Fuerte Metals geophysics confirms two significant porphyry Cu-Au targets at Placeton Project, Chile
Fuerte Metals Corp. [TSXV: FMT] reported results from a recently completed geophysical surveying program, along with a compilation and review of historical data, at its Placeton Project in Chile. The 100%-owned Placeton project consists of 7,257 Ha of exploitation concessions with two undrilled porphyry copper-gold targets situated between the world class Relincho and El Morro/La Fortuna porphyry copper-gold deposits of the Nueva Union project, Chile. Nueva Union is a joint venture between Teck and Newmont Mining and currently hosts Proven and Probable Mineral Reserves of 19.7 billion pounds of copper and 10.3 million ounces of gold.
The Placeton project is approximately 55 km east of the mining city of Vallenar in the Atacama Region of northern Chile. The project is accessible from several directions by road and is surrounded by the Nueva Union joint venture.
Tim Warman, Atacama’s CEO, commented: “Results from the recent geophysical surveys, along with the known surface alteration, geochemical anomalies, and the age of the intrusives have defined a pair of excellent, shallow copper-gold porphyry targets at less than 4,000 metres elevation at Placeton and Caballo Muerto. It’s quite remarkable that these targets have never been drill tested, given their location in the midst of a giant copper porphyry district and the prominence of the alteration systems, particularly at Caballo Muerto. Previous companies working in the area were aware of the targets, but Fuerte is the first to carry out sufficient work to bring them to a drill-ready state. The next stage of exploration will involve drill testing both the Placeton and Caballo Muerto targets.”
The Placeton project hosts two large, shallow copper-gold porphyry targets (Caballo Muerto and Placeton) defined by geology and alteration, surface geochemistry, the age of the intrusives and geophysics.
The Caballo Muerto target is defined by a prominent zone of porphyry-style alteration coincident with a semi-circular hill approximately 900 by 500 metres in size, below 4,000 metres elevation and extending northeastwards into the adjacent Nueva Union concessions.
Extensive porphyry-style D-veining is present across the Caballo Muerto hill, with evidence of remnant sulphide minerals seen in outcrop. Previous work by Metallica Resources in the early 2000s had defined a distinctive alteration mineral assemblage that is visible in ASTER satellite imagery at the El Morro/La Fortuna copper-gold porphyry deposit.
Surface geochemical sampling by Fuerte and other companies shows elevated copper, molybdenum and gold centred over the alteration zone at Caballo Muerto. Background levels in the surrounding country rock are generally near or below detection levels, with higher values over the alteration zone of up to 2.6% for copper, 284 ppm for molybdenum and 285 ppb for gold. The geochemical anomaly also shows a good correlation between all three elements.
A ground magnetic survey over Caballo Muerto shows a large, well-defined magnetic low coincident with the alteration anomaly and surrounded by an annular magnetic high that extends northeastward into the adjacent Nueva Union ground.
The Placeton target consists of two areas of prominent porphyry-style alteration that outcrop over an approximately 1.8 km north-south zone (Placeton North and Central. The surface alteration signature at the Placeton target is less prominent than at Caballo Muerto due to the presence of younger volcanics that partially cover the system. A third target, Placeton South, shows less intense alteration and may be peripheral to the main system at Placeton North and Central.
Surface geochemical sampling by Fuerte and other companies shows elevated copper, molybdenum and gold centered over the alteration zones at Placeton North and Central.
A drone magnetic survey over the Placeton targets shows both the North and Central alteration zones are coincident, and generally near the edge of magnetic lows.
A gradient array IP survey was only completed over the Placeton North target and shows a north-south trending chargeability anomaly that may indicate the presence of disseminated conductive metallic sulphides. A resistivity anomaly is coincident with the surface geochemical and alteration anomalies and may also be indicative of sulphide mineralization.
These observations, along with the observed geology, alteration, geochemistry and magnetics, suggest good potential for a porphyry-style copper deposit with a north-south trending structural control, especially with copper present in a small informal working within a small porphyry window at Placeton North.
Both the Caballo Muerto and Placeton targets show compelling evidence for the presence of porphyry-style copper-gold systems, with geological, geochemical and geophysical signatures similar in size and character to the surrounding Nueva Union copper porphyries. The Company has developed a clear plan for drill testing each target as a next step.
Fuerte Metals collected 221 rock samples from across the Placeton concession area in 2021 & 2022, which were analyzed at Andes Analytical Assay, an ISO/IEC accredited assay laboratory in Chile.
Fuerte Metals is a well-funded resource company adding value through the acquisition, exploration, and development of copper and precious metals projects in the Americas. The company is carrying out a 21,000-metre drilling campaign at its Cristina precious metals project in Chihuahua Mexico, with the goal of expanding the existing mineral resource estimate with a focus on underground mining.
In Chile, the Placeton/Caballo Muerto project hosts several untested porphyry copper targets situated between the large-scale Relincho and El Morro/La Fortuna copper-gold deposits of the Nueva Union joint venture between Teck and Newmont Mining.