Lagartos

(Gold-Copper+/-Molybdenum Porphyry)

REGIONAL GEOLOGY (THE CELICA-LANCONES BASIN)

The Lagartos I 2006 mining concession (code: 030011406) has a surface area of 1,000 hectares and it is located in the Piura Department, northern Peru (Fig. 1). This concession is also part of the Celica-Lancones basin, a major mining structural belt located in the north-west of Peru and south of Ecuador. The basin hosts major World class deposits as observed in Fig. 1

Location of the Lagartos Project

Fig. 1 Location of the Lagartos Project together with major know deposits such as Tambo Grande in the Celica-Lancones basin.

The Lancones basin is a belt (90x50 Km) that runs with NE trending; it is located to the northwest of the Peruvian territory, Department of Piura, but also part of Ecuadorian territory called Celica basin in the Loja Province. The magmatic evolution model of the Lancones basin was originated from a "rift" with NNE - SSO orientation under an extensional regime in the middle Jurassic until a marginal basin, product of the separation between Gondwana and Laurasia (Tegart et al., 2000; Ríos 2004). The deformation style of the Lancones basin consists on block tectonics. The E-W fault systems represent the main lineation which limits the Lancones basin as part of the Jubones-Huaypira structural domain in the Huancabamba deflection. In the Upper Cretaceous there are multiple plutonic and sub-volcanic intrusions which gave origin to a magmatic-hydrothermal belt of porphyry copper, skarns and polymetallic veins deposits. In late stages high and low sulphidation epithermal systems were emplaced, especially to the north of the basin. There are five metallogenic provinces: (1) copper-zinc-gold related volcanogenic massive sulphides; (2) lead, zinc and copper related volcanogenic massive sulphides; (3) copper and molybdenum porphyry style mineralization; (4) Iron skarn mineralization; and (5) gold and silver epithermal deposits. They have different lithological, structural and metallogenic characteristics. Three metallogenic events have been identified: (1) An Upper Jurassic – Lower Cretaceous event that corresponds to the Cu-Zn-Au Tambogrande Volcanogenic Massive Sulphide giant deposit, hosted in volcanic sequences of tholeitic affinity of the Ereo Formation; (2) A Cenomanian event, Pb-Zn-Cu Kuroko type Volcanogenic Massive Sulphides hosted in volcano-sedimentary sequences of the La Bocana Formation; and, (3) An Upper Cretaceous (Campanian) event Cu-Mo porphyry style mineralization, iron skarn mineralization and Au-Ag epithermal deposits. Cretaceous-Paleocene intrusions are believed to be responsible for late phases of mineralization.

Stratigraphic column, Volcanic - Sedimentary Domain

Fig. 2 Stratigraphic column, Volcanic - Sedimentary Domain, Eastern Sector of the Lancones Basin.

LAGARTOS PROJECT (Gold-Copper+/-Molybdenum Porphyry)

Access to the area and infrastructure is very acceptable. The zone is crossed by the paved Panamerican high way that joints Peru and Ecuador. The town of Las Lomas (10,000 inhabitants) is located in the area of influence and it counts with the basic services such as local transportation, hotels, banks, phone service, restaurants, gas station, workers, etc. Topography is quite flat with an average elevation of 200 m.a.s.l. Weather is dry subtropical with average temperature of about 20°C. The zone counts with dendritic drainage system and good electrical supply.

This project is located to the north of the La Cantera and Peña Blanca porphyries forming a cluster of porphyries mining trend. This porphyry belt is located to the west side of the Jurassic-Cretaceous rift developed structure (Fig. 3).

Lagartos Porphyry Project Location

Fig. 3 Lagartos Porphyry Project location into the porphyry mining trend

Porphyry emplacement and mineralization seems to be related to the strong structural control with northwest-southeast and northeast-southwest directions. Additional west-east structures are cutting the previous setting and they seems to be related to the Huancabamba deflection. Additionally, within the concession narrow argillic altered and limonitized northwest and northeast structures (< 20 cm) and parallel to the main regional structures have been observed.

The geology of the property is represented by at least four lithologies: (1) Moderately weathered granodiorite (host rock); (2) Intermediate hornblende diorite; (3) Medium grain size diorite; and (4) Medium grain size subvolcanic dacite with quartz phenocrysts.

Mineralization has been observed in stockwork structures (quartz veining) emplaced in phyllic altered (quartz + pyrite in boxworks + sericite) dacite. In the central zone, the stockwork occurs as small outcrops on the apical zone of the dacite, which is also intruding diorite and granodiorite rocks. Very important was the observations (Moncayo, 2013) of the occurrence of potassic hydrothermal alteration in the stockwork zones (Fig. 4)

Simplified geology and structures at the Lagartos Project

Fig. 4 Simplified geology and structures at the Lagartos Project

History of the project starts at the 80´s when Buenaventura Company carried out some basic initial exploration. Results of those studies are not available today.

In 2010 another company called Estrella Gold Corp carried out initial exploration in the area. Samples (rock geochemistry) taken by geologists from this company yielded gold values up to 5.5 g/t gold, 0.9 % Cu and 0.1 % Mo

Yellow circles in Fig. 4 indicates four collar diamond drill holes found in the field (executed by Estrella Gold Corp. ?). As it can be observed one is located in the potassic alteration zone, the other three holes are located 500 to 1500 metres apart from the interpreted zone of interest (potassic alteration zone). No information related to the drill holes (executer, core, logging and/or assaying) is available currently.

In 2013 Gorgona Gold S.A.C. carried out a short exploration in the area obtaining the following information/conclusions: The area is being interpreted as a gold-copper+/-molybdenum porphyry with serious potential for further exploration; the project is still in a greenfield status; there have been identified at least four different rock intrusions at different ages; a porphyry related hydrothermal alteration pattern has been observed in the concession area; pottasic alteration is outcropping (surface); seven rock geochemical samples were collected on the main outcrops; rock assays yielded values up to 0.3 g/t gold, 0.4 % Cu and traces of molybdenum; the area definitely deserves a systematic exploration program.


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