The Coriorcco Project is one of a number of zones within the San Juan de Lucanas mining district with outcropping quartz vein hosted gold and silver mineralisation, and is host to underground artisanal workings on two of the over sixteen quartz veins mapped in the preferred andesitic host rocks forming a dome structure within the highly prospective district. The Project boasts from recent mapping and historical mining and sampling:
- Coriorcco Gold Project hosts over 16 mineralised veins at surface with widths >1.2m within a 1 km by 800m zone of intense epithermal related alteration.
- Average gold grades consistently better with depth from assays in over 400 meters historical underground development, yet to be drill tested.
- Peak Rock Chips from historic underground sampling includes better results of:
- 59.6g/t gold over 1.4m and;
- 57.2 g/t gold over 1.1m, true widths on Veta 6 development
- 34.2g/t gold over 1.0m and;
- 16.3g/t gold over 1.3m true widths on Veta 3 development, and surface channel sample results include:
- 16.6g/t gold over 2.1m true width
- 31.0g/t gold over 0.8m true width
- 7.3g/t gold over 2.2m true width
- 13.7g/t gold over 1.2m true width
The outcropping quartz vein system is host to drill-ready targets located within an extensive belt of volcanic hydrothermal systems, which district wide include a variety of mineralisation styles. The results to date are encouraging and highlight potential for a large, high-grade system, with strong stand-alone development potential post favourable drilling and resource definition work.
With mapping and limited surface geochemical work advancing, the project also demonstrates potential to provide high-grade gold ore feed to the Company’s wholly owned Vista Gold Plant.
With favourable topography, access, and proximity to electrical power, the project is well suited for low capex development of high-grade, low-tonnage mining of veins in the near-term that can be transported for beneficiation at Vista. Concurrent exploration and study is required to define resources and to assess the economic viability for options of both ore haulage to existing Company infrastructure and possibility for future stand-alone processing facilities at the project site.
The previous mining completed in 2010 to 2011 included horizontal adits driven on two veins totaling over 400m of development at up to 60m below surface within the silica cap of the Coriorcco Dome structure. The portals are established in the valley which bounds the vein exposures to the east of the vein swarm, and adits are developed along the mineralized veins named Veta 3 and Veta 6.
The previous historic development exploited over 7,500 tonnes of material averaging 7.5g/t Au fully diluted mining grades from selective underground mining of 0.8m to 2.5m mineable widths. Concurrent exploration and study is required to define resources and to assess the economic viability for stand-alone processing facilities at the project site.
Favourable vein textures including quartz replacement of calcite, chalcedonic quartz and boiling textures observed (refer to Figures 3-6) indicate the mineralization at surface is high in the mineralizing system. Historical sampling and previous development work supports the potential for higher grade mineralization with depth. Examples of textures observed at surface include (Upper Left) Chalcedonic Quartz and banded veining textures: (Upper Right) lithic breccia textures: (lower left) Quartz after calcite, or “angel wing” textures: (lower right) vuggy quartz with banded chalcedonic quartz in outcrop.
Covering 2,000 ha across two mineral concessions located in the San Cristóbal district at elevations of 3,900 to 4,100 m above sea level. Titan holds a 100% interest in the Coriorcco Project, subject to a cession agreement with the underlying owner. Titan holds an exclusive right to explore and develop the Coriorcco Project subject to a tribute payment to the underlying owner for materials mined for processing of gold at the Coriorcco Project on a per tonnage basis.
The Cession Agreement is for a 10-year term, with an option to extend for eight years, pursuant to which payments include a US$100,000 advance to be offset against future production payments fixed for the first three years for any gold production from the Project and production payments subsequently varying with gold grade in accordance with the key terms outlined in the initial announcement dated 23 April 2019.