Pacifico Minerals Limited
Level 10, 553 Hay Street
Perth 6000

Urrao

The Urrao Project is part of the Choco porphyry copper belt and is located 65km south-west of Medellin. The licence consists of three granted tenements covering a total land area of approximately 2,001 hectares. There has been historic and recent gold mining within the concession. Local geology consists of interbedded metasediments with numerous miocene porphyritic intrusives of tonalite to monzonite plus minor diorites. Urrao is 15 km north of the El Roble mine with drill intersection at El Roble of 119m @ 6.9% Cu and 6.3g/t Au. Initial rock chip samples have returned results of 13.7g/t Au & 10.2g/t Au; 33.6g/t Ag & 31.0g/t Ag and 1,426ppm Cu & 1,378ppm Cu. 

A brief stream sediment program as part of a technical due diligence has confirmed the existence and location of previously identified anomalous Cu and Au in several drainages. Of importance is the identification of a central anomalous area covering 1km of drainage length with Au values up to 1658ppb in sediments and 1952ppm Cu in outcrop. Additional field work moving forward will focus on confirming existing stream sediment anomalies on two of the tenements, plus new sampling on the third. A number of soil sampling grids will be sampled in order to define the lateral limits of the stream sediment anomalies. This will be concurrent with new geological mapping. Based on these results, follow-up ground geophysics to assist with target generation and location will be completed. An outline for a planned airborne magnetometer survey of up to 3,000 line km has been completed and logistics and other matters are being discussed with an internationally registered services provider with operations in Colombia.

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Maps and picture: 2013 stream sediment survey

In addition, the Company has applied for approximately 2,000 hectares of prospective ground adjacent to the Urrao Project. In early 2014, Pacifico announced more favourable acquisition terms including the removal of all exploration expenditure commitments and the added ability to acquire 100% of the project.

Berrio

The Berrio Gold Project is situated in the southern part of the prolific Segovia Gold Belt and is characterised by a number of artisanal mining operations. The project is 35km from the Magdalena River which is navigable to the Caribbean Sea and has excellent infrastructure in place including hydro power, water supply, sealed roads and telecommunications coverage.

The local geology has been intruded and is bounded by a fertile granodiorite – a classical and known geological setting for gold deposits. Ongoing geological mapping suggests a series of gold-bearing anastomosing veins comprised mainly of quartz and pyrite within a wider series of mineralised shear zone. A systematic approach incorporating modern exploration could unveil a high grade gold system that features multiple parallel mineralised zones that persist at depth. There is an increase in sulphides with depth suggesting grade improvement with depth. Pacifico is targeting substantial ounces from multiple mineralised veins persisting to depth.

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Location map of Berrio Project in the Segovia Belt

In early 2015, Pacifico entered into a binding agreement with AngloGold Ashanti Colombia S.A. (“Anglo”) to acquire a 100% interest in a suite of tenements and tenement applications (~14,300 hectares) contiguous to Pacifico’s existing Berrio Gold Project (~62 hectares). During 2014 and early 2015, Pacifico assessed the prospectivity of the existing 62 hectares and it became apparent that prospective mineralisation extended outside the boundaries. Hence, the Board implemented a strategy to acquire adjacent titles and in early 2015 achieved this by acquiring ~14,300 hectares from Anglo.

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Berrio Gold Project location map

Phase one reconnaissance confirmed the Board’s expectation that mineralisation continues into the newly acquired ground. Mapping confirmed that the extended Berrio Project contains a several fold increase of the highly prospective Berrio Sediment package as well as other prospective terrains including the prolific Segovia Batholith (see ASX announcement dated 18 February 2015 for further details). Mapping also confirmed the faulted contact, considered by Pacifico to be highly prospective for gold, silver and base metals, lies west of the existing 62 hectares. Company geologists traced the faulted contact for 6.2km into the extended project area. Further, regional geological maps published by the Geological Survey of Colombia suggest that the contact continues south into the extended project area for a further 7.8km. Assays from selective grab samples included:

  • 240.11 g/t Au, 1,178 g/t Ag and 2.02% Zn
  • 94.97 g/t Au, 215 g/t Ag and 4.95 % Pb
  • 88.92 g/t Au and 761 g/t Ag
  • 46.88 g/t Au, 166 g/t Ag and 1.12% Zn
  • 11.76 g/t Au, 343 g/t Ag, 13.58 % Pb and 24.19 % Zn

Berrio Geology

 Recent sampling highlights at Berrio Gold Project

In August 2014, Pacifico completed its maiden drilling program at Berrio comprised of 10 diamond drill holes totalling 1,936 metres (see ASX announcements dated 4 August and 14 August, 2014). This program was designed to test the distribution and grade of mineralisation beneath high grade gold zones defined in underground channel sampling (see ASX announcements dated 25 February and 20 May, 2014). 

