ADVANCING A PROSPECTIVE PORTFOLIO TO DISCOVERY … · 2019-07-29 · Domeyko Cordillera –3 of...

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ADVANCING A PROSPECTIVE PORTFOLIOTO DISCOVERY SUCCESS

Copper - Gold - Silver

MONTEZUMA

COPPER-GOLD-MOLYNorthern Chile

LOI withBMR Group PLC

Project Technical Summary

July 2019

www.reveloresources.com

Cautionary Statement

2

Certain statements contained in the following presentation constituteforward-looking statements. Such forward looking statements involvea number of known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance orachievements of the Company to be materially different from anyfuture results, performance or achievements expressed or implied bysuch forward-looking statements. Readers are cautioned not to placeundue reliance on these forward-looking statements.

Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), anindependent consultant, is the Company’s Qualified Person for thepurposes of National Instrument 43-101 Standards of Disclosures forMineral Projects of the Canadian Securities Administrators, and isresponsible for the accuracy of, and has verified, the technicalinformation in this presentation and has approved its writtendisclosure.

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Montezuma Project (Copper-Gold-Moly)

3

In the Shadow of the HeadframeView of Chuquicamata Copper Mining District centered 30 Km N of Montezuma Project

Cu Au Mo

Ministro Hales Cu Mine

Calama – Mining Town

Chuquicamata Cu MineMina Sur Cu Mine

Radomiro Tomic Cu Mine

Montezuma Property



4

Cu Au Mo

Copper-Gold-Moly exploration project – Northern Chile

Major district-scale exploration play – ~ 16,300 Hectares

Project subject to LOI with BMR Group PLC (Option Agreement and shares in BMR)

Centred in the heart of one of the world’s largest copper mining districts

Midway between the Chuquicamata District and the Centinela District

Porphyry copper-gold-moly exploration targets

Major hydrothermal alteration systems with porphyry copper-gold characteristics

Significant historic drill intercepts indicating presence of mineralised systems

E.g. 44m @ 0.55% Cu + 0.17g/t Au + 3.4g/t Ag

Multiple targets – some drill ready

Northern Chile

Desert terrane, excellent infrastructure, easy access


Exceptional Mineral Belt

Domeyko Cordillera – 3 of world’s top 6 copper mining districts

Exceptional Jurisdiction

Chile – geology, government, law, infrastructure, people, services

Exceptional Location

Northern Atacama DesertAlong direct trend and neighbour to the giant Chuquicamata and Esperanza copper depositsExcellent access and infrastructure

Exceptional Land Position

Montezuma ~16,300 Ha *

LOI signed with BMR Group PLC

Exceptional Prospects

Multiple prospects - drill intercepts –porphyry Cu-Au type systems

(* Underlying 1% NSR Royalty)

Montezuma – About the Project

5

Cu Au Mo


Montezuma

Porphyry Cu-Au-Mo

Domeyko Cordillera

Mid-Tertiary porphyry copper belt

3 of world’s top 5 copper mining districts

Modified From: Mpodozis C. & Cornejo P. (SEG SP 16 – 2012)

Montezuma – Regional Geological Setting

6

Cu Au Mo


Montezuma – District Setting

7

10 Km

CHUQUICAMATA DISTRICT (Codelco) *

- ~ 130 Mt Contained Cu- ~ 849,000 t fine Cu production / year (2018)- 3 mines (Chuquicamata, Radomiro Tomic, Ministro Hales)- 5 undeveloped deposits (Toki Cluster)

CENTINELA DISTRICT (Antofagasta / Marubeni) *

- ~ 20 Mt Contained Cu- ~ 248,000 t fine Cu production / year (2018)- 2 mines (Esperanza, El Tesoro)- 4 undeveloped deposits (Centinela Cluster)

Cu Au Mo

MONTEZUMA (~ 16,300 Ha) – LOI with BMR Group

• Key faults of the Domeyko Cordillera• West Fissure / Los Toros & Centinela Faults

• Multiple porphyry & brecciation events• Similar geologic ages to Chuquicamata & Esperanza

ARRIEROS PROJECT (~ 14,000 Ha) – Revelo

• Key post-mineral covered area with geophysical anomalies

(*) Production & Contained Metals Figures from Cochilco, Company Websites & Academic Publications


Montezuma – District Setting

8

10 Km

CHUQUICAMATA DISTRICT (Codelco) *

- ~ 130 Mt Contained Cu- ~ 849,000 t fine Cu production / year (2018)- 3 mines (Chuquicamata, Radomiro Tomic, Ministro Hales)- 5 undeveloped deposits (Toki Cluster)

CENTINELA DISTRICT (Antofagasta / Marubeni) *

- ~ 20 Mt Contained Cu- ~ 248,000 t fine Cu production / year (2018)- 2 mines (Esperanza, El Tesoro)- 4 undeveloped deposits (Centinela Cluster)

Cu Au Mo

MONTEZUMA (~ 16,300 Ha) – LOI with BMR Group

• Key faults of the Domeyko Cordillera• West Fissure / Los Toros & Centinela Faults

