Cañariaco Sur is the second copper-gold porphyry intrusive body discovered to date on the Cañariaco Property and lies 1.3 km south of the centre of the Cañariaco Norte deposit. The close proximity of Cañariaco Sur to Cañariaco Norte, offers the potential to add significantly to the economics of the Cañariaco project through shared infrastructure and facilities.
In January 2022, an Initial Inferred Mineral Resource was estimated for the portion of the Cañariaco Sur deposit drilled to date. This Inferred Resource contains 2.2 billion pounds of copper, 1.2 million ounces of gold and 15.0 million ounces of silver. This deposit contains higher levels of gold and molybdenum than Cañariaco Norte, minimal arsenic levels and mineralization that starts at surface. This Initial Resource estimate is based on 15 drill holes on the eastern portion of a large geochemical anomaly which extends several hundred metres to the west and southwest. Higher grade phyllic style copper-gold mineralization was intersected in the western-most hole drilled to date.
Cañariaco Sur Initial Inferred Resource (0.15% Copper Cut-off Grade)
Grade Cu (%)
( M lbs)
Notes to accompany Cañariaco Sur Initial Inferred Resource table:
Cañariaco Norte, Cañariaco Sur and a third target, Quebrada Verde, are part of an extensive porphyry complex covering a minimum length of five kilometres and an average width of two kilometres. The porphyry complex is covered entirely by the Cañariaco property, which is held 100% by Alta Copper. Geological mapping, geophysics and geochemical sampling by Alta Copper, and by Billiton in 1999 (including limited drilling), indicate a strong potential for additional porphyry copper-gold mineralization within the complex.
In the Quebrada Verde area, recent geophysical surveys have delineated a large IP chargeability high centered on a resistivity anomaly and covering an area of 0.8 km by 2.0 km. Argillic and minor phyllic alteration occur in biotite-feldspar porphyry intrusive similar to that which hosts the bulk of the copper mineralization at the Cañariaco Norte deposit. A magnetic high could represent potassic alteration at depth. In addition, anomalous levels of copper of up to 2,200 ppm (0.22%) and up to 497 ppb gold in soils cover an area of approximately 0.7 by 0.9 kilometres. The geochemical anomalies at Cañariaco Sur and Quebrada Verde are much stronger than those occurring in soils at Cañariaco Norte indicating a thinner leached cap. Volcanic host rocks are believed to be masking lateral surface expression of the Cañariaco Sur and Quebrada Verde porphyry intrusive as they do over parts of the Cañariaco Norte deposit.
The Cañariaco Sur and Quebrada Verde area is underlined by Calipuy volcanic sequence intruded by several phases of porphyry and locally tourmaline breccias. Calipuy volcanics consist mainly of lavas and piroclastics. Intrusives are of granodiorite composition and they vary from biotite rich (quartz diorite porphyry) to Quartz "eye" rich (quartz monzonite porphyry, quartz feldspar porphyry). Tourmaline breccias similar to those seen at Cañariaco Norte have been mapped along the margins of the porphyry intrusives.