(Cu-Au porphyry and VHMS)
“CARLOS V” PROJECT
“Carlos V” is a copper-gold porphyry project with occurrence of local horizons of Volcanogenic Hosted Massive Sulphides mineralization type. It is located on the northern portion of Peru, in the Las Lomas District, Sullana Province, Department of Piura. Average elevation is 250 m.a.s.l. It is located about 1,000 Km to the north-west of Lima. Access is excellent by plain and vehicle; all kind of logistics are available in the area of influence. The project is composed by two contiguous concessions forming a total of 1,500 Ha.
Nine vertical diamond drill holes tested the porphyry sector (Minera Urumalqui – SIMSA, 1994) and in 2001 Buenaventura Mines developed in conjunction with BHP Billinton semi detailed geological mapping, geochemistry and geophysics (gravimetry).
Local geology comprises the following lithologies/rocks: granodiorite, tonalite, quartz monzonite, and gabros and diorites in the periphery. Trenching in 1994 – 1995 showed silicification and wide spread phyllic hydrothermal alterations. Stockwork structures are very conspicuous in the oxidized zone of the granodiorite. Observed mineral assemblage include limonite, hematite, pyrite, malachite and chrysocolla
The concessions are located in the mineralized plutonic complex belt of the Las Lomas (mining district). Two distinct gold – copper mineralization have been described in this project: (a) Disseminated mineralization (1,500 x 500 m) hosted into the oxidized porphyritic quartz monzonite and yielding grades up to 0.36 g/t Au and 0.12 % Cu (surface rock geochemistry); and (b) Mineralization associated to gold-copper bearing structures (veins) with grades up to 5.39 g/t Au and 5.71 % Cu.
Addionally Buenaventura has described some local horizons corresponding to mineralization of the VMS type that are still unexplored. It has to be remarked that this project is located only 30 Km to the north-east of the “giant” VMS ore deposit of Tambo Grande.
The Tambogrande Volcanogenic Hosted Massive Sulphides (VHMS) deposit within the Cretaceous Celica-Lancones basin is located to the north-west of Peru and it is one of the largest copper-zinc-gold-silver bearing known World class ore bodies. This ore body is known to be containing three mineralized targets: TG1 with 109Mt @ 1.6% Cu, 1.0% Zn, 0.5 g/t Au and 22 g/t Ag; TG3 with 82Mt @ 1.0% Cu, 1.4% Zn, 0.8 g/t Au and 25 g/t Ag; and B5, with comparable massive sulphides intersections to TG1 and TG3. The TG1 deposit also hosts an oxide zone with 16.7Mt @ 3.5 g/t Au and 64 g/t Ag. All classified as indicated and inferred resources.
The Project needs initial exploration work such as geochemistry, geophysics, geological mapping to produce anomalous targets for further drilling. It is estimated an exploration budget of about US$ 3M.
The Project needs initial exploration work such as geochemistry, geophysics, geological mapping to produce anomalous targets for further drilling.