 8 years of signing of the definitive agreement, for a US$3 million payment.
The MOU is subject to legal due diligence and execution of a definitive agreement. Mirasol has granted Mineria an exclusivity period to allow for these processes to be completed.
Based on Mirasol’s initial surface exploration, the Project has the potential to host two main styles of mineralization.
The first type is characterized by large vein type mineralization injected into fault structures as seen in the active small-scale mines located near the NE corner of the claim boundary and at Mineria’s Ciclon-Exploradora development project, which is located adjacent to the eastern blocks of the Project. These veins and breccias occupy NNW, ENE & WNW trending faults hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization. While surface geochemistry has returned only low to anomalous results, Mineria’s understanding will be valuable to define drill targets for potential extensions or parallel structures to the known mineralization.
The potential for Cu-Au porphyry style mineralization is also present on the Project. In the central part of the property package, a large alteration zone exists displaying patterns of quartz-sericite and advance argillic alteration with thin tourmaline(?) veinlets, which are characteristic of porphyry style alteration assemblages. This style of mineralization is present on CODELCO’s Exploradora project, located just 2.5 km directly east of the Project.