Atacama Copper Announces Initial Exploration Results at the Placeton Project
Atacama Copper Announces Initial Exploration
Results at the Placeton Project
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2022) - Atacama Copper Corporation (TSXV:
ACOP
) ("
Atacama Copper
" or the "
Company
") is pleased to announce the results and near
completion of the initial phase of exploration at its 100% owned Placeton and Caballo Muerto projects
(together the "Project").
The highlights of the program, results and next steps include:
Fieldwork focused on the existing Placeton North, Placeton Central, Placeton South and Caballo
Muerto targets covering approximately 2,000 Ha of the 4,428 Ha Placeton tenement package.
Completion of surface geological and structural mapping, geochemistry survey, magnetics and
near completion of geophysics covering all four target areas.
Results identified two high-priority porphyry targets in Placeton Central-North and Caballo Muerto
based on multiple occurrences of D-veins, phyllic alteration and leach capping, including
geophysical and copper and molybdenum geochemical anomalies.
Placeton South remain an
area of high interest but requires further follow-up work to confirm and upgrade its potential.
Placeton Central-North:
Identification of a notable untested 1 x 1 km high magnetization
anomaly, which partially coincides with the phyllically altered monzodioritic porphyry unit
outcropping and with several copper mineralization occurrences at surface and molybdenum
anomalies.
Caballo Muerto:
Identification of a new untested 2 x 1 km North-South elongated, geological-
geophysical target with high-chargeable IP anomaly centered on a high-moderate magnetic
anomaly below the phyllically altered porphyry outcrop.
A follow-up geophysical IP program is planned for April 2022 with a focused strategy in better
defining the sulfide-related anomalies along and below high-priority target, to refine drill targets in
Placeton Central-North and Caballo Muerto.
Drilling is planned to commence immediately
following this.
Gino Zandonai, CEO of Atacama Copper said,
"We are excited to have nearly completed the first
phase of the exploration program on the Placeton project.
The results have reinforced our conviction
that the Placeton tenement package contains at least four porphyry targets, of which two have, to-date,
been designated as high-priority.
We look forward to progressing the follow-up geophysical survey in
April so that we can drill-test these targets during Q2 2022."
Placeton Targets
Work Program
The geological and detailed structural mapping focused on key elements for porphyry copper
assessment in the three targets areas (Placeton North, Placeton Central, and Placeton South) was
performed over 25 km
2
from November until December 2021. A rock chip sampling program was
carried out from December 2021 to January 2022. 136 samples were taken over the three targets which
were integrated and analyzed alongside 159 samples taken during 2014. A study was carried out using
the Mag-Drone method over an approximate area of 1,165 ha. A historical IP survey covering 4km of the
Placeton South target was integrated into the current analysis.
Results
The identified intrusives are composed of a rhyodacite dome, monzonitic porphyry, and monzonite-
granodioritic bodies. The alteration is silicification and phyllic (sericite, quartz) argillic (illite,
montmorillonite, kaolinite) with developments of sub-propylitic halos (epidote chlorite, magnetite) and
local tourmaline (Fig. 1). A leach capping with hematite and goethite, including pitch limonite and copper
oxides (atacamite-chrysocolla) is developed in veins, disseminated, and breccia matrix. D-veins and
local evidence of A-veins were identified (Fig. 2). These elements, when combined, provide strong
evidence of the presence of an altered porphyry copper system. Additionally, a new phyllic altered
porphyry dome outcrop area, south-east of Placeton South, has been identified with potential to add
volume to the current target zone.
Figure 1: Geological map (1:5.000) of Placeton cluster area (left) and Ground Magnetometry survey
(TM) with potential areas to growth.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7505/118203_5303ddbbd491bb99_001full.jpg
Figure 2: Photographs of Placeton Central and Placeton South outcrops with D veins, copper oxides
and limonite.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7505/118203_5303ddbbd491bb99_002full.jpg
The geochemical anomalies exhibit a high correlation with the altered-mineralized centers, supporting
the metal input location. In the case of copper, the most significant geochemical anomalies (up to 1,674
ppm) were found in the Monzodioritic Porphyry unit, and from the rhyodacitic dome the most significant
molybdenum (“Mo”) geochemical anomalies (up to 5.0 ppm) come mainly from intrusive facies of the
Eocene Complex. Values from
22 to 28 ppm of Mo, are related with copper oxide mineralization at the
central porphyry and near-by structures at the volcano-sedimentary bedrock (Fig. 3).
Figure 3: Geochemical survey results of copper and molybdenum at Placeton Central-North and
Placeton South.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/7505/118203_capture.jpg
The magnetic susceptibility modeling process ("MVI") shows a notable magnetic anomaly in the Central
Placeton area which is extending into Placeton North (making an integrated target of both area for
magnetic-deeper zones of porphyry copper model). The central part of the anomaly coincides partially
with the phyllic- altered monzodioritic porphyry unit. The presence of a monzodioritic porphyry mapped at
the surface and the high magnetic anomaly slightly displaced to the east, suggest a porphyry related
magnetic alteration zone in Placeton Central (extended to the north). The historical geophysics at
Placeton South, shows a strong chargeability anomaly 300m below surface coincident with the felsic
body. The strong chargeability anomaly continues from 300m approximately 600m below surface.
