Discovery - New Copper and Gold Sulphide System
Torq’s maiden 4,075 metre (m) reverse – circulation (RC) drill program at the Margarita project resulted in the discovery of a new copper and gold sulphide system. Drill hole 22MAR-013R intersected 90 m of 0.94% copper and 0.84 g/t gold at a depth of 50 m – 140 m. This discovery successfully identified the copper and gold sulphide source mineralization to the abundant copper oxide mineralization observed on the southern margin of the project, validating the Company’s exploration thesis, and represents the potential for a significant new IOCG discovery in the Cretaceous Coastal Cordillera belt in northern Chile.
See May 2, 2022 news release for a summary of the results from the drill program.
Torq’s follow-up drill program drilled an extension to the original discovery, 190 m north, intercepting 98 m of 0.94 g/t gold and 0.68 % copper. The phase II drill program, consisting of 11 holes over about 4,000 m, has now been completed and the remaining results are forthcoming.
See Sept. 13, 2022 news release for details on the extension to the discovery at Margarita.
A magnetic survey over the Margarita project shows a circular magnetic low surrounded by magnetic highs beneath the hydrothermal alteration system. The magnetic highs are associated with less altered, andesitic to rhyodacitic rock units that may correspond to dome structures, which are considered to be part of the mineralizing intrusive hydrothermal system that characterizes the property. The lower magnetic responses correspond to strongly altered units that include various porphyritic and breccia bodies as well as andesitic dykes and provide a clear large-scale 1.5 km by 1.5 km geophysical target within the property boundaries.
An IP survey at the Margarita project consisted of a total of 49-line km with lines spaced every 250 m. The results of the program have demonstrated two north-northwest trending chargeability anomalies that are approximately 3 km by 500 m in dimension at a threshold of 30 millivolts, which is consistent with the presence of sulphide minerals. Importantly, these chargeability anomalies spatially overlap with resistivity lows that are consistent with hydrothermal alteration and form the basis of geophysical targeting at the project.
Historical Copper Oxide Drilling
Out of the 39 drill holes with known assay results available that define the copper oxide mineralization, 13 are within the land package of the Margarita - Cototuda agreements, totaling approximately 1500 m. The historical drill holes are located in the southwestern corner of the property in a zone of strong hydrothermal alteration. Copper oxide mineralization with reported grades of 0.2 – 0.6% copper were encountered to 210 m vertical depth with drilled widths ranging between 30 – 120 m. Importantly, none of these drill holes encountered primary copper sulphide mineralization.