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Pampa Metals Corporation Reports Drilling Results Indicative of a Porphyry System at its Cerro Buenos Aires Project in Chile

09/15/2021 | 07:05am EDT

Pampa Metals Corp. provided an exploration update regarding its 7,600-hectare Cerro Buenos Aires Project in northern Chile, where the Company has completed the drilling of nine reverse circulation ("RC") holes totaling 2,738m focused on the Cerro Chiquitin area in the north of the property. Analytical results are pending. See previous news releases dated April 28, May 12, July 7, July 29 and August 3, 2021 for further technical information and updates. Three drill holes are located on the east flank of the small outcropping hill at Cerro Chiquitin, all of which were drilled with an inclination of 60 ° to the west to cut the base of the previously reported tourmaline breccia body exposed at Cerro Chiquitin. Hole CBA-RC-01 cut discrete magmatic-hydrothermal breccia structures with a tourmaline matrix, which in turn cut a magnetite-rich metasomatic alteration in andesitic tuffs. The hole cut 56m of gravel cover and was abandoned at 386m due to technical problems with the drilling. Holes CBA-RC-07 (384m) and CBA-RC-08 (470m) cut important sections of magmatic-hydrothermal breccia with a combination of tourmaline and quartz-tourmaline matrices, as well as segments of wide- spaced quartz veinlets in a fine grained dioritic porphyry, which is interpreted to be similar to a possible porphyry gold system. The host rocks comprise andesitic tuffs with contact metasomatism including pervasive fine biotite alteration, silicification and disseminated magnetite. Two other holes were drilled south of the exposed breccias body. Hole CBA-RC-02 (244m) cut phyllic alteration and a series of quartz-sulfide veinlets indicative of the epithermal-porphyry transition. This hole cut 64m of gravel cover and was abandoned due to technical problems with the drilling. Hole CBA-RC-06 (324m) was drilled a little further south, and cut advanced argillic alteration, with evidence of an epithermal system, after penetrating 84m of gravel cover. Four further holes were drilled to the north of Cerro Chiquitin, including CBA-RC-03 (240m), CBA-RC-04 (234m), CBA-RC-05 (240m) and CBA-RC-09 (216m), all of which cut peripheral hydrothermal alteration with quartz veinlets, pyrite and a transition to propylitic alteration with the presence of epidote. The principal area of interest is located to the south of holes CBA-RC-07 and 08, and to the north and east of CBA- RC-02, where considerable space for a mineralised porphyry system exists. Detailed interpretations of magnetics data support this interpretation, with magnetic susceptibility depth slices showing a clear transition from near surface magnetite-destructive alteration (advanced argillic and phyllic) to deeper magnetite stable alteration (potassic), which may represent the mineralised porphyry core, and the focus of follow-up exploration work. Pampa Metals is now awaiting the results of the chemical analyses of the RC drill hole chips to further help vector towards potential ore and to help decide the next steps for the project. Further work may include detailed IP survey lines to penetrate deeper than the current gradient array IP survey and to give better definition of IP features at depth, combined with further drill follow-up. 1,279 samples, most of which represent 2m intervals from the drilling, have been sent to the laboratory for analysis. This number includes control samples (blanks,duplicates, standards) that will allow for QA/QC control of the sampling, preparation, and analytical processes.

© S&P Capital IQ 2021
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Capitalization 18,0 M 14,6 M 14,6 M
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Julian Richard Frank Bavin President, Chief Executive Officer & Director
Gurdeep Bains Director, Chief Financial Officer & Secretary
Adrian Manger Chairman
Timothy J. Beale Director & Vice President-Exploration
Ioannis Tsitos Director & VP-Corporate Development
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