Target Deposit Type: Copper Porphyry (PCD)
Stage: Early-Stage Exploration
Ownership: 100%, NSR 1.0%*
Location: Tarapaca, Chile
Size: 1,400 ha
The Pitbull Project is an early-stage greenfield property with limited historical exploration completed on the Property. The region around the Project has historically been and is currently very active in terms of mineral exploration and mining and is interpreted as an Oligocene Porphyry Belt.
Location & Infrastructure
The Pitbull Project is located 1,405 km north of Chile’s capital city of Santiago, in the Tarapaca region. The Project lies within Tamarugal Province and Pica Municipality, 157 km southeast of the port City of Iquique, and 25 km north of the Collahuasi Mine. The Project is accessible from the City of Iquique, Chile, via both paved and well-maintained dirt roads.
The City of Iquique is located on the Pacific coast and serves the Quebrada Blanca and Collahuasi mining operations with supplies, personnel, and deep-sea port facilities for shipping. Iquique is linked to Santiago and other communities in northern Chile by the Pan American Highway with regularly scheduled commercial airlines and commercial bus operators. The Pan-American Highway and three-phase high tension electrical power are located about 150 km to the west of the Project.
The local climate is generally arid with summer to fall (November to April) temperatures ranging from 10°C to over 25°C and in winter to spring (May to October) from a few degrees below zero to 15°C, with very little rainfall occurring from January to March. Given the temperate nature of the region, the property is easily accessible year-round and exploration programs can be conducted throughout the year.
Geology & Exploration
The Project consists of 5 exploitation concessions that covers 1,400 ha located in the Morphostructural zone known as the Cordillera Domeyko (aka Pre-Cordillera), a region underlain by Upper Eocene to Lower Oligocene Epoch magmatic arc rocks comprising a north-south linear belt referred to as the Upper Eocene-Lower Oligocene Metallogenic Belt. Rocks consist of basaltic to rhyolitic lavas and tuffs, subvolcanic porphyritic intrusions, and granitoid stocks, which extend from southern Peru to central Chile.
The Upper Eocene-Lower Oligocene Copper Belt (“EOCB”) and the parallel Early Eocene Copper belt (“EECB”) to the west, are host to many epithermal gold-silver deposits and subvolcanic porphyry copper systems. Historically, the EOCB and EECB are the most significant copper producing belts in Chile, together averaging more than 100 km in width and extending over 1,000 km from north of Copiapo in the south to the Peruvian boarder in the north.
Pitbull and the surrounding copper porphyry mines in the region (Escondida, Gaby Sur, Chuquicamata, El Abra, Collahuasi, and Quebrada Blanca), are all located along the prominent north-south Domeyko Fault Zone. Mining operations within 30 km to the southwest and south of the Project include the Quebrada Blanca mine and the Collahuasi Mine Cluster (the Rosario and Ujina mines).
Regional Generalized Geology of the Pitbull Copper Project
Given the Project’s location within the early Cenozoic Metallogenic Belt, the project is principally searching for a Porphyry Copper Deposit or “PCD”. Mineralized systems associated with PCDs commonly include polymetallic skarn, carbonate replacement (i.e., manto copper), sediment-hosted gold silver, and high, intermediate and low sulphidation epithermal silver-gold-base metal deposit types.
Historic Drill-Holes at Pitbull
The Company’s initial plans at the site include a geological mapping campaign, a high resolution detailed magnetometry survey as well as IP/resistivity GSDAS 3D prospecting lines. Data from these studies will determine the collar locations for a follow-on drill campaign.
Alto Verde Copper Inc., acquired 100% of the Tres Marías, Pitbull and Zenaida mining concessions from Minera Freeport-McMoRan South America Limitada (“MFMSA”), a wholly owned subsidiary of Freeport-McMoRan Inc. The Tres Marías project is subject to a purchase option by MFMSA such that upon completing US$5 million of qualifying exploration expenditures on the property within 5 years, MFMSA shall have the right to acquire either a 51% interest in MTM’s share capital for US$12.5 million, a 49% interest in MTM’s share capital for a nominal amount, OR not acquire any interest in MTM. If MFMSA acquires a 51% interest in MTM’s share capital, Alto Verde will be granted a 0.5% NSR royalty over the Property. If MFMSA acquries a 49% interest or 0% interest in MTM’s share capital, MFMSA will be granted a 1.0% NSR royalty over the Property. MFMSA also holds a 1% NSR Royalty on both the Pitbull and Zenaida properties.
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