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Picha Project

Located in the Moquegua and Puno Departments of southern Peru. The copper-silver project comprises of 27 mining concessions covering an area of around 200km2 and is prospective for multiple styles of copper mineralisation.

  • Located approximately 17km east northeast of the San Gabriel Au-Cu-Ag Project, owned by Compania de Minas Buenaventura S.A.A. (“Buenaventura”), which hosts Reserves of 14.9 MT with 4.04 g/t Au and 6.43 g/t Ag, representing 1.94MOz Au; and resources: 24.86 MT with 2.10 g/t Au and 8.46 g/t Ag1.
  • Prospective for epithermal, stratabound, polymetallic carbonate replacement (“CRD”) and porphyry style copper mineralisation with several untested significant surface geochemical and geophysical anomalies.
  • Several drill‐ready targets identified in review of previous exploration data comprising geochemical sampling, geological mapping and IP/Resistivity surveys.

A maiden diamond drilling program commenced in October 2023, comprising of ~ 5,000m, designed to test four targets within the Effective Area:

Cobremani Target

Assay results have been received for drillhole 23PCMD0001 which include 1.3m @ 18.6 g/t Ag from 64.10m adding to the previous best result of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu).

Maricate Target

Drill-hole 23PMCD0001 was completed at the Maricate Target which was designed to test a surface geochemistry anomaly (channel sample of 17.6m @ 1.95% Cu). No significant copper mineralisation was observed with only trace to minor amounts of chalcopyrite noted.

Cumbre Coya Target

Three drillholes have been completed 23PCCD0001, 23PCCD0002, 24PCCD0004 with a fourth drillhole commenced. In addition, drillhole 24PCCD0003 was completed southwest of Cumbre Coya, around 420m southwest of 23PCCD0002.

Drilling at 23PCCD0001 intersected significant polymetallic mineralisation, results included 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m. The Company confirmed the mineralised structure extends over 170m in strike length and is open in all directions.

Significant assay results from 23PCCD0002 comprised of the following (using a 0.1% Cu cut-off):

  • 3.15m @ 0.16% Cu and 1.6g/t Ag from 65.25m
  • 2.85m @ 0.51% Cu and 4.4g/t Ag from 72.7m
  • 0.75m @ 1.16% Cu and 7.3g/t Ag from 82.05
  • 1.15m @ 2.30% Cu and 11.3g/t Ag from 91.35m

Fundicion Target

Two drillholes have been completed at the Fundicion Target, drillhole 23PFND0001 and 24PFND0002. Drillhole 23PFND001 intersected distal indicators of a potential porphyry system from around 250m, including sheeted quartz veins, intervals of phyllic alteration and significant pyrite mineralisation.

Drill-hole 24PFND0002 was designed to test part of the Induced Polarisation (IP) chargeability anomaly and is located around 500m north of the first drillhole 23PFND0001.


Charaque Project

Located 30km north-east of the Picha Copper Project and comprising of eight claims covering an area of around 6,000 hectares (60km2). The Charaque Project is subject to an Earn-in Agreement with Minera Barrick Perú S.A., a subsidiary of leading global gold and copper producer Barrick Gold Corporation (collectively, ‘Barrick’).

Barrick has commenced an exploration work program at Charaque which included the following activities:

  • Geological field mapping at 1:5,000 and 1:10,000 scale
  • Desktop analysis of geochemical soil sampling data
  • Rock chip sampling – 232 samples
  • Petrography – 43 samples
  • Shallow test pitting in areas of soil cover – 78 samples

The area around Charaque is an active exploration area with major mining companies including Barrick, Teck Resources Ltd and Fresnillo Plc having significant landholdings around the project area.