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Incamayo Property

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Overview

The geology of the Andes region of Argentina and Chile is characterized by north to northeasterly trending basement rocks and structures that are cut by a series of distinct northwest-southeast trending structural zones, known as transverse zones or lineaments that, in Chile, host most of the world's largest copper deposits. Three of the most important of these zones are the Culampajá, Archibarca and Olacapata - El Toro Lineaments.

The Culampajá Lineament hosts at its southeastern end, in Argentina, the Bajo de la Alumbrera copper-gold porphyry. The Archibarca Lineament hosts, at its northwestern end, in Chile, the La Escondida porphyry copper deposit, one of the world's largest. The Olacapata - El Toro Lineament hosts, at its northwestern end, also in Chile, the Chuquicamata copper deposit. Despite over 90 years of intensive exploitation Chuquicamata remains one of the largest known copper resources.

The Incamayo Property is located at the southeastern end of the Olacapata - El Toro Lineament, in the Puna region of northwestern Argentina.

The Incamayo Property comprises a high-sulphidation gold and copper mineralized system, defined by the presence of an extensive alteration zone in association with mineralized zones of copper, gold, silver and zinc, with local iron, antimony, barium, bismuth, arsenic, tellurium and tin mineralization. The Incamayo prospect is believed to be the most southeasterly of the known Argentine epithermal precious metal - tin systems and is possibly the southernmost extension of the Bolivian precious metal - tin systems.

The focus of exploration is principally contained within a ±1,000-metre wide and ±5,000-metre long northeast trending alteration zone that is readily visible in satellite imagery. This zone of alteration appears to represent a major fault structure that is a splay off a main northerly trending suture zone. Known mineralization appears to be related to second and third order splay faults. The geometry and controls to mineralization have yet to be fully determined.

Trench sampling carried out on the property in the late 1990s revealed a number of continuously mineralized gold zones including:
  • 20 metres of 0.82 g/t Au
  • 72 metres of 1.40 g/t Au (including 18 metres of 5 g/t Au)
  • 50 metres of 0.67 g/t Au
  • 10 metres of 1.51 g/t Au
  • 16 metres of 0.98 g/t Au and 48 g/t Ag
Base metal values in the trenches are low and the property was drilled only for its precious metal potential. However, the furthest north drill hole in the alteration zone, RC-7, encountered significant intervals of Cu-Ag-Te-Au mineralization from surface to the end of the hole at 298 metres.

From 110 metres to 259 metres the hole contained 0.68% copper, 0.61 grams per tonne (gpt) gold, 6 gpt silver and 62 gpt tellurium. This 159-metre interval included 57 metres of 1.01 % copper, 1.06 gpt gold, 10 gpt silver and 108 gpt tellurium and a 4-metre interval from 110 metres averaging 5.47 gpt gold, 43 gpt silver and 297 gpt tellurium.

The hole was drilled at -60o with an azimuth of 135o. The azimuth of the alteration zone is approximately 55o. There is an indication from the limited mapping carried out in the late 1990s that there is an east-west component to the mineralization intersected in hole RC-7. This interpretation, owing to the movement along the structural lineaments, is similar to many other mineralized zones that occur within the transverse zones.

For example the El Quevar Property of Golden Minerals is located 55 km to the northwest along the Olecapato - El Toro Lineament. The El Quevar property, which is in the feasibility stage, is characterized by silver-rich veins and disseminations in Tertiary volcanic rocks that are part of an eroded stratovolcano.

Silver mineralization at El Quevar is hosted within a broad, generally east-west trending fault zone that occurs as a series of north-dipping parallel, sheeted vein zones, breccias and mineralized faults situated within an envelope of pervasively silicified brecciated volcanic rocks and intrusive breccias.

These characteristics may bear many similarities to those at Incamayo.