Noranda Mining & Exploration (a unit of Toronto-listed Noranda) has notified Yamana Resources (TSE) that it has elected to terminate the earn-in agreement on the Tierra del Fuego massive sulphide project in Argentina.
The notice came after Yamana received results of a 2,000-line-km, airborne, electromagnetic survey, which identified 101 anomalies within the volcanic belt. In addition, mapping identified a second massive sulphide occurrence 5 km east of the original Arroyo Rojo showing.
Work completed to date has led to the discovery of gold targets hosted in acidic volcanic rocks and separate from massive sulphide occurrences. Grab samples of silicified and pyritized, rhyolitic, quartz-eye porphyry intrusives assayed up to 1 gram gold per tonne. Stream-sediment samples taken in the area yielded anomalies in the 0.05-0.15-gram range.
Yamana is continuing its field program but will not be able to carry out the planned drill program before the field season ends, in early April.
Several international mining companies have expressed an interest in the project and are scheduled to visit the property.
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