Figure 4. 3D visualization of the MVI magnetic susceptibility model with plant view exposed at 2900
masl, accompanied by the topographic surface in Placeton
indicate the porphyry outcrop of the central
target
(left) and IP-Chargeability line 5 in Placeton South (right).
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/7505/118203_5303ddbbd491bb99_005full.jpg
Caballo Muerto target
Work program
The geological mapping focused on the central target area was performed over a 10km
2
area from
November until December of 2021. A rock chip sampling was carried out from December 2021 to
January 2022. A total of 66 samples were taken over the target area.
A magnetometry survey covering
an area of 6 km
2
(600 ha) was conducted over the target area. Subsequently, an IP line was designed
and completed in an NW-SE magnetic anomaly trend, covering a total distance of 4 km.
Results
A 600 x 700 m outcrop of an Eocene dacitic porphyry was identified in the central area of Caballo
Muerto, which intrudes the Paleogene Estratos del Gaucho volcanoes-sedimentary sequence to the
west. The target presents an argillic and well-defined phyllic alteration, with pitch limonite and boxworks
of copper sulfides. To the west and the east of the phyllic center, chlorite-epidote alteration is developed
in a 3 x 3 km halo surrounding the porphyry target. These results, suggest a coherent framework for a
well-centered porphyry alteration system.
Figure 5. Geological map (1:10.000) of the Caballo Muerto area with potential areas to growth.
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/7505/118203_5303ddbbd491bb99_006full.jpg
Copper geochemical anomalies (up to 147 ppm) present in the rhyodacitic porphyry unit and, locally, the
volcanic rocks of Cerro El Gaucho Strata, are related with NW-SW structures. Average Mo grades in the
Caballo Muerto sector is 29 ppm (Fig. 6). The most significant Mo anomalies (up to 72 ppm) were found
in the rhyodacitic porphyry unit (average 45 ppm), with a maximum value of 282 ppm. These elevated
molybdenum anomalies, which could be found in the center axis of the porphyry systems, are strong
indication of the metal source.
Figure 6: Geochemical survey results of copper and molybdenum at Caballo Muerto area.
To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/7505/118203_5303ddbbd491bb99_007full.jpg
The 4 km long IP profile reached a depth of almost 1,000 m. The profile was designed to encompass the
NW and SE magnetic anomalies (Fig. 7). The most significant anomaly is in the central anomaly, which
brings together all the desirable aspects for sulfide mineralization: Intense high-chargeability moderate
conductor centered, but radiating outside of a moderate-high magnetic anomaly. The presence of the
phyllically altered porphyry, the IP anomaly, together with the terrestrial magnetometry, is configuring a
consistent new 2 x 1km untested porphyry target with potential to the south and at depth.
Figure 7: MVI modeling (left) with the location of the IP line. 3D visualizations: electrical resistivity
model and chargeability model (right above). 3D visualization of the 2D chargeability model together
with the high-moderate magnetic. The star symbol demarcates the sector of most significant
geophysical interest (right below).
To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/7505/118203_5303ddbbd491bb99_008full.jpg
Follow-up Work Program and Next Steps
The work program to date has identified two high-priority targets with critical prospective attributes
required in a mineralised porphyry system. However, the district is known to locally host sub-economic
porphyries and domes emplaced in the late stages of the porphyry deposits, which could disguise or
mask economic mineralisation in an early stage of drilling. This was the case at the neighbouring
Relincho Deposit, where initial drilling faced part of the low-sulphide, low-mineralised units before,
ultimately, discovery of the complete mineralised porphyry system. Consequently, it is considered
necessary to define the presence and relative distribution of sulfides of each target through a follow-up IP
geophysics survey. The survey will cover between 10 to 20km in length on the two-high priority targets
focused on the leach cap zones and covering the magnetic anomalies. This will provide an excellent tool
for targeted drilling to test for the presence of the expected hypogene and supergene mineralization.
Atacama Copper plans to complete the follow-up IP program in April 2022, followed immediately by
drilling of the identified targets.
About Atacama Copper Corporation
Atacama Copper Corporation is a resource company focussing on the acquisition, exploration, and
development of copper properties in Chile. It is committed to advancing the exploration and
development of the Placeton and El Cofre projects, while concurrently looking to increase its asset
portfolio through the acquisition and development of other high-value copper exploration, development,
and production opportunities in Chile. Atacama Copper is currently focusing on the exploration of its
Placeton project, an area located between the Relincho copper and El Morro Copper-gold projects of
the NuevaUnion project owned jointly by Teck and Newmont Mining.
Additional Information - Please contact
For further information, please contact:
Atacama Copper Corporation
Gino Zandonai
Chief Executive Officer and Director
Email:
Phone: +56 997 915 596
Qualified Person
The technical information contained in this news release has been reviewed and approved by Gino
Zandonai of Atacama Copper Corporation, a "Qualified Person" within the meaning of National
Instrument 43-101.
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