Cerro Covadonga
Targeting gold mineralization in low sulphidation veins and breccias.
Overview and Location
The Cerro Covadonga Project is located approximately 40 km north of the Cerro Vanguardia gold mine, operated by Anglo American, in the centre of the Deseado Massif, Argentina (see Figure 1).
The Cerro Covadonga M.D. constitutes 2,945 hectares on which the Project is based. This property is largely surrounded by other Magna Terra properties comprising approximately 25,000 hectares. The principal area of interest occurs on the western side of the Cerro Covadonga M.D. (see Figure 2). The zones discovered form a 3 km strike length, which the Company interprets to be a major dilatational jog.
Magna Terra has 100% control of the Cerro Covadonga M.D. through a leasing agreement with a private individual.
The Project is available for Joint Venture.
Overview and Location
The Cerro Covadonga Project is an early-stage exploration project characterized by gold-bearing, low sulphidation veins and breccias, hosted in andesitic flows and rhyolitic tuffs of the Bajo Pobre and Chon Aike Formations. Most of the surface gold is concentrated in the discovery vein, Lomo Vetado and Trincheras Zones. Epithermal veins, stringers and breccias form a 600m by 150m gold-bearing footprint.
The Company has also identified a significantly larger mineralized footprint from rock chip and soil samples with anomalous Au, Lead (Pb), Arsenic (As) and Mercury (Hg) over a 3 km strike length in veins and hydrothermal breccias. Trenching, (see Figure 3) has revealed anomalous Au with a very high correlation coefficient to Pb in argillic alteration in volcanic. The alteration, mineralization and geochemistry infer project outcrops are at or near the top of a low sulphidation gold-silver system.
Work on the Project includes a 700+ soil sample campaign based on a 50 m grid which contributed to the mapping of the gold and geochemical footprint and supported the design of the ground magnetic and Induced Polarization blocks. Figure 4 illustrates a reduced to the pole magnetic map overlain by gold in rock chips and soil.
The orientation of veins varies significantly but generally ranges from north-northwest to west-northwest. This observation is consistent with the general west-northwest orientation of gold in soils and the same orientation of the magnetic low, which generally coincides with the gold-bearing area. The mineralization and alteration footprint measures approximately 1 by 3 km.
The Cerro Covadonga Project is drill ready, and the Company has designed a preliminary drill plan of 19 holes totalling 2,400 m to test priority targets.
