Toronto-listed Metallica Resources (TSE) has entered into a joint venture with a private Chilean company to explore and possibly develop the Los Choros copper-gold property in north-central Chile.
The 1,780-hectare Los Choros property is 70 km north of La Serena, within 5 km of the Pan American Highway and at an elevation of 400 metres. The Santa Dominga mine, which produced 1 million tons of ore grading 3.5 grams gold per ton and 0.8% copper from a vertical shear zone, is within the property boundaries.
The targets to be evaluated by Metallica are a series of at least five large magnetic and induced-polarization (IP) anomalies interpreted to represent sulphide-bearing, iron-rich bodies developed within a sequence of Cretaceous-age volcanic and carbonate rocks. Three holes have previously been drilled to test two of the magnetic/IP anomalies, two of which returned anomalous copper and gold values in several sulphide-rich zones.
Metallica considers Los Choros to be similar in geological, geochemical and geophysical character to the Candelaria mine, 250 km to the north, which is operated by Phelps Dodge.
Metallica’s initial exploration plan consists of ground magnetic and IP surveys, followed by a first-pass drill program.
In order for Metallica to earn a 60% interest in Los Choros, it must spend US$2 million exploring the property over the next three years.
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