Although no significant mineralization was encountered in last year’s limited drilling on the Coiron property in the Chilean Andes, a re-interpretation of the data from a subsequent induced-polarization (IP) and magnetic geophysical survey suggests the holes may have penetrated the barren core of the hydrothermal system.
Junior
Rock has a 40% interest in the property, with an option to earn up to 100% through a combination of work commitments and cash and share payments.
Situated 320 km north of Santiago, the property occupies the moderately steep slopes of the Cordon de Quelen, an east-westerly trending ridge. Old workings and mineral showings are centred in two hydrothermal systems: Mount Tacho in the south-central part of the property, and Cerro Carmen in the north.
Of the two systems, Mount Tacho is the larger. It is flanked by copper- and gold-bearing veins that have been locally mined down to the limit of weathering.
Four of the seven holes Rock completed a year ago tested these vein structures and returned sub-economic values. The three remaining holes, drilled on an altered andesitic breccia, cut an underlying magnetite-rich intrusive containing pervasive potassic alteration. Though no significant mineralization was encountered, Rock reports that pyrite and pyrite-tourmaline-magnetite stringers are evident throughout the brecciated volcanics. In addition, narrow veins containing up to 10% chalcopyrite are present near the contact between the breccia and granitic rocks.
At the end of 1998, Rock completed follow-up IP and magnetometer surveys over Mount Tacho and Cerro Carmen, plus a southern gold target. More drilling is being considered for Mount Tacho.
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