• Multiple porphyry & brecciation events• Similar geologic ages to Chuquicamata & Esperanza

(*) Production & Contained Metals Figures from Cochilco, Company Websites & Academic Publications

Chuquicamata District Deposit FootprintsAt same scale (from Sillitoe R.H. 2010)


Montezuma – Scale Comparison with Chuquicamata District

9

10 Km 10 Km

Chuquicamata District Deposit Footprints

At same scale(modified from Sillitoe R.H. 2010)

Chuquicamata District Montezuma Project

Calama Town

Calama TownRadamiro Tomic

Chuquicamata

Mina Sur

Ministro Hales

Toki Cluster

Melissa

Target L

Target F

Target C

Target A

Target B

Arrieros Project


Codelco, Anglo American, Others (Pre-2007)

Exploration work and results unknown, but including minor (shallow) tests on several targets

Montezuma – Work to Date & Database - 1

10

HISTORIC WORK

COMPLETED TO DATE

Polar Star Mining (End 2007 – Early 2014)

Geological mapping

Extensive surface geochemical sampling programs

Geophysics – Ground magnetics & IP

Several drilling campaigns on several targets

> 26,500 m (core & results available)

Newmont Mining (Early 2014 – Late 2016)

Geological mapping

Re-logging of Polar Star drill core

Surface geochemical sampling programs

Geophysics – IP (NewDAS)

Drilling campaign on several targets – mostly outside current property boundary

> 8,500 m (core & results available)

15,000 Ha (approx’) dropped along Sierra Limon Verde – western side of property – as a results of Newmont’s work

No longer part of Montezuma project

Cu Au Mo


Revelo Resources (March 2017 to Present)

Detailed geological and hydrothermal alteration mapping of key target areas

Re-logging of key Polar Star drill holes, with a focus on porphyry, breccia and hydrothermal alteration phases

Rapid review of Newmont targets and re-log of Newmont drill holes

Selective SWIR mineral spectrometry (surface rocks and drill holes)

Re-processing of ground magnetics surveys

Re-plotting and re-interpretation of historic databases

Age dating

Reporting (in Spanish)

Montezuma – Work to Date & Database - 2

11

WORK TO DATE &

DATABASE

Cu Au Mo


Montezuma – Satellite Image & Principal Targets

12

Paleozoic basement with numerous small workings for Cu, with lesser Au

Extensive intermediate argillic alteration in transition to phyllic (sericitic) alteration

New, undrilled target defined by Revelo, associated with phyllic alteration and chalcocite-rich structures

Area to N of principal target – post-mineral cover

Phyllic & potassic alteration at surface and drill holes with morphology of Ministro Hales deposit/mine

Geophysical anomalies

Limited drilling – fault controlled targets

Mid-Tertiary age dating from drill hole

+10 km of discontinuous outcrops of Mid-Tertiary aged porphyry intrusions and breccias

Intense hydrothermal alteration from potassic to phyllic to intermediate argillic to advanced argillic

Multiple porphyry and breccia types (including phreatomagmatic breccias)

Extensive drilling with mineralised intercepts – but open potential defined by Revelo

Mid-Tertiary ages from drill hole & surface outcrops

Arrieros Property – Separate Project

MELISSA

ANOMALYL & F

ANOMALYC-A-B

ARRIEROS(COVERED)


Montezuma – Schematic Geology & Principal Targets

13















MELISSA

ANOMALYL & F

ANOMALYC-A-B

ARRIEROS(COVERED)


Montezuma – Radiometric Age Dating

14

Surface sample – U-Pb age date on zircon from sericite-altered granitoid – 281 +/- 8.5 Ma

Possible inherited age date from Paleozoic host

Equivocal result

2 samples – Target L

MODD-34-10 @ 63.4m – K-Ar date from sericite-altered dacite porphyry – 45.4 +/- 1.2 Ma

MODD-34-10 @ 233.5m – K-Ar date from sericite-altered feldspar porphyry – 39.1 +/- 1.3 Ma

Mid-Tertiary ages confirmed

4 samples – Target B

MODD-38-10 @ 870m – U-Pb age date on biotite from dacite porphyry – 43.9 +/- 0.2 Ma

Surface sample – K-Ar age date on alunite from altered basement granite – 29.0 +/- 6.8 Ma (supergene?)

