Anglo Gold Ashanti Colombia (AngloGold) has secured exploration licenses for two areas covering the Chuscal Gold Project in Colombia from the Colombian National Mining Agency (ANM).
Joint venture for Chuscal Gold Project
In December 2018, AngloGold signed a joint venture agreement with Australian gold developer Metminco to explore and develop the Chuscal Gold Project. The project is located about 2km south of the latter’s proposed plant in the Quinchia Gold Project at Miraflores in Lima province.
Metminco, as per the terms of the deal it signed with AngloGold, will earn a 51% stake in the Chuscal JV by investing $2.5m over three years.
According to the Australian miner, the Chuscal Gold Project is a major drill-ready gold exploration target that is defined by anomalous gold levels in soil and rock chip geochemistry.
Metminco executive chairman Kevin Wilson said: “The signing of concession contracts for granting of the ELs is a very important step in Colombia, paving the way for drilling these priority porphyry gold targets at Chuscal.
“The granting of the ELs has been much-anticipated. Given the transformative impact drilling success could deliver for shareholders we are very excited about the diamond drilling programme scheduled to commence once the merger with Andes Resources and associated $2.3 million financing is completed, and other necessary permits and approvals are received.”
The Australian gold miner is looking to carry out a drilling program of around 2,500m of diamond drilling to evaluate the Chuscal porphyry gold target with epithermal gold overprint.
The Chuscal Gold Project is said to have an extensive, undrilled surface gold geochemical anomaly with high grade sample results of up to 54 gpt Au.
Review of underground samples at the prospect in the past revealed two mineralisation populations that reflect an early phase of stockwork/disseminated mineralisation (porphyryitic diorite) having an average grade of nearly 1.5 gpt Au.
Metminco plans to undertake soil sampling and mapping to evaluate the Tesorito trend, located within the granted exploration licenses and to the north of the Chuscal target.
