Summary
The Darwin project was pegged by private Chile company, Coastal Metals Chile SpA (CMC) who carried out extensive airborne geophysics and geochemical sampling in 2023. This work demonstrated both the presence of potentially large magnetite bodies up to several billion tonnes, along with high grade copper and gold at “Anomaly 5” associated with a low-magnitude magnetic anomaly. Analysis of 30 samples taken across Anomaly 5 revealed average gold grades of 17g/t and copper grades of 1.6%, with high gold grades including several results above 80g/t (81g/t, 229g/t, 185g/t, 166g/t, 247g/t). Under the Option Agreement, Aeramentum can acquire the project 100% for US$2M, within 3 years post exercise of the option.
The Darwin Project is located 25-30km from the Coast, 25km from Pan American Highway and 70km south of Copiapo and 110km from port of Las Losas (Huasco). Nearby is a gold mine (7km south) with reported grade of 7g/t Au, along with numerous other gold mines in the vicinity, and large IOCG deposits such as Candelaria (120km NE) >1Bt @ 0.6% Cu, 0.13g/t Au.
The ground was applied for in 2022, using local geological knowledge. Geophysics survey over 3400 Ha (March and May 2023) revealed numerous magnetite orebodies (up to 3.76Bt Fe, higher grade, estimated). Geochemical sampling (>800 samples) showed numerous areas with anomalous Gold, Copper and Cobalt, highest concentrations within Block 5 (Anomaly 5). Of 30 samples within the vicinity of Anomaly 5, average gold grade across all 30 samples of 17g/t reduces to 9g/t Au applying a 30g/t topcut (numerous samples >80g/t up to 260g/t Au) with 1.6% copper on average across the samples containing copper (0.9% including all samples). In addition, cobalt grades of 0.1-0.4% reported, which may indicate a magmatic (IOCG?) source.
Since CMC acquired the project, Verdant Resources have applied for ground to the north of the concessions.
The lower Cretaceous IOCG belt is highly prospective, with a strike length of up to 1000km and 7 known IOCG ‘belts’ within this. Andean IOCG (and IOA) deposits in northern Chile were formed mainly by magmatic-hydrothermal processes related to the formation and emplacement of magmas with moderate contribution from leaching of basement and/or volcanic host rocks.
Previous studies on important IOCG deposits such as Olympic Dam (Australia), Candelaria (Chile), and Salobo/Sossego (Brazil) have shown that they are closely related to basement penetrating fault systems and have undergone an early magnetite (actinolite) event followed by main-stage mineralisation of copper and other elements. Even though there is abundant evidence for magmatic signatures in IOCG deposits, most of these deposits show no apparent genetic relationship with exposed igneous intrusions. Intrusions are inferred at depth but the magmatic events leading to mineralisation are not well defined. IOCG deposits also lack substantial quartz veining which has hindered the use of fluid inclusion and related studies.
Overall, early indications at Darwin are that there is potential for IOCG and other mineralisation styles (Cu-Au, and Au-Co) at the location. Exploration work including mapping and drilling will assist in determining if there is economic potential for mining to be established.
