Pucacorral and Chanape, Peru
Pan Andean Minerals’ 100% owned Pucacorral and Chanape properties are located in the western flank of the Andes Mountains 90 kilometres east-northeast of the City of Lima, Perú. In 2016, on a modest budget, a Phase I exploration program was carried out by Pan Andean on its 100% owned Pucacorral Project in the immediate area of the abandoned San Mateo mine, on which the Pucacorral project is centered.
Pan Andean has done no exploration at Chanape. The Project completely surrounds a former well advanced project of the Australian mining company, Inca Minerals (ASX: ICG), and is of interest owing to the favourable results of exploration at the site by predecessor companies between 2007 and 2016. Drilling and rock-chip sampling by Inca’s has returned many significant intersections. A strong induced polarization and chargeability anomaly is associated with the mineralization on the Chanape and extends onto the Pan Andean concessions where it has not been tested by drilling.
The Peru Properties – Chanape and Pucacorral Highlights
- Pan Andean Minerals Ltd. has recently acquired 100% interest in the Chanape and Pucacorral Properties, comprising a number of contiguous mineral concessions (5,785 hectares) within the historic Chanape and San Mateo exploration and mining district, 100 kilometres east of Lima, Peru.
- The Properties overlay gold-silver epithermal systems associated with mineralized hydrothermal veins and breccias that are postulated to be related to concealed porphyry copper centres in a prolific mining district that has been actively mined for silver, gold and copper since colonial times.
- The Properties include the Veta Fulvia and the San Mateo silver-copper-gold mines, and completely surround the recent high-grade Chanape porphyry / breccia hosted Cu-Au-Ag discovery formerly owned by Inca Minerals Ltd. – ASX, (“Inca”), which has been demonstrated to extend onto Pan Andean Minerals Ltd.’s Chanape property. Inca has spent approximately $7 million in exploration on the Chanape discovery during the past 4 years.
- Past Chanape drilling by Inca returned high-grade intercepts in near-surface epithermal breccias that includes 55 metres averaging 2.3% Cu, 0.6 g/t Au, 42.9 g/t Ag and 108 metres averaging 2.0 g/t Au, 41.0 g/t Ag from surface, including 42 metres averaging 3.3 g/t Au, 34.9 g/t Ag.
Sufficient information has not been received to report true widths.
- Historic and artisanal mines acquired by Pan Andean Minerals Ltd. will be evaluated for third party mining and processing at nearby facilities, such as Nyrstar’s Coricancha mine and milling complex, currently being evaluated by Great Panther Silver Ltd., 15 kilometres distant.
- Proximal to the giant Toromocho Cu-Mo-Ag deposit, 30 kilometres to the north.
- Inca spent >A$7 million and drilled over 11,500 metres at Chanape over the past 5 years.
- Inca dropped the Chanape option in April 2016, citing an inability to negotiate more favorable option terms with the vendor (a 2016 expenditure commitment of A$5.33M was due at year end).
- Pan Andean Minerals Ltd. has excellent relations and on-going discussions with the Chanape property vendor to work together and jointly advance our Chanape projects.