Will 2018 be PMY's breakout year? Backgound on PMY projects as lifted from PMY website:
Pacifico Minerals Ltd (“Pacifico”) (ASX: PMY) is a Western Australian based exploration company with interests in Australia and Colombia.
Borroloola West NT - Copper/Zinc Joint Venture with Sandfire Resources NL (Pacifico 51%)
The BWJV consists of 12 exploration licences and 1 mining licence (1,817 km2), and lies west and northwest of the world class McArthur River zinc-lead mine and Rox Resources’ zinc-lead resource at the world class Teena deposit (figure 1). The parties to the BWJV are 51% Pacifico Minerals Limited ("Pacifico" or "Company") (ASX code: PMY) and 49% Sandfire Resources NL ("Sandfire") (ASX code: SFR).
Sandfire is supportive of the exploration program and will continue to contribute its 49% share of all exploration costs. Diamond and RC drilling is planned during the 2017 field season to test the Coppermine Creek (copper-cobalt-silver), Mariner (zinc-lead) and Berjaya (zinc-lead) prospects. Preparatory work, including a potential ground EM survey, are planned to commence when the Northern Territory period of heavy rain finishes. Pacifico's reverse circulation drilling program in 2016 confirmed the continuity of stratabound copper mineralisation of Mount Isa Copper/Nifty deposit style at Coppermine Creek, with an intersection of 10m of 1.3% Cu in CCR08 (see ASX announcement 23 November 2016).
At the Mariner Prospect, the 2016 drilling intersected geochemically high lead values (21m of 1.0% Pb in MNR01: see ASX announcement 23 November 2016), indicating possible proximal hydromorphic dispersion from significant zinc-lead mineralisation in the underlying McArthur Group sediments.
Borroloola West NT - New Exploration Licence ELA31354 – (Pacifico 100%)
Pacifico has applied for a new Exploration Licence (ELA31354) (Pacifico 100%). The licence application area was selected for the proximity of the area to basaltic volcanics, favourable McArthur Group stratigraphy, complex fault intersections and the presence of a known Cu-Pb occurrence. This ELA lies north of the Coppermine Creek prospect within the Borroloola West Joint Venture. Within this ELA, a zinc-lead gossan with some 600m strike, open along strike under shallow cover and of several meters in thickness has been discovered by Pacifico’s exploration team near Limestone Creek during recent reconnaissance.
The mineralisation appears to be stratabound and is hosted by black shale or chert. The host rock stratigraphy is mapped as Amelia Dolomite, which also has very positive implications for stratabound zinc-lead mineralisation potential within the adjoining BWJV tenements. Pacifico expects this new exciting exploration ground will be granted to the company early 2017.
Mount Jukes Project, Tasmania – Copper, Gold, Base Metals (Pacifico 15%)
The Mt Jukes Project is adjacent to the Vedanta owned Mt Lyell copper/gold project in Tasmania. Corona Minerals Ltd (“Corona”) is the operator and manager of this project.
Berrio Project, Colombia – Gold, Silver, Base Metals (Pacifico 100%)
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.
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.
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.
Will 2018 be PMY's breakout year?
PMY Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
(20min delay)