Porphyry and HSE Copper/Gold Project
Optioned to First Quantum Minerals
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.
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:
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.
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.
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:
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:
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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