23 March 2014
6 August 2015
CORPORATE DIRECTORY
Managing Director
Simon Noon
Directors
Richard Monti (Chairman)
Peter Harold (Non-exec.) Andrew Parker (Non-exec.)
Company Secretary Amanda Wilton-Heald Joshua Ward
Registered office Level 10, 553 Hay St Perth WA 6000
Telephone:
+61 8 6266 8642
Facsimile:
+61 8 9421 1008
Email:
[email protected]
Results Extend Stratabound and Fault Related
Copper Mineralisation at Coppermine Creek
Highlights
Results from recent drilling at Coppermine Creek confirm Pacifico may have drilled the fringe of a major copper mineralised system
Results received from the three hole programme include:
o CCD03 10m @ 1.3% Cu from 68m, including 2m @ 4.0 % Cu
o CCR01 16m @ 0.5% Cu from 43m
o CCD02 23m @ 0.3% Cu from 136m
High grades are contained in semi-massive chalcopyrite lenses, with only minor pyrite, and with textures very similar to those found at the world class Mount Isa copper deposit
The mineralisation, alteration and key stratigraphic units intersected confirm the interpretation of the airborne EM conductivity profiles
Planning underway to drill test the airborne EM high conductivity bullseye anomaly 2km south of the recent drilling
Preliminary indications suggest that the metallurgy of any deposit found will be excellent, with coarse grained chalcopyrite, little pyrite, and only trace amounts of bismuth and arsenic
Pacifico expects to meet its expenditure requirement to earn a 51% interest in the Borroloola West Project from Sandfire Resources NL once all costs for the recent program have been reconciled
------------------------------------------------------------------------------------------------------------------- Pacifico Minerals Ltd ("Pacifico") is pleased to announce very encouraging results from its recent three hole drilling program at Coppermine Creek, Borroloola West Project. Pacifico is earning up to an 80% interest in the Borroloola West Project from Sandfire Resources NL under a farm-in agreement through staged exploration expenditures.
Recently completed drilling intersected extensive zones of intense fracturing that contained disseminations and lenses of semi-massive chalcopyrite. All three drill holes intersected copper mineralisation and extend the known mineralisation along the east-west trending Gordons Fault by more than 300m west of previous drilling, for a total strike length of just over 500m.
Results from the recent drilling at Coppermine Creek indicate Pacifico may have drilled the fringe of a major copper mineralised system.
A summary of assay results from the recently completed 3 hole drill program are shown in Table 1.
|
0.1%Cu cut off
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0.3% Cu cut off
|
|
Hole
No
|
From
(m)
|
To
(m)
|
Length
(m)
|
%
Cu
|
From
(m)
|
To
(m)
|
Length
(m)
|
%
Cu
|
|
CCR01
|
29
|
71
|
42
|
0.3
|
43
|
59
|
16
|
0.5
|
Hole
abandoned at 71m
|
|
CCD02
|
136
|
159
|
23
|
0.3
|
147
|
152
|
5
|
0.8
|
Includes 1m
@ 1.9%Cu from 150m
|
|
CCD03
|
38
|
57
|
19
|
0.3
|
40
|
56
|
16
|
0.3
|
|
68
|
78
|
10
|
1.3
|
68
|
73
|
5
|
2.5
|
Includes 2m
@ 4.0%Cu from 69m
|
Table 1: Summary of drill results at Coppermine Creek
The first drillhole, CCR01, drilled reverse circulation ("RC"), intersected oxidised copper mineralisation in the
hangingwall of the fault from 29m, grading 42m at 0.3% Cu (Table 1) with highest values of 5m at 0.8% Cu from
49m. Host rocks are Amelia Dolomite containing zones of intense fracturing, brecciation and dolomitisation. The hole was abandoned before entering the Gordons fault zone because of collapsing ground.