Surface sample – U-Pb age date on biotite from quartz monzodiorite porphyry – 43.7 +/- 0.4 Ma

Surface sample – K-Ar age date on feldspar from feldspar porphyry – 45.4 +/- 1.2 Ma (JOGMEC)

Mid-Tertiary ages confirmed

MELISSA

TARGETL & F

TARGETC-A-B

45.4 ± 1.2K-Ar

39.1 ± 1.3K-Ar

29.0 ± 6.8K-Ar

43.9 ± 0.2U-Pb

45.4 ± 1.2K-Ar

43.7 ± 0.4U-Pb

281 ± 8.5U-Pb

268.8 ± 8.0K-Ar


Database: RAB/TOB Surface Rock – Sample Locations

15

Montezuma

Polar Star RAB/TOB rock samples – taken along IP lines

Shallow holes up to 1.2m deep

Red dots show samples that reached TOB (Top of Bedrock)

Black dots show samples that sampled caliche or alluvium / colluvium

2,965 samples in total collected for Montezuma

Of which 1,666 reached TOB (results used by Revelo)

Effectively weathered rock-chip samples

Analysed by ALS labs – ICP ME-MS61 (4-acid)

Not all samples analysed for Au or Hg

5 Km


Database: IP Chargeability

16

IP Chargeability @ 250m (Polar Star) NewDas Chargeability @ 300m (Newmont)

5 Km 5 Km


Database: IP Resistivity

17

IP Resistivity @ 250m (Polar Star) NewDas Resistivity @ 300m (Newmont)

Inverted colour code

5 Km 5 Km


Database: IP Chargeability & Principal Targets

18

IP Chargeability @ 250m (Polar Star)

5 Km















MELISSA

ANOMALYL & F

ANOMALYC-A-B

ARRIEROS(COVERED)


Database: Magnetics – TMI & RTP

19

Magnetics - TMI Magnetics - RTP

5 Km 5 Km


Database: Magnetics – AS & RTP

20

Magnetics - AS Magnetics - RTP

5 Km 5 Km


Database: Magnetics – AS & Principal Targets

21

Magnetics - AS

5 Km















MELISSA

ANOMALYL & F

ANOMALYC-A-B

ARRIEROS(COVERED)


C-A-B – Copper-Gold Targets

22

Cu Au Mo

Target A at MontezumaAccess Road


2 Km2 Km

A

B

C-A-B – Satellite Image

23

C


C-A-B – Schematic Geology

24

2 Km 2 Km

C-A-B

Key structural controls of multiple porphyry and breccia events

West Fissure / Los Toros Fault Zone (N-S)

Centinela Fault Zone (NE-SW)

+ 10 Km of hydrothermal alteration – Mid-Tertiary (dated)

A

B

C


C-A-B – Schematic Geology

25

2 Km 2 Km

C-A-B

Paleozoic basement (plutonic rocks and volcanics)

Early-Tertiary Cinchado Fm. sediments

Discontinuous outcrops, with frequent thin cover, of Mid-Tertiary porphyries and breccias

Including early mineral quartz-monzodiorite porphyry typical of the belt

Hydrothermal alteration from advanced argillic near surface to potassic at depth

Mid-Tertiary age dating confirmed (Target B)

MODD-38-10 @ 870m – biotite from quartz-dacite porphyry – 43.9 Ma (U-Pb)

Surface – biotite from quartz-monzodiorite porphyry – 43.7 Ma (U-Pb)

Surface – alunite in granite – 29.0 Ma (K-Ar) (supergene??)

Hydrothermal system proven in outcrop, sub-crop and drilling over + 10 Km, and to depths of > 1,000m

Most drilling only to < 400m

A

B

C


C-A-B – RAB/TOB Surface Rock Geochemistry - Cu

26

2 Km 2 Km

C-A-B

Polar Star RAB/TOB rock samples - CuA

B

C


C-A-B – RAB/TOB Surface Rock Geochemistry - Mo

27

2 Km 2 Km

C-A-B

Polar Star RAB/TOB rock samples - MoA

B

C


C-A-B – RAB/TOB Surface Rock Geochemistry – Summary (1 of 2)

28

2 Km 2 Km

C-A-B

Multi-element geochemical anomalies from Polar Star RAB/TOB surface rock samples

Note (restricted) sample distribution in geochemical maps

Only those RAB samples that reached TOB are plotted (others sampled post-mineral materials)

3 principal zones drill tested by Polar Star clearly anomalous in surface geochemistry – multi-element

Coincident with IP chargeability anomalies (shallow penetrating – see below))

Cu-Mo-Au-Ag focussed at A and B

Clear porphyry geochemical signature

Mostly high-level epithermal signature at C

May represent lesser erosion than A and B

Possibly telescoped systems at A and B – epithermal and porphyry signatures

Corresponds with known geology – AA alteration at surface – into sericite alteration in drill holes

Strongest As at A

A

B

C


C-A-B – RAB/TOB Surface Rock Geochemistry – Summary (2 of 2)

29

2 Km 2 Km

C-A-B

Sb-Bi-Li signature along western branch of West Fissure Fault to west of C (possible epithermal signature to be investigated)

Epithermal / high level

Post-mineral covered areas not tested by surface geochemistry methodology

Extensive colluvial cover in areas of immediate interest

Deeper, gravel filled, fault-bounded basins (“pampas”) – particularly to E, SE, S, and SW of B, and N of C

Arrieros pampa to east

Surface oxidation and leaching will affect some geochemical distribution patterns

A

B

C


C-A-B – IP Chargeability

30

2 Km

C-A-B

IP Chargeability @ 250m shown

Three principal Target areas (C-A-B) indicated by IP chargeability response

Chargeability map reflects strong structural controls along West Fissure / Los Torros and Centinela Fault Zones

