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About the Calvario and Mirador Projects (the “Projects”)
The Calvario and Mirador projects are located approximately 80 km northeast of the coastal city of La Serena in the
The
Calvario Project (see Figure 1) consists of28 titles(Title type: Exploitation) covering6,870 hectares. A portion of theCalvario Project (2,200 hectares) are subject to a 2% base metals Net Smelter Rotalty (“NSR”) and an 1% precious metals NSR in favour ofMineral Global Copper Chile S.A. , a wholly owned subsidiary of the major royalties corporation, Franco Nevada Corporation (Canada ). The balance of the Calvario titles (4,470 hectares) are free of any royalties.The
Mirador Project consists of31 titles(Title Type: Exploitation) covering7,744 hectares. Ten of the Mirador titles (covering 2,400 hectares) are subject to a 2% base metals Net Smelter Rotalty (“NSR”) and an 1% precious metals NSR in favour ofMineral Global Copper Chile S.A. Nineteen of the other Mirador titles (covering 4,744 hectares) are subject to a 2% base metals Net Smelter Rotalty (“NSR”) and an 1% precious metals NSR in favour of Sumitomo Metals Mining Chile Ltda., a wholly owned subsidiary of the major mining corporation,Sumitomo Metals Mining Co. (Japan ). Two titles (covering the balance 600 hectares) are free of any royalties.
Colossus’ technical Director
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Figure 1: Outline of Calvario (in red) and Mirador (in blue) Concessions, located in the
Calvario is a porphyry copper (± Mo ± Au) systemcharacterised by a structurally controlled quartz-sericite alteration zone oriented NNW-SSE some 6.0 km x 1.0 km in size, hosted within monzonite and quartz-feldspar porphyry intrusions and other rocks. Relict sulphides (pyrite and chalcopyrite) in the leached and oxidised surface exposures, minor copper oxides and associated Mo (>10 ppm) and Cu (>600 ppm) geochemical anomalies in soils and talus fines samples, together with stockwork quartz D-type veins have defined a principal target area around 1,500 m x 700 m in size at the southern end of the alteration zone, which may reflect a possible hypogene copper target at depth.Two secondary targets occur further to the north along the principal alteration zone mapped. The priority target area coincides with three of the six relatively shallow historic diamond drill holes drilled by Minera Fuego Ltda (now Mineral Global CopperS.A.) in 2008. They display moderate quartz-sericite alteration with minor copper oxides as coatings on pyrite and in fractures, and minor chalcocite mineralization indicating weak secondary enrichment. Best intersections include Hole# FCAR-07 reporting 92m @ 0.23% CuT (Total Copper) & 21 ppm MoT (Total Molybdenum), including 20m @ 0.54% CuT & 24 ppm MoT and Hole # FCAR-14 reporting 62m @ 0.20% CuT & 22 ppm MoT, including 28m @ 0.30% CuT & 20 ppm MoT. Information from surface exposures and drill holes suggests that erosional levels are not sufficiently deep to have produced significant secondary enrichment, with essentially relatively high-level phyllic alteration exposed at surface. Hypogene copper mineralisation has not been specifically targeted by the limited historical drilling, and comprises the target for future drill testing. The property has been structurally uplifted by a series of regional thrust faults related to the San Felix – Vicuña fault system.
Exploration activities to date have included geological mapping of outcropping areas, alteration mapping, mineralogical studies, limited rock-chip surface sampling, limited ground magnetics and relatively shallow drill testing(4,314m of drilling in 20 holes, mostly Reverse Circulation)of certain targets.No work has been done over Calvario in recent years.
The property is easily accessed, being located close to the new paved highway that connects the main paved
Although Calvario is a drill-stage ready exploration project, the Company believes that historical data needs to become NI43-101 compliant, some detailed geochemistry and geophysical surveys should be conducted in order to vector to the most productive parts of the porphyry system/s, prior to any drilling, to take place within 8 months from execution of Definitive Agreements.
Mirador is a porphyry copper(± Mo ± Au)and high-sulphidation epithermal copper-gold exploration targetand it is the southernmost of the two (with Calvario) large hydrothermal alteration systems located within the Properties. Mirador also lies along the same highly productive Paleocene belt of Chile.
The Mirador project and identified targets within its titles, have never been drilled to date!
Mirador represents a porphyry copper (± Mo ± Au) system, currently exposed at the upper-porphyry to epithermal levels, probably representing the base of a lithocap overlying the proposed porphyry copper target(s). Potential for high-sulphidation, epithermal copper-gold also exists. Extensive quartz-sericite and argillic alteration characterise the northern sector of the alteration zone. The alteration area (see Figure 2) extends over more than 7.0 x 3.0 Km, with superimposed advanced argillic alteration dominated by quartz-alunite in the central and southern sectors. Intense hydrothermal alteration is hosted principally within dacitic rocks.Phreatic breccias have been recognised, also suggesting the upper portions of a porphyry copper system. Surface outcrops are intensely leached. Limited copper oxides coincident with fine quartz veinlets at lower elevations to the north, suggest proximity to porphyry copper levels. Multi-element geochemical anomalies in rocks (Mo-Cu-Bi-Au – with Mo >24 ppm to 153 ppm, and Cu >92 ppm to 500 ppm) suggest porphyry copper potential in the northern and possibly southern portions of the alteration zone, while the central areas (As-Sb geochemistry) more closely suggests a high-sulphidation epithermal environment with potential for copper-gold mineralisation and possibly gold and silver. The property has been structurally uplifted by a series of regional thrust faults related to the San Felix – Vicuña fault system. Mirador together with contiguous Calvario project, form an important pair of copper targets controlled by the same regional thrust faults.
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Figure 2: Calvario & Mirador Regional Geology and major copper porphyry related alteration areas.
Exploration activities to date have included detailed geological mapping of outcropping areas, detailed mapping of alteration mineralogy, and minor geochemical sampling of rocks. Further detailed alteration mapping and geochemical sampling to aid vectorisation towards potential productive levels, supported by geophysical testing (magnetics and IP), is required prior to drill testing of the principal targets.
Terms of the Acquisition
Terms of the LOI provide for funding by the Company of not less than
The Company paid the sum of
The Projects are subject to net smelter return royalties over base and precious metals, of which Minera Mena Chile Ltda will retain the right to purchase half the royalties.
The transaction is subject to all applicable regulatory approvals, including acceptance by the TSXV, and, if required, shareholder approval.
Qualified Person
The Qualified Person under National Instrument 43-101- Standards of Disclosure for Mineral Projectsfor this news release is
About
About Austral Gold Ltd.
Austral Gold is a gold and silver explorer and mining producer whose strategy is to expand the life of its cash-generating assets in
ON BEHALF OF THE BOARD OF DIRECTORS
“Harry Katevatis”
1.CEO & Director
For more information contact
Neither
Forward Looking Statements
Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.
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