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ChileThe Antakena ProjectThe Antakena Project is comprised of three leachable copper oxide deposits, Elenita, Madrugador, and Soquimich, which are located in the most prolific copper district in the world.Teamed by a Joint Venture Agreement with Minera SA, the team known as Antakena Mining is completing a pre-feasibility study and further exploration drilling to increase the current NI 43-101 compliant resource. The company plans to pursue further consolidation of the Antakena Project area, as it continues to identify highly prospective copper prospects in Chile. Key Highlights
The Antakena Project features the following:
The Antakena Mining Team approved a CDN $8 million work program and budget for 2009, with plans for the following: Pre Feasibility Study in 2010 The contractors selected for the Pre-Feasibility Study are: Project Managers: MTB Project ManagementExploration Program
Currently, the company is drilling at the Elenita Property with two core rigs and two RC rigs. As of October 29, 2009, 22,804m of drilling have been completed which includes drilling for metallurgical samples, condemnation, geotechnical, geology, infill and exploration. The main focus of Minera's work program to date has been at the Elenita copper deposit, which is hosted by volcanic and sedimentary rocks of La Negra Formation. Copper occurs in mantos, veins, hydrothermal breccias, veinlets and disseminated bodies, hosted principally in volcanic and sedimentary rocks and in intrusive rocks in a smaller proportion. At Elenita and as reported by AQM in the March 17, 2009 press release, the current NI 43-101 report indicates there are 19.7M tons at 0.87 TCu of Measured and Indicated resources at 0.2 cutoff and 4.8M tons at 0.73 TCu of Inferred resources. The deposit remains open in several directions and at depth and the exploration drilling program is designed to test these areas. Surface geology and rock sampling has been completed by Geovectra S.A., including a 1:10,000 scale geologic map, of a 154 sq km total area centered in the Elenita deposit; geologic mapping continues now in the Madrugador deposit area. Thus far, the work has indicated an increased understanding of the mineralization and identifies prospective exploration areas that are within the properties controlled by the Antakena Joint Venture. An MMI Geochemical sampling in a 200x200 grid on the same ground is underway and will be matched to the information of the surface geology to identify future exploration targets. Once defined, detailed geologic mapping, rock sampling, trenching and drilling will proceed as a second stage of exploration. Metallurgical testing has begun with results expected in the first quarter of 2010. For a detailed description of Antakena's neighboring deposits, please follow the appropriate links: ElenitaLocation, Infrastructure, & HistoryElenita is located 110 km NE of Antofagasta and can be accessed by vehicle within 1.5 hours. The area's infrastructure and logistics are excellent, as electricity is very close, roads are well kept, and water can be supplied from the nearby Calama-Antofagasta pipeline or other options that exist in the project area. The Elenita Project is 1,000 hectares in size with the historic resource contained within one claim (Elenita II/20) totaling 96 hectares. The property has been owned by the Céspedes Family since 1959. Between 1960 and 1990, the property was mined with low-scale production of high grade zones. In 1993, the Céspedes Family signed a deal with Princeton Mining Corp, who carried out 19,125m of RC drilling at Elenita claim and an additional 3,308m in the surrounding areas. In 1997 Princeton dropped the Elenita option. In 2003, Minera Michilla (Antofagasta Minerals) carried out 818m of shallow RC drilling in the Elenita Claim. From 1997-2004 the mine had no production. Since 2004 the Cespedes Family has carried out small scale mining of high grade mantos with an average production of 2000 tons per month at an average grade of 2 to 3% Cu. Mineralization is in manto type throughout, with some andesitic favorable beds of the Jurassic La Negra Formation. Mantos are NE/45ºSE. Mineralization, besides the manto structure, is also controlled by some fractures and faults. The copper mantos are 1-15 m wide. Mineralization is present in Cu oxides such as Brochantite, Atacamite, Chrisocole and Malachite within the first 80 -100m of depth. Below 100 -- 200m there is a leachable secondary enrichment zone with chalcosite. Mineralization is observed down to 300m deep with the presence of Bornite and Covellite. ElenitaResource EstimateAntakena's Resource Estimate incorporates the results of 43,837m drilled at Elenita, in 276 holes - half of which were drilled in the latter of 2008. Apoquindo successfully validated the historical data by drilling 2,131m or 15 twin holes. Subsequent drilling at Elenita was used to selectively infill missing areas and to explore new ore zones at the periphery, especially to the South, East and Northeast. This drilling has been largely successful, but is not yet completed. Currently the drill holes are distributed along 50m NW-SE sections and spaced at 20-30m increments. Due to the low dip angle of the mantos, the vast majority of the holes are vertical. The current unconstrained mineral inventory is represented by the following grade-tonnage tables:
