THE BOURSE WHISPERER: Pacifico Minerals (ASX: PMY) has registered an exploration license application (PE5-08001) for the Natagaima copper and silver project in Colombia.
The Natagaima concession is situated in the department of Tolima, approximately five kilometres west of the Magdalena River which drains into the Caribbean Sea. It is located within the Middle Cauca Porphyry Belt.
Natagaima project location map. Source: Company announcement
Pacifico explained Colombia currently operates a ‘first right’ system with its license application process.
The company emphasised it is able to confirm it was the first to register its application upon the area becoming available for application.
The 5,236 hectare concession is located near existing electrical lines, roads, rail line and a major river.
According to Pacifico the central part of the Natagaima concession was previously sampled by INGEOMINAS, the Colombian Institute of Geology and Mining.
Positive geochemical anomalies were discovered that are open in several directions, which Pacifico considers to demonstrate the prospectivity of the licence area.
Mapping and 164 rock samples by INGEOMINAS outlined several copper-silver anomalous areas and encountered a number of mineralisation occurrences throughout the concession.
Sample results include:
5.79 per cent copper and 45.4 grams per tonne silver;
3.55 per cent copper and 19.4g/t silver;
2.83 per cent copper and 30.8g/t silver;
2.78 per cent copper and 22.8g/t silver; and
1.12 per cent copper and 113.4g/t silver.
Pacifico outlined a program of exploration work, which it anticipates to commence in the near term, which will consist of geological mapping, soil and rock geochemical sampling, the design of an airborne geophysical survey for definition of Jurassic porphyritic intrusives and regional structures characterised by their magnetic and radiometric signatures.