The Pircas Gold Project
The Pircas project comprises 2,220 ha of concessions located in Region
III, approximately 270 km to the northeast of Copiapó and 70 km
northeast of El Salvador, Region II Chile.
The Pircas concessions under an option to purchase agreement with Gold
Fields whereby Gold Fields has agreed to spend US$6,799,000 over 96
months, effective October 9, 2009. In the event that Gold Fields
completes a bankable feasibility and enters into production, it will pay
a 2.5% NSR royalty to SCMAH (50% owned by Atacama Pacific) with the
ability to reduce the NSR for payment of US$10,000,000.
Preliminary exploration at the Pircas performed in the early 1980s,
detected geochemically anomalous gold and/or other elements associated
within a high-level, high sulfidation epithermal system. Interpretation
of satellite imagery color anomalies suggested that alteration which is
typical of such systems and which are characteristic of Maricunga-style
mineralization and alteration may be present. The project was previously
explored by one, or more, unknown companies who drilled at least 3 RC
holes (results unknown) and constructed 8 km of roads.
The mineralization and alteration (hypogene advanced argillic) observed
at the Pircas Project is characteristic of the high-level high
sulfidation mineralization/alteration seen at the La Coipa Mine. The
banded quartz veining and Cu-Mo geochemistry suggests the potential for
telescoped Maricunga-style Au-(Cu) porphyry mineralization.
Gold Fields sampled 13 trenches (4,892 m) and drilled seven RC angle
holes (2,682 m) and nine diamond drill angle holes (2,718.2 m).
The best results from the drilling program included 34 m grading 3.0 g/t
Au and 17 g/t Ag starting at a depth of 133 m including 16 m grading 5.7
g/t Au and 34 g/t Ag.
The Pircas Gold Project continues to be held by and funded per the
option agreement with Gold Fields and the exploration being conducted on
this property is currently outside of Atacama Pacific’s control. |
|
|
|
|
