The Megalo project is located in Chile’s IV Region, 250Km north of the capital city of Santiago and some 140km southeast of the city of La Serena and the port of Coquimbo. The closest town is Combarbala, 11 km to the southeast of the project area.
The mining property comprises two groups of exploration tenements, duly constituted and in good standing, namely Megalo and Megalo Norte (Fig. 1), covering part of a large porphyry copper system in the case of Megalo (700 ha), and disseminated mineralization of a Cu-Ag Stratabound (“Chilean Manto”} style in the case of Megalo Norte (600 ha). Both project areas are contained within a large alteration zone covering over 50km2.Hc).
LITHOLOGY
VOLCANIC AND SEDIMENTARY ROCKS
The project area is located along the contact between the Quebrada Marquesa formation of Middle Cretaceous age (Barremiano-Albiano), consisting of a sequence of volcanic rocks laying concordant over the Arqueros formation of Lower Cretaceous age (Neocomial). Conformed in the zone of andesitic-dacitic and pyroclastic lava flows, with some lenses of volcanic sediments.
INTRUSIVE ROCKS
Illapel Superunit
This unit intrudes the layered rocks mentioned above, it is known as Plutón Quilitapia - El Durazno of granodioritic-tonalitic composition, and according to Rivano (1991) its approximate age is 85 m.y in its borders.
San Lorenzo Unit
An intrusive unit located immediately to the East of of the Illapel Superunit. It appears in the form of an intrusives complex acting as precursor and intramineral. It is referred to as the Plutón El Sauce in the geological chart, and is linked to a strong and extensive hydrothermal alteration named “Zona Alteración Combarbalita” in the context of this report. Rivano (1991) attributes this unit an approximate age of 65,3 + 3,1 m.y. (K-Ar) ie between the Upper Cretaceous and Lower Paleogene eras.
HYDROTHERMAL BRECCIAS
Outcrops showing at least 3 types of hydrothermal breccias are present in the project area as described below.
Magmatic Hydrothermal Breccia
Located at the northern end of the Megalo Target and immediately east of the mining property. It appears similar to the breccia pipe found at the Lana y Corina porphyry (owned by Antofagasta Minerals), which is located some 4.5 Km south of Megalo. The magmatic hydrothermal breccia is characterised by dioritic clasts disguised by intense phylic alteration, generally sub-angular, with an average size of some 5cm, a matrix composed of sericite, specularite, quartz, some tourmaline, copper oxides, and some sulphides in quartz (chalcocite, chalcopyrite, traces of bornite, and some pyrite). Initial field sampling and assaying using XRay equipment points to some strong copper grades (> 1% CuT on average), >10% Fe, >0.5% Zn, > 65ppm Mo, as well as some interesting cobalt grades (of the order of 800ppm Co) in some areas.
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