“We are very pleased to have acquired such an impressive land package in Chile, the country with the largest copper reserves in the world and one of Latin America’s most stable jurisdictions. The Area 51 project is strategically situated in the same camp as Newmont and Freeport McMoran. This further adds to our new focus of expanding to jurisdictions outside of North America.” Stated Karim Rayani Chief Executive Officer.
About the Inca Del Oro Mining District
The Inca del Oro Mining District lies within the world-class Chilean Paleocene age mineral Belt that hosts multiple porphyry Cu-Mo-Au deposits, epithermal Au-Ag deposits, and skarn Cu-Pb-Zn deposits.
Historical exploration data collected by Newmont and Mirasol Resources suggest that prospective targets for copper and gold mineralization within the Inca del Oro Mining District are characterized by a correlation between surficial geochemical anomalies, intersection of northwest and northeast trending regional structures, and a magnetic-low geophysical response. Such features are also present at Area 51 property where aerial magnetic survey indicates a magnetic-low at the center of the Area 51 property where NW and NE structural trends converge (Figure 2a-b).
The Viernes claim block presents Falcon a tremendous opportunity to explore for potential bonanza-grade with epithermal low to intermediate sulfidation gold-silver, and porphyry copper-moly mineralization in one of south Americas greatest mineral endowed Paleocene-Eocene belts. The project is located within a world class cluster with extensive development by Yamana, BHP-Rio Tinto, Antofagasta Minerals amongst others. The property is highly prospective and is adjacent to the epithermal vein-hosted Gold-Silver producing El-Peñón mine in which Viernes may host similar geochemical and structural features. Yamana’s latest 43-101 complaint resources and reserves estimates published in March 2021 states total proven and probable mineral reserves of 921,000 ounces of gold and 29.2 million ounces of silver.
Since the 1990’s this area has produced 30.6 million tons of copper – 57 times the annual Canadian production, 9.2 million Ounces of Gold – 1.5 Times the Canadian production, 129.3 million ounces of Silver – 8.6 times the Canadian annual silver production and has generated multiple discoveries.
In Area 51 property, three main target areas are recognized: Northern Target, Central Target, and Southern Target (Figure 2a-b).
Northern Target lies in the periphery of a caldera structure with NW-oriented fracture-infill of chrysocolla and gypsum with Cu values larger than 5000 ppm (Figure 3a-b). Central Target exhibits a hydrothermally altered porphyritic rhyolite dome hosting sheeted epithermal veinlets veins replacing carbonates (Figure 3d). This zone is at least 125m wide by 400m long and prolongs onto neighboring claims to the west belonging to Mirasol Resources’s Inca Gold Project. Mirasol’s Sandra prospect/target within the Inca Gold Project reported at least five subparallel trends striking NW within an area of 2.5 kilometers x 4 kilometers, with continuous individual vein trends extending over lengths of up to 1.2 kilometers with wide individual veins (up to 3 meters) and intervening sheeted vein zones (20 meters). Metal grades in rock chip samples are up to 3.74 g/t Au, 172 g/t Ag and 2.24% Cu (Mirasol Resources, PR, Jan 13 2020). Southern Target corresponds to color anomaly 150m x 150m with hydrothermal breccias and carbonate replacement zones with quartz-pyrite and anomalous Pb and Zn content (> 5000 ppm) (Figure 3e).
Future soil and rock geochemical sampling together with an Induced Polarization (“IP”) geophysical survey over these three main targets will be a priority for the company.