CCD02 was drilled 104m reverse circulation ("RC") and then Diamond drilled to 315m. It intersected a significant interval of disseminated and veinlet chalcopyrite associated with a 10m thick bed of ex-evaporite, containing closely packed dolomitised gypsum casts, and contained 23m at 0.3% Cu from 136m, including 5m of 0.8%Cu from 147m. Minor disseminated chalcopyrite was also present throughout a zone of intense fracturing, brecciation and dolomitisation between 242m and 286m.
CCD03 (Diamond drilling only) also intersected copper mineralisation associated with this same ex-evaporite bed with an intersection of 16m at 0.3% Cu from 40m, including 3m of 0.8% Cu from 40m. It then passed through the Gordons Fault zone which was intensely brecciated and dolomitised on the hangingwall, with lenses of semi- massive chalcopyrite, as well as chalcopyrite fracture fill and disseminations and contained 5m of 2.5% Cu from
68m, including 2m at 4.0% Cu from 71m.
The mineralisation and alteration, which contains disseminated sulphide comprising dominantly chalcopyrite, is reflected in AEM ("Airborne Electromagnetic") conductivity profiles that indicate a broad zone of alteration and disseminated mineralisation extending for 3km x 1km, south from the Gordons Fault. It is interpreted from Pacifico's drilling that the stratabound copper mineralisation near the Gordons Fault outcrops because it has been pushed to the surface by a post-mineralisation reverse fault that rides over younger Roper Group sediments. Bedding dips are steeper close to this reverse fault and gently flatten away to the south.
The 1km x 300m bullseye of relatively high AEM conductivity that lies 2km south of Pacifico's recent drill holes is now a compelling target. This may reflect intense chalcopyrite stockwork veining and lenses at depths from 250m to over 600m. Gossanous material overlying the western part of the bullseye AEM anomaly contained 0.3% Cu (from qualitative portable X-Ray Fluorescence instrument ("pXRF") determinations) and confirms the presence of copper mineralisation. It is possible that supergene copper mineralisation may be developed in the oxide zone below the level of leaching.
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Supporting the opportunity for the presence of a major copper mineralised system of the Mount Isa Copper (approximately 250Mt of 3%Cu) or Nifty (approximately 100Mt of 2%Cu) style are the following key geological factors:
Distinctive ex-evaporite beds in the overlying Amelia Dolomite contain disseminated copper mineralisation.
The mineralisation is close to the redox contact between hematitic siltstones (oxidised) of the
Mallapunyah Formation, and the overlying Amelia Dolomite.
Reverse faulting at Coppermine Creek indicates that copper mineralisation could be related to a compressive regional event.
The copper mineralisation appears to be spatially related to a major north-south trending regional fault system that may provide access to copper-bearing basin fluids.
Intense fracturing, brecciation and dolomite (- silica) alteration is widespread and related to the copper mineralisation.
Coppermine Creek lies within the McArthur Basin, where there are known large base metal mineralised systems, in an area that has only been patchily explored previously.
Pacifico's Managing Director, Simon Noon, comments "these are highly encouraging results. To date drilling has only tested the northernmost margins of a system that appears from the airborne EM to extend for at least 3km to the south, parallel to a major regional fault system, and where a gossan has been recently discovered containing anomalous copper. The bullseye of the EM anomaly is now a compelling target for drilling".
Pacifico expects to meet its expenditure requirement to earn a 51% interest in the Borroloola West Project from Sandfire Resources NL once all costs for the recent program have been reconciled. Under the terms of the farm- in agreement Pacifico can earn up to 80% interest in the project.
