The latter is the title holder of the Barrancos Copper-Gold project along with two new Gold properties under application.
The Barrancos prospect area is located in south central
TERMS OF THE AGREEMENT
The initial SPA dated
This new amendment now signed replaces the second and third stages of the original agreement by significantly better terms as follows: the payment to BMP of
The remaining 20% to get to 100% on ICL can be acquired, within five years of receiving a mining license, by paying BMP the amount of
ABOUT THE BARRANCOS PROJECT
The Barrancos region is part of the Ossa Morena zone, one of the largest geodynamic and oldest units of the Hesperian massive of the
Lirio Gold-Copper Prospect
The Lirio project, although located close to the Aparis copper mine, is in a separate gold system. It is situated near old Cu mines such as
Limited drilling conducted in 2006 identified a volcanic breccia that is thought to be the driving mechanism of the Cu-Au hydrothermal system. The main mineralized zones occur on a shallow-dipping sheeted vein system intersected by a sub-vertical, NE-SW trending, shear zone. Both structures host arsenopyrite-chalcopyrite mineralization with associated gold and high-grade copper sections.
Historical intercepts from a 3 hole-193m drilling campaign undertaken in the Lirio prospect in 2006 by a JV between Rio Narcea Gold Mines and Kernow Resources include 5.52 meters grading 6.56 g/t Au and 0.63% Cu, comprising 2.03m grading 17.82 g/t Gold and 1.6% Copper (hole KBL-01).
The Aparis mine was an underground copper mine which operated intermittently from 1889 to 1975. It is located approximately 10 km to the southwest of the Lirio gold prospect. The mine operated to a maximum depth of 210 meters and government records indicate production figures of 8,100 tonnes of concentrate with a grade of between 23% and 35% Cu between the period 1961 to 1975. The mine consisted of a small-scale operation focused almost exclusively on one narrow ( 10% Cu over these widths.
The Aparis copper mine is hosted by Devonian turbidites of the Terena Formation. The mining works extend on at least 2.5 km along strike down to a maximum depth of 210m. The deepest mine levels are in the southern section of the mine.
EuroPacific drilled the vein system from
Hole GBA2101 drilled the mineralized system and intersected two parallel vein swarms with average grades of 0.21% Cu over 5.5 m from 295m and 0.31% Cu over 3m from 318.5m. The same hole intersected a totally new mineralized auriferous zone with sulphide veinlets, grading 5.87 g/t Au over 2 m from 46.05m.
Hole GBA2102 intersected a broad zone with mining works that have not been identified previously. The existing data from old records pointed out to high grades in this zone which was probably mined out.
GBA2103 has successfully confirmed the potential of the main copper zone which includes a broad mineralized interval of 12.2m grading 1.18 % Cu and a high-grade section of 2m averaging 5.5 % Cu. The old workings were focused only on thin high-grade sections (>3% Cu typically) leaving behind a large part of the mineralized material.
The investigation of the copper corridor, which was only partly mined, with most of the works concentrated in the southern part of the deposit, envisages an initial, 'surgical' drilling program split into two phases, as follows: Phase 1 (10 holes-2,500m) confirm reported high grade zones from old reports and expand the 'mining widths' to a more substantial target size. check depth extensions to the mineralized system below reported known ore shoots investigate the N and NE extensions of mineralization This campaign will enable a better planning for a more substantial drilling program, should the results be positive.
Phase 2
Depending on results from the previous phase, medium term plan (2024-2025) envisages a substantial brownfield drilling campaign in order to consolidate the geological model of the deposit and produce an initial resource estimation which will form the basis for a prefeasibility study. Infill drilling is planned on an approximate 200m x 200m grid to produce an initial resource estimation which at this stage would be mostly from the inferred category. This will lead to a decision to apply for a mining concession.
Other priority areas
Initial strategic grab/chip sampling has been conducted mainly of the east and southeast of the Lirio area where a good number of small copper operations and mineral occurrences have been identified. Detailed mapping led to the identification of mineralized polymictic breccia associated with late rhyolite elongated bodies interpreted to be post-Silurian in age.
The Mina Minancos, located 3 km east of Lirio, has been mined for copper since the turn of the 19th century. Historical production was reported to be 1,187 t of copper ore from narrow high-grade veins. Recent sampling of float and dump material returned assay values up to 9.7 % Copper. Gold results of up to 0.27 g/t Au were also obtained from grab sampling.
Along with Minancos, which was the largest operation in the area after Aparis, a series of other prospects have been identified along strike. All these occurrences seem to be spatially associated with the polymictic breccias and rhyolite sub-volcanic bodies and show highly anomalous gold and copper values. These occurrences include Pedra do Galo (1.5 g/t Au, 0.7 % Cu), Barrocal (0.46 g/t Au, 2.7 % Cu), Malhada das Vacas (1.6 g/t Au, 0.5% Cu), and Pias (0.63 g/t Au). Follow-up work including detailed mapping, soil geochemistry and ground geophysics are planned in these targets (IP/Resistivity).
About
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Chief Executive Officer
Email: k@r7.capital
This news release contains 'forward-looking information' within the meaning of applicable securities laws relating to the exploration potential of the Company's properties. Generally forward-looking statements can be identified by the use of terminology such as 'anticipate', 'will', 'expect', 'may', 'continue', 'could', 'estimate', 'forecast', 'plan', 'potential' and similar expressions. These forward-looking statements involve risks and uncertainties relating to, among other things, results of future exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity prices and unanticipated environmental impacts on operations. Although the Company believes current conditions and expected future developments and other factors that have been considered are appropriate and that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct or enduring. Readers are cautioned to not place undue reliance on forward-looking information. The statements in this press release are made as of the date of this release. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The readers should not rely on any historical estimates. The Company and the QP has not done sufficient work to classify historical estimate as a current resource. Company is not treating the historical estimate as a current resource. Additional work including drilling will be required to verify and upgrade historical estimates.
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