Ezenet to acquire Chilean gold project
THE BOURSE WHISPERER: Software and computer developer turned South American gold explorer Ezenet has executed an agreement with Chilean company Compania Calcia.
The agreement will see the company acquire a 100% interest in the Vega Gold exploration project located in Chile’s El Indio Gold Corridor.
The Vega project comprises 10 gold Exploration Concessions covering an area of 28 square kilometres located 22 kilometres north of the El Indio Gold Mining Centre in the Fourth Region of Chile.
The El Indio Gold Mining Centre produced 4.5 million ounces of gold, 25 million ounces of silver and 472,000 tonnes of copper from underground and open pit operations in its 23 year life from 1979 to 2002 (16.8 million tonnes mined at an overall recovered grade of 8.33 grams per tonne gold, 46.3 g/t gold and 2.81% copper).
The El Indio Gold Corridor encompasses large historic gold mining centres – El
Indio – Tambo as well as the current Pascua Lama – Veladero gold mining centres.
According to Ezenet the newly acquired exploration target is an undrilled, highly anomalous epithermal system emplaced within the Sancarron caldera ring fault, a geological setting similar to other nearby late Tertiary (5-7 million years old) gold bearing volcanic and volcano-clastic rocks.
Clear drill targets are evident from a CSAMT geophysical survey carried out over the highly anomalous epithermal system and are a priority for drilling in the coming Andean field season in the period October 2011 to April 2012.
“The Vega Project is an exciting gold exploration opportunity in a famous and highly prospective gold region of Chile,” Ezenet executive chairman Dr Wolf Martinick said in an announcement.
“Our search for projects is ongoing and Vega enables us to grow our Chilean mining interests and to complement our advanced Chuminga copper-gold project, which we will be developing in the Second Region of Chile together with the well-known Errazuriz Hochschild Group of Companies.”
Ezenet announced to the market in June that it had signed an agreement for the acquisition of the advanced Chuminga copper-gold project from Chilean company SCM Compania Minera Chuminga.
As a result of the Chuminga project acquisition, Ezenet went about seeking shareholder approval to a change of activities from the industrial to the mining board of the ASX in terms of Listing Rule 11.
It is intended that the acquisition of the Vega Project will be included in the company’s mining assets in support of its change of activities.