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w
E o o o
co
1.{)
1.{)
O Previous Diamond drill hole collar
Selected previous RC collar
Pacifico
MìneralsUd
uctivi
D Roper Group - shale & siltstone
D McArthur Group - dolomite, dolomitic
siltstone, ex-evaporite beds
Tawallah Group - sandstone
Known copper mineralisation, projected to surface from drill
intersections and mapped gossans
D AEM High Conductivity
D AEM moderate to high Conductivity
Recently di...n•v....,,...,,
.Qossan
o
---
1,000
D AEM moderate Conductivity
-
metres
Fgi ur e 1: Coppermine Creek, drilling completed by Pacifico, and AEM conducti vity anomaly
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w w w ..l) a c i fico m i n era ls . c o m . a u
Figure 2: Drill section and main copper intersections 556,300mE, CCD02 projected 100m west
Figure 3: AEM conductivity, composite profile, geological interpretation, along direction 330deg (location on figure 1)
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Pacifico has now completed its two-hole drill program at the Bing Bong prospect where 50% of the direct drilling costs were covered by the NT government. Minor pyrite was observed in places within a thick sediment package to depths up to 400m. However, preliminary visual inspection of the core failed to explain the source of the magnetic and AEM anomalies targeted. Final assay results are still pending.
For further information or to be added to our electronic mailing list please contact:
Simon Noon (Managing Director) Phone: +61 (0)8 6266 8642
Email: [email protected]
About Pacifico Minerals Ltd
Pacifico Minerals Ltd ("Pacifico") is a Western Australian based exploration company focussed on advancing the Berrio Gold Project ("Berrio") located in Colombia. Berrio is situated in the southern part of the prolific Segovia Gold Belt and is characterised by a number of operational, artisanal-scale adits, tunnels, and declines. The project is 35km from the Magdalena River which is navigable to the Caribbean Sea and has excellent infrastructure in place including hydro power, sealed roads, an abundant water supply and telecommunications coverage. Pacifico also has an interest in two other projects in Colombia (Natagaima application and Urrao) and one project in the Northern Territory (Borroloola West Project).
Competent Person Statement
The information in this announcement that relates to the Borroloola West Project is based on information compiled by Mr David Pascoe, who is a Member of the Australian Institute of Geoscientists. Mr Pascoe is contracted exclusively to Pacifico Minerals Limited. Mr Pascoe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Pascoe consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.
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Appendix 1 - JORC Code, 2012 Edition, Table 1
Section 1 Sampling Techniques and Data
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Criteria
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JORC Code explanation
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Commentary
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|
|
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Orientation
of data in relation to geological structure
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Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
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Drillholes are approximately at right angles to the dominant strike directions of the fault and to bedding. Once a complete understanding is achieved, corrections will be made to estimate true widths. Any intersections described refer to down hole lengths.
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Sample
security
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The measures taken to ensure sample security.
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Core removed from drill site daily to a secure drill core layout yard.
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Audits or
reviews
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The results of any audits or reviews of sampling techniques and data.
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None required at this preliminary stage.
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Section 2 Reporting of Exploration Results
Criteria listed in the preceding section also apply to this section.
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Criteria
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JORC Code explanation
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Commentary
|
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o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis that the information is
not Material and this exclusion does not detract from the understanding of the
report, the Competent Person should clearly
explain why this is the case.
|
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Data
aggregation methods
|
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the
procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated.
|
All analyses were taken over 1m and no weighting techniques have been used. No grades have been cut. Cut-off grades are clearly stated when used.
Aggregations of grades are listed in the intercepts, if they include short high grade zones they are listed in the comments column of Table
1.
No metal equivalent values have been used.
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Relationship
between mineralisation widths and intercept lengths
|
These relationships are particularly important in the reporting of Exploration
Results.
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole
length, true width not known').
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Down-hole lengths only have been reported. The geometry of the mineralisation is known with
insufficient certainty to estimate true widths.
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Diagrams
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Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
|
Maps and sections are provided (figures 1 to3). A
tabulation of intercepts is included (Table 1).
|
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Balanced
reporting
|
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
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A summary of all results is reported.
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|
Criteria
|
JORC Code explanation
|
Commentary
|
|
Other substantive exploration data
|
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
|
Some additional geological and geophysical observations are included in the announcement
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Further work
|
The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out
drilling).
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
|
Further step-out drilling targets are described.
Map shows interpreted extension of mineralisation.
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