Polymetallic (Cu, Zn, Pb, Ag, Au) /Epithermal/Porphyry
Executed the definitive option agreement with Encantada, an affiliate of Mineria.
The 1,967 ha Nord project locates in Region III of Chile within the Exploradora District which lies on the western side of the NS trending, regional-scale Domeyko fault zone, and within the world-class Eocene-Oligocene Copper Porphyry belt. The project has the potential to host two main styles of mineralization, large vein type zones injected into fault structures and Cu-Au porphyry style mineralization.
The project surrounds Mineria Activa’s Ciclon-Exploradora development project making them a logical buyer and this agreement will allow them to explore the Nord project for potential extensions or parallel structures to the known mineralization as well as other mineralization styles in this prospective land package.
On October 31, 2019, Mirasol announced that it signed an MOU with Mineria Activa (“Mineria”) for the Nord project. 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.
In September 2020, Mirasol executed the definitive option agreement with Encantada SpA (“Encantada”), an affiliate of Mineria.
Mirasol granted to Encantada the option to earn 100% of the project over 4 years by making annual cash payments totalling 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 obligations, Encantada will have earned a 100% interest in the Project and Mirasol will retain a 2% Net Smelter Return (“NSR”) royalty. Encantada has the right to buy back 0.5% of the royalty for US$3 million, exercisable within 8 years.
The 1,967 ha Nord project is located in Region III of Chile within the Exploradora District, which lies on the western side of the north-south trending regional scale Domeyko fault zone, and within the world class Eocene-Oligocene porphyry Cu belt. Based on Mirasol’s initial surface exploration work, the project has the potential to host two main styles of mineralization.
The first is characterized by large vein-type mineralization injected into fault structures hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization, as seen in the active small-scale mines located near the northeast corner of the claim boundary and at Mineria’s Ciclon-Exploradora polymetallic development project, which is located adjacent to the eastern blocks of the project. While surface geochemistry has returned only low to anomalous results, Encantada’s understanding will be valuable to define drill targets for potential extensions or parallel structures to the known mineralization (news release October 31, 2019).
The potential for porphyry Cu-Au style mineralization is also present on the project. In the central part of the property a large alteration zone displays patterns of quartz-sericite and advanced argillic alteration with thin tourmaline veinlets, which are characteristic of some porphyry-style alteration assemblages.
In the first half of 2021, Encantada completed an initial fieldwork program, which included geological mapping, geochemistry and geophysical surveys to define targets. A scout drilling program was completed largely on a property controlled by Encantada (Target 1) and adjacent to Nord, with one initial drill hole completed within the Nord tenure to test a Au-Cu mineralized corridor.
Follow up drilling took place at Nord in late 2021 to test the multiple north-northeast trending mineralized corridors identified on the property. Encantada completed five drill holes totaling 1,192m on Target 3 in the center of the project. Narrow zones of Zn mineralization (sphalerite - pyrrhotite) were encountered in the northern holes with higher temperature (garnet-pyroxene-magnetite) skarn carrying narrow zones of Cu-Au mineralization intercepted in the south. The skarn and increasing Cu-Au+Mo values may indicate a vector towards a porphyry target to the southeast.
At Target 2, geological mapping at 1:2,000 and 1:5,000 scale has been completed on a porphyry prospect interpreted to be of similar Mid Eocene-Oligocene (33-36 Ma) age to the Exploradora complex, which is located 4 km to the northeast. Three porphyry intrusives with potassic (secondary biotite) alteration, overprinted by strong sericite-clay alteration with local alunite, limonite and copper oxides, occur in two elongated 200 x 500m and 150 x 300m zones. Porphyry-type veining includes early biotite-magnetite (“EB”) veins and scarce A veins along a north-northwest trend near the contacts of the porphyry with the monzodiorite intrusive host rock. An Induced Polarization (“IP”) geophysical survey completed over the area has defined a strong and broad chargeability anomaly from 100-500m depth associated with the altered porphyry intrusions.
Encantada is evaluating further geochemical and geophysical surveys to develop and refine potential new drill targets.
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