Mirasol Resources has unveiled an exploration update for its 100%-owned Rubi porphyry copper-molybdenum-gold project in Northern Chile.

The project is being explored under a joint venture (JV) by copper miner First Quantum Minerals, which started an exploration programme at Rubi in the fourth quarter of 2013.

Rubi is subject to an earn-in JV agreement with First Quantum that requires a minimum exploration expenditure commitment of $1.5m within the first year of the definitive contract.

The deal includes a minimum exploration commitment of a project-wide magnetic geophysical survey and 3,000m of drilling.

The exploration programme completed to date includes a 2,460km line, detailed low-altitude, helicopter-borne magnetic survey covering the entire project and surrounding lands.

Mirasol said that property-wide geological mapping and rock chip sampling have also been completed, which identified the prospectivity of its Lithocap, Corner zone and Portezuelo targets.

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Orientation soil sampling has also been carried out at the Lithocap prospect as well as gravel-covered extensions, to determine the best sample and analytical techniques for a project-wide soil sample programme planned for this year.

First Quantum will now undertake sampling of a project-wide soil survey to test for extensions of known prospects and to explore the gravel-covered areas.

Mirasol noted that the Rubi project is situated within the Eocene; the Oligocene-age porphyry copper belt of Northern Chile, which hosts some of the world’s largest copper mines, including the La Escondida, Chuquicamata and Collahuasi mining districts.

Rubi is at the center of a district-scale cluster of copper deposits, lying 16km south of the El Salvador mine and 12km west of the Potrerillos mine, both of which comprise low-level gold mineralisation.

Image: The Rubi project is situated within the prolifically mineralised Eocene – Oligocene age porphyry copper belt of Northern Chile. Photo: Courtesy of Mirasol Resources.