Vancouver-based Torq Resources has acquired an option to earn a 100% stake in the Santa Cecilia gold-copper project in Chile.
According to the option agreement, Torq will have the right to pick the 100% interest in the project, subject to net smelter return (NSR) royalties, through cash payments in tranches.
Located around 100km east of Copiapo, the 3,250ha Santa Cecilia gold-copper project is in the southern region of the class Maricunga belt and immediately north of the El Indio belt.
Following estimates, the Maricunga belt hosts up to 90 million ounces of gold endowment.
Torq Resources executive chair and director Shawn Wallace said: “The Santa Cecilia gold-copper project represents the culmination of our acquisition strategy in Chile.
“Santa Cecilia completes an extraordinary exploration pipeline, which includes our Margarita iron-oxide-copper-gold project, where drilling is ongoing, and the Andrea copper porphyry project, where exploration is expected to commence in early 2022.”
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Between 1988 and 1990, the previous operator of the Santa Cecilia project drilled 47 holes and completed 1,200m of exploration tunnel development.
Based on the drilling, the project is estimated to hold a large oxide gold system and has the potential for high-grade precious metal structures.
In 2012, a subsequent operator drilled two deeper holes at the site that encountered gold-copper molybdenum porphyry mineralisation underlying the previous shallow mineralisation.
Moreover, ground-based Quantec Orion 3D induced polarisation and magnetotelluric surveys were carried out at the project to further define porphyry and epithermal targets across the property. These targets remain untested.
Torq Resources now plans to expand both the oxide and porphyry mineralised systems.
It also plans to drill new quality targets, which are expected to contribute to the discovery of a cluster of mineralised porphyry bodies.