IP appears to have shallow penetration

Intense caliche & high contact impedance

Likely only top of sulphide system is detected beneath a leached capping

Effectiveness of IP in covered areas - variable

Historic drilling focused on IP chargeability anomalies

Covered areas – particularly to SW, S, SE and E of Target B –not tested by drilling

2 Km

A

B

C


C-A-B – IP Resistivity

31

2 Km

C-A-B

IP Resistivity @ 250m shown

Three principal Target areas (C-A-B) indicated by IP resistivity response

Resistivity map reflects strong structural controls along West Fissure / Los Torros and Centinela Fault Zones



Effectiveness of IP in covered areas - variable

Margin of Miocene gravel-filled Arrieros Basin to east is clearly depicted by resistivity to east of Targets C-A-B

Broad, flat resistivity response

2 Km

A

B

C


C-A-B – Magnetics (TMI)

32

2 Km

C-A-B

Magnetics – Total Magnetic Intensity (TMI) shown

Wide-spaced lines – 500m

Arrieros Basin to east – signal diminished

Complicated magnetic signature of principal Targets of interest

Target C – edges of magnetic high

Target A – magnetic low

Target B – magnetic low – or possible dipole anomaly

2 Km

A

B

C


C-A-B – Magnetics (RTP)

33

2 Km

C-A-B

Magnetics – Reduction To Pole (RTP) shown




Target C – magnetic high

Target A – relative magnetic low

Target B – magnetic low – or possible dipole anomaly

2 Km

A

B

C


C-A-B – Magnetics (AS)

34

2 Km

C-A-B

Magnetics – Analytic Signal (AS) shown




Target C – magnetic low

Target A – magnetic low

Target B – magnetic high – possibly related to early-mineral porphyry – or potassic alteration at depth

Possible magnetic features of interest on western margins of Arrieros Basin and in northern sector of windowed area

2 Km

A

B

C


C-A-B – Selected Drill Intercepts

35

2 Km2 Km

Anomaly A

Anomaly B

MODD33-10

100m @ 0.15% Cu + 0.72g/t Au +

2.8g/t Ag(from 277m) *

MODD38-10

44m @ 0.55% Cu + 0.17g/t Au +

3.4g/t Ag(from 226m) *

@ 304.4m

@ 239.2m

Anomaly C

MODD69-11

6m @ 0.25% Cu +0.54 g/t Au +

4.1 g/t Ag + 0.13 % Zn(from 286m) *

@ 288.3m


Target B – Schematic Section

36

B

Section 7487000N

Paleozoic basement host rocks – granitoids

Major multiple porphyry and breccia events

Confined between strands of Centinela Fault Zone

Mid-Tertiary age dates confirmed

B – Target

Prograde potassic-altered Cu-Au core associated with inter-mineral porphyry phase

Possible extensions under faulted Miocene cover to SW, S, SE and E


C-A-B – Geology & Drilling Summary – 1 of 2

2 Km

C-A-B

Paleozoic granitoid basement of Sierra Limon Verde Intrusive Complex, with fine rhyolitic and dacitic porphyry dacites of the Agua Dulce Formation

Green colored epiclastic rocks in faulted contact with granites - base of the Cinchado Formation (Lower Paleocene-Eocene)

Intruded by variable porphyries and breccias associated with hydrothermal alteration and breccias

HS epithermal, through IS epithermal to porphyry Cu-Au-Mo signatures

Mid-Tertiary (Domeyko) age dates at B

+ 10 km hydrothermal system overall C-A-B

Scale factor important to consider – size of target sought compared to drill hole spacing, drill hole depth, and undrilled areas – plenty of space left

C

Least eroded portion of system – epithermal signatures

Weakest Cu-Mo-Au-Ag surface geochemistry

Strong Sb-Bi-Te geochemistry


C-A-B – Geology & Drilling Summary – 2 of 2

2 Km

A

AA alteration with K-alunite and muscovite, defines hydrothermal center at the epithermal-porphyry transition

2.5 km long and 100-250 m wide

Confined to intersection between NE faults of Centinela system to the SW, and N-S faults of West Fissure system to the N

Peripheral intermediate argillic alteration in granites, with sub-epithermal structures with Au-Zn values

Likely related to porphyry system at depth – but needs confirming with further drilling – exploration potential

B

Clear Cu-Au-(Mo) porphyry-type hydrothermal alteration zone along the Centinela fault zone

Base of lithocap exposure level

Several superficial and deep Cu-Au mineral intersections similar to Esperanza located 30 km SE

Associated with porphyry-style alteration and veinlets

Upside potential along strike, in neighbouring covered areas, and at depth


Target C-A-B – Summary

39

MODD38-10 @ 898 m

Quartz-monzonite porphyry with biotite alteration

“A” veinlets with chalcopyrite

Cut by late “D” veinlets with pyrite

ANOMALY B

MODD45-10 @ 1124 m

Quartz-monzodioritic porphyry with phyllicalteration

“B” veinlets with molybdenite

Cut by late “D” veinlets with pyrite

Cu Au Mo

Porphyry Cu-Au system

Model type: - Esperanza (35Km SSW)

