Drill hole 22MAR-013R intersected 90 m of 0.94% copper and 0.84 g/t gold at a depth of 50 m - 140 m. This discovery successfully identified the copper and gold sulphide source mineralization to the abundant copper oxide mineralization observed on the southern margin of the project, validating the Company's exploration thesis, and represents the potential for a significant new IOCG discovery in the Cretaceous Coastal Cordillera belt in northern
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The discovery of significant iron-oxide-copper-gold mineralization was made through a combination of geological, geochemical and geophysical vectors. Soil geochemistry conducted using portable X-Ray fluorescence (pXRF) shows a 900 m copper anomaly situated along the Falla 13 structure, which is coincident with the mineralization in drill hole 22MAR-013R. Importantly, this copper-in-soils anomaly is terminated to the south by volcanic cover associated with the Remolino rhyolite dome. The Company's technical team believes this mineralized signature has the potential to extend beneath this cover sequence of volcanic rocks. In addition, there is a strong correlation between the mineralized intercept and strong magnetic and conductivity highs from ground-based geophysical surveys, which are associated with magnetite, copper sulphide mineralization and strong hydrothermal alteration along the Falla 13 structure, respectively. Collectively, the geological, geochemical and geophysical signatures encountered in drill hole 22MAR-013R extend along strike for approximately 1 km, demonstrating the potential to expand on the initial discovery.
Drill hole 22MAR-013R is hosted within a wide structural corridor, which is interpreted to exist at a depth between 20 m - 250 m, and which exhibits a typical IOCG zonation where the higher grade mineralization is associated with shallow silica-hematite-pyrite-chalcopyrite mineral assemblage that grades vertically downward into a magnetite-hematite-chalcopyrite-pyrite mineral assemblage at a depth of 50 m - 140 m. The higher grade mineralization is interpreted to be associated with breccia bodies and associated veining hosted within a diorite and quartz diorite intrusive complex. The upper portion of the mineralized intercept, from 40 m - 106 m, is characterized as a zone of mixed secondary iron and copper oxide minerals and a sulphide mineral assemblage of chalcopyrite and pyrite that grades into sulphide-only mineralization at a depth of 106 m - 140 m. From 140 m - 192 m, mineralization is characterized by abundant pyrite mineralization (5%-20%) with low copper values averaging 48 parts per million (ppm). From 192 m - 250 m, the mineralization is characterized by primary 5%-10% pyrite mineralization, with an average of 768 ppm copper that is associated with silica-magnetite-hematite alteration. The hole ended with 250 m - 360 m of silica-chlorite and calc-sodic alteration showing intervals with over 20% of disseminated pyrite. The Company is currently planning a follow-up drill program to continue to explore the Falla 13 structural corridor over an approximate strike length of 1 km.
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