Cascada is earning a 100% interest in the 250-hectare Mina Guanaca Copper Property located 110 kilometres northeast of the City of Copiapó, Region III, Chile. The Guanaca Project, which has been the focus of only cursory exploration over the past years, is currently the focus of small-scale open pit mining of high-grade copper oxide mineralization.
A number of untested targets are drill ready including the extension of the current open pit oxides to depth and a possible underlying copper molybdenum porphyry. Significant molybdenum along with gold and silver mineralization is associated with the copper mineralization.
Mina Guanaca Project Geology and Mineralization
The copper mineralization at Guanaca is associated with a brecciated tonalite located along the contact between a volcano-sedimentary sequence to the south and granitic intrusives to the north. The copper mineralization currently being mined is dominated by oxides, including malachite and azurite, which have formed along factures and within the breccia matrix. At depth, chalcopyrite and bornite are reported.
Approximately 1,550 metres of shallow drilling as been completed in the area of the current mining. The table below summarizes the historical drill assay results. Only copper assays were reported.
A sample of the open pit mineralization, reported by First Quantum Minerals Ltd. in 2022, returned 2.51% Cu, 0.107 g/t Au, 2.86 g/t Ag and 0.22% Mo.
|Guanaca Historical Drill Results1|
|Hole Ref #||From||To||Interval 2||End of Hole||%CuTotal||%CuSoluble|
|San Andrés 4|
Historical Results Note: Cascada has not undertaken any independent investigation of any sampling from the Guanaca Project nor has it independently analyzed the results of the historical drilling or grab samples assaying in order to verify those results. The reader is cautioned upon relying on the accuracy of the historical results presented; however, Cascada considers the historical assay results relevant as it will use the results as a guide to plan future exploration programs and considers the data to be reliable for these purposes.
Guanaca Geophysical Surveys
A ground magnetic survey over the Guanaca Project shows the existence a distinct magnetic low coinciding with the highly altered and mineralized tonalites of Mina Guanaca related to the hydrothermal destruction of magnetic. Additional magnetic lows, noted as Target 2 and Target 3, which lie under overburden, represent high priority drill targets.
An induced polarization survey shows a chargeability low coinciding with Mina Guanaca related to the almost complete oxidization of near surface sulphides. The chargeability low extends to the southeast along Profile 3 beneath overburden. At depths of 200 to 300 metres below Mina Guanaca, a significant chargeability high occurs which is potentially related to sulphide mineralization associated with a porphyry system representing an additional high priority drill target.