Focus on Anomaly B, with Anomaly A as secondary target (more space restrictions)

Focus on potassic alteration beneath current levels of drilling (+ 400m)

Untested areas under post-mineral cover to immediate east, southeast and southwest

TARGET


L-F – Copper-Gold-Moly Target

40

Cu Au Mo

Target L at MontezumaWest Fissure Fault Zone


2 Km

L

F

L-F – Satellite Image

41


L-F – Schematic Geology

42

2 Km

2 Km

L-F

West Fissure Fault Zone – direct southerly continuation from Chuquicamata & Ministro Hales mines (Codelco) – and Ricardo prospect (Freeport)

Mid-Tertiary (dated) porphyries outcrop along fault zone

Limited drill testing to date

L

F


L-F – Schematic Geology

43

2 Km

2 Km

L-F

Paleozoic basement (plutonic rocks and volcanics)

F – not well studied

L – limited field work and study

Phyllic-altered monzodiorite porphyry at surface

With D-veinlets – some B-veinlets

Overprinting early background biotite

Confined by N-S faults of the West Fissure Fault Zone

Possible narrow, elongate system

Similar in morphology to Ministro Hales Mine directly to the north

Minor historic drilling cut phyllic and early potassic alteration with minor quartz veins and anomalous Cu and Mo

Mid-Tertiary age dating confirmed (Target L)

MODD-34-10 @ 63m – sericite from quartz-dacite porphyry – 45.4 Ma (K-Ar)

MODD-34-10 @ 233m – sericite from feldspar porphyry – 39.1 Ma (K-Ar)

L

F


L-F – RAB/TOB Surface Rock Geochemistry - Au

44

2 Km

2 Km

L-F

Polar Star RAB/TOB rock samples - Au

L

F


L-F – RAB/TOB Surface Rock Geochemistry - Pb

45

2 Km

2 Km

L-F

Polar Star RAB/TOB rock samples - Pb

L

F


L-F – RAB/TOB Surface Rock Geochemistry - Te

46

2 Km

2 Km

L-F

Polar Star RAB/TOB rock samples - Te

L

F


L-F – RAB/TOB Surface Rock Geochemistry – Summary

47

2 Km

2 Km

L-F




Focused Te and Sb anomalies at F suggest poorly eroded system

Au and Ag at F may be epithermal

Focused Bi, Te +/- Se anomalies at L suggest slightly deeper erosional levels

+/- Cu, Mo, Au, Pb (top of porphyry?)


L

F


L-F – IP Chargeability

48

2 Km

L

F

L-F


Two principal Target areas (L-F) indicated by IP chargeability response

Chargeability map reflects strong structural controls along West Fissure Fault Zone




Historic drilling focused on IP chargeability anomalies

Drilling at F is on the S margins of, or beyond the S margins of, the IP chargeability anomaly – not well tested

2 Km


L-F – IP Resistivity

49

2 Km

L

F

L-F


Resistivity map reflects strong structural controls along West Fissure Fault Zone



2 Km


L-F – Magnetics (RTP)

50

2 Km

L

F

L-F

Magnetics – Reduction to Pole (RTP) shown

Magnetics survey reveals a series of magnetic features of potential interest

Several apparent dipole anomalies (remnant magnetism)

Drilling at L on magnetic low (RTP)

Key magnetic anomaly undrilled between L and F

Magnetic feature at F may represent potassic altered porphyry target

Other magnetic features to south and east of F may be of interest – apparent dipole anomalies

2 Km


L-F – Magnetics (AS)

51

2 Km

L

F

L-F



Drilling at L on magnetic low (AS)

Key magnetic anomaly undrilled between L and F

Magnetic feature at F may represent potassic altered porphyry target

Drilling is focused on S margins of magnetic feature (as in case of IP chargeability anomaly)

Centre of anomaly not tested (also depth considerations not taken into account)

Other magnetic features to south and east of F may be of interest

2 Km


L-F – Focus on L

52

2 Km

2 Km

500m


Target L – Schematic Geology & Satellite Image

53

2 Km

500m

West Fissure Fault Zone controlled valley

N-S

Up to 500m wide


Target L – Schematic Geology & Alteration

54

2 Km

500m

L

Paleozoic granitoids and volcanics crop out in area

Small outcrops of monzo-dioritic porphyry outcrop along fault-controlled valley floor

Intense phyllic alteration associated with porphyries

Leached at surface

Mid-Tertiary porphyries (dated)

Zoned propyrlitic and intermediate argillic alteration


Target L – IP Chargeability

55

2 Km

500m

L


IP chargeability anomaly corresponds to outcropping phyllicalteration




No coverage to N


Target L – IP Resistivity

56

2 Km

500m

L


Resistivity map reflects strong structural controls along West Fissure Fault Zone



No coverage to N


Target L – Magnetics (AS)

57

2 Km

500m

L



Drilling at L on magnetic low (AS)

