– La Puerta and Santa Felicita –
– La Puerta and Santa Felicita –
– Inmaculada –
– Edelmira –
The Suriloma property is located in the Department of La Libertad, Peru, 60 Km northeast of the city of Trujillo, at an elevation between 3200-3900 meters. The property lies within a mineral belt containing several world-class gold deposits. Suriloma is 30 Km west of Barrick’s Lagunas Norte mine (2011 production: 763,000 Oz gold) and 50 Km west of Rio Alto’s La Arena gold mine (2012 production: 212,000 Oz gold–Rio Alto Mining website, 2013). The Shahuindo gold-silver deposit in the Department of Cajamarca is located 50 Km to the north (4M Oz gold endowment: Sulliden Gold Corporation, 2012). The huge Yanacocha gold deposit (70M Oz gold endowment: Teal and Benavides, 2010) lies 100 Km to the north.
AMERICAN CONDOR RESOURCES owns direct ownership on the targets listed below. The location of several of these targets are in close proximity to Yanacohca (2nd largest gold mine in the world) and Tambo Grande (world’s largest gold deposit). Until further exploration is completed management does not intend to estimate potential reserves or resources but does intend to announce inferred resources prior to a public offering.
La Puerta and Santa Felicita
Five kilometers of strike with less than 30% tested.
Two main Gold & Silver veins (Zone A & Zone B).
Zone of strong silver veining with gold credits.
Geophysics indicates there is a buried porphyry stock 200- 300m below the veins. This is a target for the next phase of exploration.
Parallel vein system to La Puerta.
Two drill holes intersected mineralization.
Old artisanal mine workings for silver and antimony veins are present in the area. At least seven target areas for gold and silver mineralization have been identified at Suriloma. Darwin has collected around 650 surface samples (rock geochemistry), most of which are continuous channel samples averaging 2m in length.
Darwin´s report (NI 43-101) indicates rock geochemistry for gold and silver (Figs. 12 and 13) and also for other elements. The La Puerta target is the principal gold oxide target hosted by epithermal quartz stockwork mineralization within andesite host rocks associated with argillic (illite-smectite) alteration. A total of 309 channel samples were collected and assayed from 24 channels dug perpendicular to the strike of the gold structure over a 1 Km length. An epithermal gold stockwork zone has been identified in two sub-parallel mineralized zones with a combined width of up to 60 meters. Highlights of the channel sampling from the La Puerta area include 29 meters @ 1.6g/t gold + 4.5g/t silver, 26 meters @ 1.28g/t gold + 0.5g/t silver, and 16 meters @ 2.2g/t gold + 2g/t silver. The average grade of all 309 channel samples, including unmineralized samples, is 0.90 g/t gold (ranging from <0.005 to 12.8 g/t Au) and 15 g/t silver (ranging from <0.2 to 171 g/t Ag). Nine samples are anomalous in arsenic, and there is a strong positive correlation between gold and arsenic. Base metal values in the stockwork are low. Gold mineralization is related to the density of quartz stockwork veinlets, and is disseminated in the hydrothermally altered rocks. The stockwork mineralization is believed to have formed at around 160 to 200 °C in a shallow epithermal environment based on the clay mineralogy. Outcrops of the stockwork are now oxidized containing no sulfide. The western end of the mineralized structure at La Puerta is interpreted to lie beneath shallow post-mineral volcanic cover. The stockwork mineralization at the La Puerta target has the potential to host a large tonnage, low grade, oxide gold deposit. The initial conceptual target has a strike length of 1,000 meters, a depth potential of 200 meters (i.e., to the base of the mineralized volcanic unit) and width of 50+ meters.
Potential exists for the gold mineralization to extend into the Mesozoic sediments that underlie the volcanic host rocks. Other gold stockwork targets at Suriloma include the Inmaculada and Santa Felicita areas (Fig. 14). At Santa Felicita gold mineralization is hosted in quartz sandstones, with reconnaissance samples grading up to 4.4 g/t gold in hydrothermal breccia. Further work is required to define the exploration potential at these areas explained by Darwin. Quartz sandstones are the host of major gold deposits in the La Libertad region of Peru, including Lagunas Norte and La Arena, so these targets warrant further work.
The Peña Blanca mining concession has a surface area of 700 hectares and it is located in the Piura Department, northern Peru. This concession is also part of the Celica-Lancones basin, a major mining district located in the north -west of Peru and south of Ecuador. The basin hosts major World class deposits.
Access to the area and infrastructure is very acceptable. The zone is crossed by the paved Pan-American high way that joints Peru and Ecuador. The town of Las Lomas (10,000 inhabitants) is located in the area of influence and it counts with the basic services such as local transportation, hotels, banks, phone service, restaurants, gas station, workers, etc. Topography is quite flat with an average elevation of 240 m.a.s.l. The weather is dry subtropical with average temperature of about 19°C. The zone counts with dendritic drainage system and good electrical supply.
This project is located on the west side of the Jurassic-Cretaceous rift developed structure. It is located to the north of the copper-molybdenum+/-gold La Cantera (Chancadora porphyry) and to the south of the Lagartos porphyry.
The geology of the property corresponds to two lithologies; the first is widespread chloritized outcrops (fresh and weathered) of volcanic rocks (Bocana Formation) such as porphyritic andesitic lavas and tuffs. These rocks also show pervasive chlorite and locally epidote +/- calcite (propylitic hydrothermal alteration). The second corresponds to intermediate to acid coarse grained intrusive showing stockwork development with pervasive phyllic alteration superimposed by argillic and advance argillic hydrothermal alterations.
Northeast-Southwest and Northwest-Southeast structural control have been identified in the zone.
In 2008 a mining company called Andean carried out a surface geochemical recognition. The result of this short study yielded 17 rock samples (chip and channel). Three samples came from quartz-molybdenite-chalcopyrite veins with thickness ranging 10 and 40 cm. The other 14 samples were taken in stockwork outcrops with phyllic alteration. Assay results yielded values up to 0.14% Cu and 0.038% Mo (Aldaz J., 2008). Considering that surface rocks shows propylitic and phyllic hydrothermal alterations, it is inferred that mining potential could remain at depth. There are no additional records from other mining companies exploring this property.
In 2013 Gorgona Gold S.A.C. carried out its own exploration works consisting in geological mapping, structural mapping, mapping of hydrothermal alterations and rock geochemistry. The results yielded the discovery of a stockwork system (quartz veinlets extending for about 400 m in length) at UTM coordinates PSAD56 (561235, 9476035) with pervasive phyllic hydrothermal alteration. At UTM coord. PSAD56 (561900, 9465750) a conspicuous outcrop of quartz-molydenite B type veins was observed.
Additionally, some porphyry related D type veins were also observed. These porphyry related veining systems led us to infer the existence of a copper-molybdenum+/-gold porphyry deposit. The outcrops rock geochemistry yielded values up to 0.17% Cu in the phyllic altered stockwork; in a quartz-molybdenite marginal vein of 40 cm wide it was obtained a molybdenum value of up to 0.33% Mo; and 0.02 g/t Au in the surface phyllic altered stockwork.