ElenitaOption TermsThe terms for the option to buy Elenita from the Chilean private owners are as follows:
*The Company paid an additional $24,376 to defer a portion of this option payment until November 2008. The option agreement includes a royalty of 1% net smelter return. MadrugadorLocation, Infrastructure, & HistoryMadrugador is located in the Sierra Valenzuela Trend Zone, which is part of the Atacama Fault System. There are several large and medium mines in the area other than the Mantos Blancos Mine, including Sierra de Miranda (Mohammed Duk), Ivan and Zar (Milpo), and Rencoret (Antofagasta Holdings). The Madrugador concession totals 817 hectares and surrounds the Sierra Valenzuela copper deposit, which reports a historic resource of 31.4 million tonnes of 1.18% Copper at 0.5% Copper cut-off, including 10.5 million tonnes at 1.7% Copper, which was drilled prior to 2001. This historical estimate is not NI 43-101 compliant and should not be relied upon. The infrastructure and logistics at Madrugador are excellent in the area as electricity is very close, roads are well kept, and water could be supplied by the near Calama-Antofagasta pipeline. Copper oxide mineralization is principally represented by chrysocolla and atacamite within manto-type deposits hosted in gently dipping stratified volcanic and volcaniclastic rocks of the La Negra Formation of Jurassic age. There are also minor vein deposits and some irregularly shaped "bolsones" noted in the district. Minor amounts of disseminated chalcocite, chalcopyrite and bornite are also noted at Madrugador. MadrugadorResource EstimateThe current Resource Estimate incorporates the results of 45,885m of drilling in 363 holes at Madrugador - more than half of which was drilled by Apoquindo in 2008. After successfully validating the historical data of previous companies (3,149m or 21 twin holes), Apoquindo expanded and selectively in-filled missing areas at Madrugador Sur and developed new ore zones such as Madrugador Norte and Brac II. The current drill hole spacing at the explored areas is roughly 25x25m in plan view and to approximately 200m at depth. The current unconstrained mineral inventory is represented by the following grade-tonnage tables:
MadrugadorOption TermsThe terms for the option to buy Madrugador from the Chilean private owners are as follows:
The offer includes a Royalty of 1.5% NSR (net after tax) on production. SoquimichLocation, Infrastructure, & HistoryOn May 20, 2009 Apoquindo announced the signing of an option to purchase Sociedad Química y Minera de Chile ("Soquimich") in which Soquimich has offered to sell to Apoquindo 7,760 ha for a total of US $3,542,000 over three years, plus a sliding scale royalty. The optioned mining properties are adjacent to and surround an area in between the Elenita and Madrugador deposits which make up the Antakena Project. Antakena will embark on an aggressive exploration program of the Soquimich properties (geological mapping, MMI and sampling) in order to define several mineralized targets. Half of the area is covered by colluvium and some of the main mineralized features running between Madrugador and Elenita are under this overburden. This acquisition is in line with Apoquindo's strategic focus to consolidate properties in the area of the Antakena Mining Joint Venture. Based on Apoquindo's 2008 Exploration Program, the Soquimich properties will increase the exploration ground to areas that are suitable for finding more resources in the project. Soquimich is a key player in the area since it holds a large land package in Northern Chile, and most of the area optioned has not been explored by Soquimich or any other company. Several of the main structures and mineralized features between Elenita and Madrugador run through the ground of these properties. Antakena plans to do a first phase exploration program with geological mapping (1:10,000 in the whole areas and 1:2,000 in detailed areas), sampling and MMI (Mobile Metal Ion). Exploration using MMI has been very successful in the Elenita and Madrugador areas. Where the MMI and geologic mapping give positive results, drilling targets will be defined and a second phase of an exploration program including RC drilling, detailed mapping, trenching and geophysics will be evaluated. SoquimichOption TermsThe terms for the option to buy Soquimich owners are as follows:
After the 12 month payment and before exercising the option, Apoquindo may, for one time only, return up to 50% of the hectares included in this deal and the final payment will be reduced according to the hectares returned. Also, the parties have agreed in a royalty (NSR) payment depending on copper price in a sliding scale royalty. |
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