Hole ID From  Assay Results
BE14-007 183m

 16.3m @ 11.2 g/t Au incl. 5.7m @ 29.1 g/t Au (containing 1.3m @ 96.3 g/t Au and 1m @ 20.1 g/t Au) and 2m @ 4.7 g/t Au 

BE14-002 203m  12.9m @ 4.1 g/t Au incl. 3.3m @ 10.9 g/t Au 
BE14-008 28m  4.1m @ 13.6 g/t Au incl. 1.1m @ 47.7 g/t Au 
BE14-010 170m

 8.4m @ 3.8 g/t Au  incl. 3.2m @ 8.0 g/t Au (containing 0.2m @ 68 g/t Au) and 1m @ 5.1 g/t Au 

BE14-006
116m  7m @ 5.6 g/t Au incl. 1m @ 16.9 g/t Au and 2m @ 9.5 g/t Au 
BE14-009 233m  5.1m @ 5.0 g/t Au incl. 1.9m @ 8.0 g/t Au and 1m @ 7.6 g/t Au 
BE14-008 62m  5.1m @ 4.7 g/t Au incl. 4.1m @ 5.7 g/t Au 
BE14-007 212m  1.1m @ 8.7 g/t Au 
BE14-004 82m  2m @ 5.4 g/t Au incl. 1m @ 8.6 g/t Au
BE14-009 188m  5.3m @ 2.5 g/t Au incl. 1.0m @ 4.2 g/t Au 
BE14-009 133m  4.9m @ 2.5 g/t Au incl. 0.9m @ 8.7 g/t Au
BE14-002 82m  4.9m @ 1.8 g/t Au incl. 1.5m @ 4.6 g/t Au 
BE14-005 230m  9.2m @ 1.5 g/t Au incl. 2.2m @ 4.8 g/t Au 
BE14-006 129m  9m @ 1.6 g/t Au incl. 1m @ 4.1 g/t Au 

 

Pacifico commenced further drilling in October 2014. The program was designed to extend known mineralisation encountered during the maiden drilling campaign (see ASX announcements dated 4 August and 14 August, 2014 for further details) and to test new exploration targets delineated during recent induced polarisation and soil sampling programs. Phase two diamond drilling has consisted of 15 diamond drill holes from 9 platforms totalling ~1,500m. The drilling program targeted along strike and down-dip extensions of auriferous mineralisation hosted in sub-vertical north-south trending shear zones (see ASX announcement dated 18 December 2014 for further details). 

Results confirm the widespread distribution of high grade gold mineralisation (>10 g/t Au) distributed mainly in a series of near vertical shears and hosted by quartz-sulphide vein stockwork and breccia. Drilling also suggests a close relationship between gold mineralisation and more competent sandstone units that characterise parts of the host sedimentary sequence. In total, 12 intersections greater than 0.5m recorded greater than 10g/t Au with grades ranging up to 20.6g/t Au.

Hole ID From  Assay Results
BE14-022 84m

6.7m @ 10.2g/t Au incl 1.2m @ 17.3g/t Au, 0.8m @ 16.5g/t Au and 0.7m @ 15.4g/t Au

BE14-015 53m 3.8m @ 9.8g/t Au incl 0.9m @ 19.6g/t Au
BE14-022 28m 2.9m @ 8.8g/t Au incl 1.6m @ 15.2g/t Au
BE14-012 71m

2.3m @ 8.4g/t Au incl 0.9m @ 20.6g/t Au

BE14-020 147m 3.3m @ 7.2g/t Au incl 2m @ 11.4g/t Au 
BE14-011 96m 2.7m @ 5.9g/t Au incl 0.7m @ 18.3g/t Au
BE14-023 105m 2.6m @ 5.7g/t Au incl 1.2m @ 11.1g/t Au
BE14-013 97m 3m @ 4.4g/t Au incl 1.5m @ 7.2g/t Au
BE14-016 43m 6.3m @ 3.1g/t Au incl 0.9m @ 10.74g/t Au

 

Quartz pyrite schist breccia

Typical ore mineralogy at Berrio with pyrite and quartz veins and stringers

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Stockwork mineralisation in graphitic schist. Photo approximately 1 metre across

 

In late 2016, two zones were explored:

  • A 14-20 m shear zone, within the Berrio Sediments, recorded in a third-party licence adjoining the Pacifico licences. This shear zone is exploited by gold miners and is observed to host disjointed quartz veins and crystalline pyrite. This shear zone projects into Pacifico’s licences and offers several hundred meters’ exploration potential.
  • In the Segovia Batholith, west of the Berrio Sediments and Nus Fault, continuous quartz veins, of varying orientations, are exploited at the neighbouring Argentina silver and gold mine. These structures project into Pacifico’s licences and offer over 700 m of exploration potential.

Channel sampling from an artisanal mine (Area T) obtained values of up to 17.6g/t Au and 243g/t Ag over 0.6m.

Mineralised structure was identified in the Segovia Batholith. Gold in soil anomoly extends >200m aross three soil sample lines (Area N). Values of 6.3 to 74.9g/t Au was obtained during reconnaissance geological mapping and rock chip sampling in the southern tenements. 

