The Company contracted DV Drilling from La Serena, Chile to complete a 2,700m diamond and RC drilling program at its Llahuin Copper-Gold Porphyry Project in Chile.
The drilling program at the Cerro de Oro deposit will test downdip extensions from the previous drilling program and the area between the Cerro de Oro and Ferrocarril sectors where recent soil geochemistry demonstrates a significant copper and gold anomaly, not previously drilled.
Subsequent to the quarter end, the Company reported encouraging results from the expansion drilling at its Llahuin Copper-Gold Porphyry Project in central Chile.
Laboratory results for the first three holes of a 17-hole program mainly at the Cerro de Oro and Ferrocarril deposits targeting resource expansion along strike and at depth.
Encouraging results included:
- 156m at 0.51% CuEq, (0.41% Cu, 0.09ppm Au, and 63ppm Mo) from surface in 23LHRD027
- 136m at 0.47% CuEq, (0.27% Cu, 0.17ppm Au, and 167ppm Mo) from 42m in 23LHRD028
- 18m at 0.46% CuEq, (0.25% Cu, 0.24ppm Au, and 83ppm Mo) from 66m in 23LHRD033
Figure 3 Cross section through 23LHRD027, 23LHRD028, and 23LHRD033, showing reported intercepts.
Background Work and Ongoing Programs
Systematic programs of surface geochemistry, surface mapping, structural interpretation, and historical hole re-logging and multi-element assaying were used to plan the current drilling program. This lead-up work has proved critical in identifying zones for substantial expansion and drill locations.
A new 3D model incorporating the latest drilling and geological interpretation is under construction. This work involves implicit modelling of grade and geological domains, followed by constrained manual interpretation. The resulting models will generate a revised Mineral Resource Estimate (MRE) (currently 169mt at 0.4%CuEq) on completion of exploration drilling for a 20+ year mine life estimate.
Terraspec data is also being systematically collected over Central Porphyry to aid identification of alteration assemblages associated with the deposit. If successful at Central Porphyry, this program will be expanded to the other deposits at Llahuin and assist vectoring towards higher grade feeder zones at depth feeding the known deposits. Magnetic susceptibility readings are also being taken at regular intervals on all drill core to be used to constrain a new magnetic inversion model utilising the new drone magnetics data to be completed in second quarter of 2024.
Field mapping and surface sampling programs are ongoing at Southern Porphyry, extending north to the southern extent of Ferrocarril. This program aims to define the nature and extent of the mineralising systems, particularly at Southern Porphyry, which is a very large greenfield opportunity. Southern Porphyry extends the strike length of the known mineralising system at Llahuin to approximately 3.7km. Further updates on this large target will be reported as the various stages of technical work are completed.
(Refer ASX Announcement, dated 15 January 2024 – SUH Drills 156m @ 0.51% Copper Equivalent At Llahuin).
Figure 4. 3D view looking northwest from Southern Porphyry to Central Porphyry, showing the scale of the Llahuin mineralising system.
Los Pumas Battery Metals Manganese Project 100%
The Company continued discussions during the quarter to advance development of the Los Pumas Battery Metals Manganese Project, near excellent infrastructure in Arcia in Northern Chile.
The Los Pumas Project is the flagship project to convert high-quality manganese mineral resources into High-Purity Manganese Sulphate Monohydrate (“HPMSM”) to supply the Electric Vehicle (“EV”) and battery energy storage markets.
Other advancing projects and technologies in lithium, manganese and cobalt are key areas for business growth as the Los Pumas Project moves through the feasibility stage.
(Refer ASX Announcement, dated 5 July 2023 – Intention to Demerge Battery Minerals Asset).
Lago Lithium Brine Project 100%
The Company’s main focus has been the expansion drilling at Llahuin, therefore no exploration activities took place during the quarter under review on the strategically obtained Lago Lithium Brine Project, located in the renowned lithium-rich Atacama region of Chile and covering an area of approximately 27km².
The Salar de Atacama is widely recognised for its exceptional lithium deposits operated by the world’s largest lithium brine producers, SQM and Albemarle.
(Refer ASX Announcement, dated 10 July 2023 – Application for the Lago Lithium Brine Concessions in Chile).
Figure 5: Location of the nine new lithium brine concessions.
The Company presented at the prestigious Latin Rocks Conference in Santiago, Chile and as a result of the technical progress of the Llahuin Project, the Company was very well received and as a result has been invited to present at the Chilean Mine Ministry seminar scheduled for March 4 at the Delta in Toronto, Canada during the Prospectors & Developers Association of Canada (PDAC) conference.
The Company will also host booth #3242 at PDAC, where we welcome all interested participants.
The Full PDF of the QAR is available below.
COMPETENT PERSON / QUALIFIED PERSON STATEMENT:
The information in this report that relates to copper and gold exploration results for the Company’s Projects is based on information compiled by Mr Adam Anderson, who is a Member of The Australasian Institute of Mining and Metallurgy and The Australian Institute of Geoscientists. Mr Anderson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Anderson is a consultant for the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.