The property, Pallancata, is 240 km southeast of Ayacucho in an area of Tertiary-aged volcanic rocks. The surrounding region is dotted with epithermal vein deposits.
The property hosts a 1,600-metre structure comprising several parallel quartz veins and brecciated zones. The veins, with the surrounding silicified wall rocks, are about 40 metres wide at the surface, and the structure dips steeply.
There is a single trench cut along a 250-metre strike length of the vein; two channel samples from the trench graded 5.4 grams gold and 2,270 grams silver per tonne across 2.5 metres and 6.3 grams gold and 2,310 grams silver per tonne across 2 metres.
Rock sampling and mapping will begin this month, possibly followed by drilling next year. The option deal requires the company to pay US$312,000 in stages over seven years, at which time it can buy a 75% interest for US$688,000 or an outright interest for an additional US$600,000.
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