Corresponds to outcropping phyllic alteration

Key magnetic anomaly undrilled to south

Other magnetic features to N


Target L – Schematic Section

58

L

Section 7502400N

Paleozoic basement host rocks – granitoids and volcanics

Small outcrops of altered porphyry intrusions

Confined between strands of West Fissure Fault Zone

Mid-Tertiary age dates confirmed

L – Target

Prograde potassic-altered Cu-Mo-Au core associated with inter-mineral porphyry phase

Possible extensions along fault zone to N & S – including Target F


Target L – Size Comparison with Ministro Hales Mine

59

Target L & Ministro Hales

Section through Codelco’s Ministro Hales mine at same scale as Target L

Ministro Hales located 23 Km N of Target L along same West Fissure Fault

Ministro Hales resource ~ 1.1Bt @ 1% Cu

Target L

Ministro Hales

Target L & Ministro Hales

Sections at same scale 500m

500m

500m

Modified from Rivera et al 2012 & Pinget 2016


L-F – Geology & Drilling Summary – 1 of 2

60

2 Km

2 Km

L-F

Paleozoic granitoid basement of Sierra Limon Verde Intrusive Complex, with fine rhyolitic and dacitic porphyry dacites of the Agua Dulce Formation

At L, basement is cut by a monzo-dioritic porphyry (fine "crowded" texture) along western edge of valley controlled by the West Fissure fault system

Porphyry and some basement rocks are affected by phyllicalteration with goethite capping

Some fine quartz veinlets with suture of oxidized sulfides(B-veinlets) can also be observed

The phyllic development at L is about 850 m long N-S, with a possible width of 100-250 m, largely under modern alluvial cover

Intermediate argillic alteration to west. Intermediate argillic alteration in transition to propylitic alteration to east

MORC30-09 and MODD34-10 at L show well-developed background biotite accompanied by disseminated hydrothermal magnetite

Cut by some Early Dark Micaceous (EDM) quartz veinlets and B and A veinlets with disseminated py / py-mo / +/- py-cpy

L

F


L-F – Geology & Drilling Summary – 2 of 2

61

2 Km

2 Km

L-F

Prograde alteration in MORC30-09 and MODD34-10 is superimposed by phyllic and intermediate argillic alteration with weak-moderate disseminated pyrite

Two other drill holes to the south cut Paleozoic rocks with Intermediate argillic alteration

Age dates in drill holes confirm mid-Tertiary porphyry system (45.4Ma to 39.1Ma)

System at L open to N – at least 500m – and possibly at depth

System at F poorly explored

Compelling coincident magnetic high with IP chargeability

MORC29-09 and MODD40-10 at F have strong quartz-sericite alteration for the first 100m from surface, followed by chlorite & epidote assemblages for about 150m, which increases to strong chlorite towards the bottom of the holes

Possibly peripheral (laterally and/or vertically) to hypogene target indicated by magnetics and IP

Deeper drilling required – somewhat N of existing holes

L

F


Target L & F – Summary

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MODD34-10

Monzo-diorite porphyry with early biotite alteration accompanied by magnetite

“B” veinlets with pyrite-molybdenite

Late intermediate argillic alteration

ANOMALY L

Surface outcrops – open to N (and at depth)

Monzo-diorite porphyry with phyllic alteration

“D” veinlets

Leached and oxidised – goethite capping

Cu Au Mo

Porphyry Cu-(Au-Mo) system

Ministro Hales (morphology – 23 Km N)

Esperanza (geochemistry – 44 Km SSW)

Secondary target to south at Anomaly F

Focus on potassic alteration beneath current levels of drilling and along strike along faults

Narrow, elongate target (similar morphology to Ministro Hales mine)

TARGET

Poorly explored – coincident mag’ high + IPANOMALY F


Melissa – Copper-Gold Target

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Cu Au Mo

Melissa at MontezumaOld Copper Working

Artisanal copper working Oxide copper after chalcocite


Melissa – Satellite Image

64

5 Km2 Km


Melissa – Schematic Geology & Alteration

65

5 Km

Melissa

Basement dominated by Paleozoic plutonic rocks

Widespread intermediate argillic alteration transitioning to phyllic alteration

Numerous artisanal workings (Cu >> Au)

Area highly anomalous geochemically

Age dating equivocal (Melissa)

Surface sample – sericite altered granite

281 Ma (U-Pb) – from zircon

May be “inherited” age date from Paleozoic zircon

2 Km


Melissa – RAB/TOB & Trench Surface Rock Geochemistry - Cu

66

Melissa

Polar Star RAB/TOB rock samples – Cu

Trench samples included

2 Km

Cu-Ag-Hg-Se surface geochemical anomaly

Principal target defined from surface geology

Multi-element geochemical anomaly

Requires better understanding in the field

“Epithermal” trend As-Sb-Hg-Bi +/- Others


Melissa – RAB/TOB & Trench Surface Rock Geochemistry - Ag

67

Melissa

Polar Star RAB/TOB rock samples - Ag

2 Km







Melissa – RAB/TOB & Trench Surface Rock Geochemistry - Hg

68

Melissa

Polar Star RAB/TOB rock samples – Hg

2 Km







Melissa – Surface Rock Geochemistry – Summary (1 of 2)