 Berrio Tenements

 Berrio Tenements - areas of recent exploration

 

Planned Exploration

  • Complete reconnaissance work along Nus Fault in southerin tenements exploring for high grade gold shoots and lenses.
  • Reconnaissance exploration within western application areas for stockwork vein gold systems (Gramalote style) in granodiorite batholiths
  • Complete exploration in Areas T and N to define drill targets

 

Area T

  • Diamond drilling during 2016 programme obtained values of up to 0.4m of 16.9g/t Au
  • Channel sampling of mineralisation at the contact between the Segovia Batholith and Berrio Sediments 46m below surface in an artisanal mine (Area T) obtained values of up to 17.6g/t Au and 243g/t Ag over 0.6m in the same zone
  • Scope for thicker, high grade shoots within this mineralised fault structure

 Area T Geology and drill hole traces

  Area T - Geology and drill hole traces 

 

Artisanal Mine in Area T

 Artisanal Mine in Area T, 46m below surface. A) South face of the current advance. B) North face of the current operating level.

Colombian Projects

Pacifico's team commenced activities in Colombia in March 2011. Pacifico has a regional office in Medellin, Colombia and employes a highly experienced team of local professionals. Pacifico has built a comprehensive GIS database across many prospective areas of the country which enables rapid assessment of projects. This work has allowed the company to identify and secure the highly prospective Berrio, Natagaima and Urrao projects currently being explored. Pacifico's team continues to assess additional opportunities within Colombia and has additional exploration title applications in place providing a pipeline of quality projects for exploration.

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Map: Pacifico project location map and resources discovered by other companies (M&I + INF)

 

Tarso

The Tarso Project lies within the Middle Cauca Porphyry Belt approximately 50km south of Medellin. It is part of the Barroso Formation that lies in the highly prospective eastern flank of the Western Cordillera, approximately 90km south and along strike of Continental Gold's Buritica project. Initial rock chip samples have returned results of 5.1% Cu & 1.4% Cu; 19.9g/t Ag & 5.9g/t Ag and 0.5g/t Au.

The host rock consists of cretaceous inter-bedded metasediments, gabbro and andesite intrusives with overlying tertiary conglomerates/sandstones to the east. There is a strike length of approximately 5km of multidirectional quartz-carbonate stock work over the mafic units. Malachite veins outcrop over a 1sq.km area, in addition creek float samples with disseminated copper mineralisation have been identified.

In 2013, results of a helicopter borne magnetic and radiometric survey over the Tarso licence were interpreted by PGN Geosciences, a Melbourne-based consultancy, with detailed analysis of the relevant data identifying seven target regions. Follow-up geological mapping is planned along with ground-based geophysical (e.g. magnetic, EM, IP and gravity) and geochemical surveys (stream and soil) to better define targets for future drill testing in the prospect area.

Results of a soil geochemical survey over much of the southern part of the Tarso project area were received and are currently being evaluated in detail. Preliminary interpretation of these results suggest areas of elevated copper, gold and silver coincide in a number of areas with major faults and fault intersections. Confirmation of a possible link between areas of structural preparation and metal enrichment will greatly enhance the exploration potential of the area.

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West looking 3D view of the magnetic inversion modelling showing IP target zones

Geology of Colombia

Only around 15% of Colombia has been explored and geologically mapped.

  • Massive untapped resources still in Coal, Copper, Base metals and petroleum.
  • Similar geology as the Chilean and Peruvian copper belt which hosts some of the world’s largest porphyry copper deposits.

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Natagaima

Natagaima Project, Colombia – Copper/Silver (Pacifico lodged application for 100%)

 

The Natagaima licence application is situated in the department of Tolima, approximately 5km west of the navigable Magdalena River which drains into the Caribbean Sea. No further exploration work was conducted during the financial year.

 

  • Colombia operates a “first right” system with its licence application process and Pacifico was the first, of many interested parties, to register its application over Natagaima upon the area becoming available

 

  • Located within the Middle Cauca Porphyry Belt

 

  • Near existing electrical lines, roads, rail line and a major river

 

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Tenement application area at Natagaima

 

  • Mapping, outcrop sampling and project wide stream sediment sampling has generated very encouraging geochemical anomalies

 

  • Initial work indicates prospectivity for epithermal and porphyry style mineralisation

 

  • Two mineralised and intersecting trends identified are prospective for precious and base metals

 

  • Selective grab sampling generated the following grades:

                8.42g/t Au, 6.2% Cu, 2.3g/t Au, 1.35% Cu, 9.3% Pb and 1.12% Zn, 2.1% Cu and 1,395g/t Ag

 

 

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Tenement location map highlighting mineralised trends

 

 

Several programs for follow-up exploration are under consideration including, targeted detailed mapping, channel sampling of gold bearing quartz veins, Mag and IP survey and trenching.

 

Follow up exploration will continue only once the Natagaima tenement application is granted to Pacifico. Follow up exploration will include detailed mapping and trenching of areas of interest.

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  1. Why Colombia?