Coronación
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Property Type
Porphyry and HSE Copper/Gold Project
Size
1,200 ha
Status
Optioned to First Quantum Minerals
Exploration Stage
Pre-drilling
Geochemical sampling, and geophysical surveys completedLocation
- Northern Chile
- Mio-Pliocene age mineral belt, on a major NW structural trend that associated with few porphyry deposits (Taca Taca and Escondida)
- 85 km SW of Socaire and 240 km ESE from Antofagasta
- Altitude of 4,000 to 4,600 meters ASL
- Off a well-defined track, which branches for the main road to Socompa
Coronación is a gold-copper property that occupies 1,200 hectares of the Mio-Pliocene age mineral belt and is 240 km east-south-east from Antofagasta in Chile.
The project is located on a major NW structural trend associated with several Andean porphyry Cu deposits. 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. Two distinct and coincident alteration areas interpreted using ASD spectral analysis, display affinities to an HSE system to the east, with the western side displaying a more typical porphyry deposit related style of alteration. Coronación is optioned to First Quantum Minerals in October 2019.
Option Agreement
In October 2019, Mirasol signed an Option and Farm-in Agreement with First Quantum Minerals (FQM), which was later amended.
FQM has the option to earn-in 80% of the project over 7.5 years by:
- making annual cash payments totalling US$875,000,
- completing at least 10,000 m 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.
Following the completion of the committed drilling, 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.
Exploration Completed Under FQM Option
In late 2019, FQM completed an initial exploration program that included surface mapping, geochemical sampling, geophysical surveys and the collection of samples for age-dating. This work has outlined an attractive porphyry Cu target that displays characteristics similar to other Miocene age porphyry Au-(Cu) systems in the highly productive Maricunga belt.
Pre- 2019 Exploration Work
Through its reconnaissance program in 2018/2019, Mirasol sampled and identified two key target areas (Stockwork Zone and Vein Zone) at the project. Work completed over 2 campaigns included:
- 143 rock chip samples,
- 126 soil samples (talus/slope),
- 370 samples analysed with ASD,
- 43 mesh; 45 BLEG stream samples, and
- 598 pXRF samples acquired as a grid across the central zone.
Mirasol believes that the results of this work indicate the potential presence of a porphyry/breccia system intruding a layered Miocene aged volcanic sequence of dacitic domes and pyroclastic units. The alteration consists of the following:
- An advanced argillic lithocap (alunite/jarosite) developed in the central-eastern side of the property that suggests a high sulfidation epithermal system, and
- An intermediate argillic alteration (white micas) along with a pervasive, and locally vuggy silica alteration in the western portion of the property that displays a more typical porphyry deposit related style of alteration.
Alteration signatures have been interpreted using ASD spectral analysis, and the geochemistry data 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.
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