The property is in a relatively unexplored region, between the Maricunga gold belt to the north and the El Indio belt to the south. Vicuna is 75 km north of Homestake’s Veladero property, formerly held by Argentina Gold. Homestake acquired Argentina Gold for US$300 million following the junior’s discovery of a deposit estimated to contain 5.8 million oz. gold and 72.2 million oz. silver.
The property is characterized by strong silicification, combined with a diatreme geological setting, extensive breccias and a high-sulphidation alteration assemblage.
Patricio Jones, former president of Argentina Gold, is managing the overall project, while Peter Drobeck, formerly a senior geologist with Newcrest Mining and Homestake, directs the exploration team.
Geochemical sampling, trenching and mapping will be followed by ground geophysics and drilling.
The property comprises a series of northwesterly and north-northwesterly trending structures in a caldera setting within a Miocene dacite volcanic complex. A large hydrothermal system with a high-sulphidation alteration assemblage has been traced over 20 km in a north-northeasterly direction. The system is 1 to 2.5 km wide.
Preliminary sampling has recovered anomalous gold values, including:
- talus soil samples of up to 3.36 grams per tonne;
- rock grab samples grading 0.4 gram; and
- chip and float samples as high as 1.43 grams.
One large soil anomaly averages more than 0.2 gram per tonne.
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