69

5 Km

Melissa




Principal target identified from surface geological mapping (red circle) is highly anomalous in Cu-Ag-Hg-Se

Possibly indicating periphery of porphyry Cu-Au system (above or to side)

Key magnetic anomaly immediately NE of geochemical anomaly (see magnetics – below)

New area of interest – multi-element geochemical anomaly (orange circle) associated with an area of hornfels and contact metasomatism in meta-sediments

Possibly related to porphyry system at depth

Needs further investigation2 Km


Melissa – Surface Rock Geochemistry – Summary (2 of 2)

70

5 Km

Melissa

“Epithermal” trend (green line) – As-Sb-Hg-Bi anomalies, apparently aligned (+/- other elements)

Possible mineralised structural trend

Needs further investigation

Other anomalies in larger Melissa area

Need follow-up on ground to evaluate source


2 Km


Melissa – IP Chargeability

71

Melissa

IP chargeability @ 250m shown

IP survey does not cover principal target area delineated to date in northeast corner of windowed area

IP Chargeability anomaly open towards target area

Significant IP chargeability anomaly on border of post-mineral covered area in centre of windowed area

2 Km


Melissa – Magnetics (AS)

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Melissa



Key magnetic anomaly in northeast of windowed area may be related to principal target delineated to date

Several magnetic features under post-mineral cover

2 Km

Melissa


Significant magnetic feature – source obscured by Mesozoic sediments and municipal rubbish dump


Melissa – Focus on Principal Target Area – MT

73

5 Km

Melissa

Principal target area delineated to date

Focus on transition from intermediate argillic alteration (illite-smectite) – with or without quartz-carbonate veinlets – transitioning to phyllic alteration (sericite) – with or without “D”-veinlets

2 Km


Melissa – MT – Artisanal Copper Workings

74

Melissa

Multiple small mineral workings for copper coincident with red hematite cap

Copper as chalcocite (oxidising to brocantite)

Probably secondary cc after chalcopyrite

Copper focused on carbonate buffer related to intermediate argillic alteration on margins of phyllic alteration

1 Km


Melissa – MT – Crystalline Sericite & Relict Sulphides

75

Melissa

Increasing sericite alteration to east and northeast – with or without “D” veinlets

SWIR 2,200nm sericite envelope indicating High-T crystalline sericite

High-T phyllic halo to core of system?

Relict sulphide analyses indicating presence of chalcopyrite and pyrite ±coincident with SWIR 2,200nm sericite

Some chalcocite identified

Alteration and mineralisation characteristic of a possible porphyry Cu-Au system at depth1 Km


Melissa – MT – RAB/TOB & Trench Surface Rock Geochemistry - Cu

76

Melissa

Polar Star RAB/TOB rock samples – Cu

Trench samples included

99 samples in total analysed for Melissa Target area

Only 35 samples analysed for Au

Only 53 samples analysed for Hg

1 Km


Melissa – MT – Magnetics (AS)

77

Melissa

Magnetics – Analytic Signal shown

Magnetic feature in northeast of target area

Could possibly represent prograde porphyry copper centre

Magnetic feature obscured by Miocene cover and Jurassic calcareous sediments

Potential target of interest

SWIR 2,200nm sericite envelope and hematite cap for reference

Possibly peripheral to (and above) magnetic porphyry centre1 Km


Melissa – Schematic Section

78

Melissa

Paleozoic basement host rocks – granitoids

Historic drilling is off to side or too shallow (e.g. MM-04)

Significant leached capping (150m - 200m)

Melissa – Target

Prograde potassic-altered Cu-Au core associated with inter-mineral porphyry phase

Possible Cu-oxide and/or secondary enrichment beneath +150m leached capping

Possible extensions under faulted Miocene cover to north

??


Melissa – Summary

79

Host rock of Paleozoic granitoids with phyllicalteration

Veinlets and narrow veins of chalcocite (after chalcopyrite)

Oxidising to brochantite

MELISSAPaleozoic granitoid with background intermediate argillic alteration

Illite / smectite alteration & quartz-carbonate veinlets

Phyllic / sericitic alteration at top of sample

Vein of oxidising chalcocite

Cu Au Mo

Porphyry Cu-Au system

Model type: - Possible SW Pacific examples

Possible oxide-copper and/or secondary enrichment beneath +150m of leached capping

Peripheral sub-epithermal polymetallic veins with high-grade gold (up to 22g/t Au in MM11)

TARGET


Montezuma IP – Scale Comparison

80

Cu Au Mo

Montezuma – IP Chargeability

Reveals + 20 Km N-S belt of hydrothermal alteration related to porphyry copper-style systems along principal West Fissure / Los Toros / Centinela Fault System

Series of hydrothermal systems comparable in scale to Codelco Norte Division –Chuquicamata District

Potential to discover one or more significant porphyry-related systems

Additional prospectivity at Melissa and under Arrieros covered pampa


Montezuma – Target Summary

81

Cu Au Mo

Target Revelo Work Potential Follow-up

Melissa

• 42 Km2 geological mapping @ 1:10,000

• Re-logging of 6 out of 11 drill holes (1,898m)

• Mineral spectrometry• Relict sulphide analyses (~ 23

samples)• Review of surface

geochemistry• Review of magnetics data• Schematic geological section

• Porphyry Cu-Au – Post-Mesozoic age• Mineralised structure cuts Mesozoic sediments (i.e.

post-Mesozoic mineralisation)• Possible SW Pacific examples

• Zone of variable phyllic alteration oriented NW-SE, with abundant Cu-oxides at surface, associated with oxidising secondary chalcocite after chalcopyrite, in veins and structures

• 2 Km x 0.5 Km target area (plus covered extensions to N)

• Widespread intermediate argillic alteration – sub-epithermal levels exposed (including mineralised veins)

• Detailed magnetics acquisition (50m line spacing)

• 3-D modelling of magnetics data• Statistical processing of surface

and drill hole geochemical data• IP or resistivity sections (20 Km)• Drilling – RC – 3,000m (6 holes)

Anomaly B



• Mineral spectrometry• Review of surface

geochemistry• Review of magnetics data• 3 x geological sections

• Porphyry Cu-Au (-Mo) – Mid-Tertiary (U-Pb – 43.9 Ma)• Esperanza style (Centinela District)

• Intense and large hydrothermal system with multiple porphyries and breccias and vein types

• Key drill intercepts guide towards potassic core beneath current drilling

• 1.5 Km x 100-500m target area (plus covered extensions to immediate east, southeast and southwest)



and drill hole geochemical data• Resistivity sections (20 Km)• Drilling – DD – 4,000m (5 holes)

Anomaly A




geochemistry• Review of magnetics data

• Porphyry Cu-Au (-Mo) – Mid-Tertiary• Esperanza style (Centinela District)

• Beneath advanced argillic lithocap – target area confined between West Fissure Faults – oriented N-S

• 1.2 Km x 100-200m target area (plus covered extensions to immediate east, southeast and southwest

• Secondary zone along strike to north



and drill hole geochemical data• Resistivity sections (10 Km)• Drilling – DD – 2,500m (3 holes)


Montezuma – Target Summary

82

Cu Au Mo

Target Revelo Work Potential Follow-up

Anomaly C




geochemistry• Review of magnetics data

• Sub-Epithermal system – Zn (-Au-Ag) – Mid-Tertiary• Covered area to north – untested potential

• Complete revision of drill holes• Construct cross sections• Detailed magnetics acquisition

(50m line spacing)• 3-D modelling of magnetics data• Evaluate drilling options

Anomaly L



• Porphyry Cu-Au (-Mo) – Mid-Tertiary (K-Ar – 39.1 Ma)• Esperanza style (Centinela District) – with

morphology of Ministro Hales• Potassic alteration in drill holes with phyllic alteration

at surface• 850m x 100-250m target area

• Increase area of geological mapping

• Construct cross sections• Detailed magnetics acquisition

(50m line spacing)• 3-D modelling of magnetics data• Negotiate 3rd party in-holding• Resistivity sections (10 Km)• Drilling – DD – 4,000m (5 holes)

Newmont Targets

• Antena• Eliana• Biri• Encontrado• Target Vi

• None – no potential – targets fall outside current Montezuma property boundary (ground dropped)

• Abandon• Property abandonment (~15,000

Ha) completed in Q1 2018 (reducing overall area from ~45,000 Ha to 30,000 Ha)



83

Cu Au Mo

Copper-Gold-Moly exploration project – Northern Chile

Major district-scale exploration play – ~ 16,300 Hectares

Project subject to LOI with BMR Group PLC (Option Agreement and shares in BMR)

Centred in the heart of one of the world’s largest copper mining districts

Midway between the Chuquicamata District and the Centinela District

Porphyry copper-gold-moly exploration targets

Major hydrothermal alteration systems with porphyry copper-gold characteristics

Significant historic drill intercepts indicating presence of mineralised systems

E.g. 44m @ 0.55% Cu + 0.17g/t Au + 3.4g/t Ag

Multiple targets – some drill ready

Northern Chile

Desert terrane, excellent infrastructure, easy access


In the Shadow of the Headframe

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METALS COPPER-GOLD-SILVER

STAGE EXPLORATION

LOCATION NORTHERN CHILE

TEAM HIGHLY EXPERIENCED

TENEMENTMAJOR LAND POSITION &

ROYALTY INTERESTS

PORTFOLIO MULTIPLE TARGETS

ADVANCING A PROSPECTIVE PORTFOLIO TO DISCOVERY … · 2019-07-29 · Domeyko Cordillera –3 of...

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Transcript of ADVANCING A PROSPECTIVE PORTFOLIO TO DISCOVERY … · 2019-07-29 · Domeyko Cordillera –3 of...