Indico´s new Ocaña Copper Gold Porphyry ProjectThe new filings are available now. Essay regarding the project:
Ocaña Copper Gold Porphyry Project
.
The Mineral Claims covers 110.24 km2 and is located on the northwest extension of the Southern Peru Porphyry
Copper Belt, a trend defined in parts by the Toquepala, Quellaveco, Cuajone, and Cerro Verde Mines to the
southeast. Recent exploration of the belt has resulted in discovery of the Zafranal copper porphyry deposit, located
approximately 75km to the southeast of the Ocaña Project.
The Ocaña property targets an approximately 110 km2 area with widespread color alteration anomalies typical of
large porphyry copper-gold systems. Rock types, alteration and quartz veining on the property is consistent with the
porphyry exploration model.
.
The Southern Peru Porphyry Copper Belt hosts the large porphyry copper deposits of Toquepala (770 million tonnes
at 0.74% copper), Quellaveco (213 million tonnes @ 0.94% copper & 761 million tonnes @ 0.57% copper),
Cuajone (61 million tonnes @ 0.56% copper & 1,212 million tonnes @ 0.64% copper), Cerro Verde (1,000 million
tonnes @ 0.51% copper), and Cerro Negro (64 million tonnes @ 0.56% copper) as well as the newly discovered
Zafranal porphyry system. The technical information with respect to the above deposits was obtained through the
respective company’s public disclosure documents and on SEDAR.
The Ocaña Project is underlain by Precambrian basement rocks intruded by multi-phase plutonic complex of the
Coast Batholith. These permissive intrusive rocks are not identified on existing published geologic maps and have
been identified through field investigation. Alteration consists of widespread ‘proximal’ potassic (K-spar–
magnetite) and silica alteration near the center of the system grading outward to sodic–calcic (chlorite–epidote–
calcite) ‘propylitic’ alteration over a radial distance of 4 to 8 km. Gold-bearing quartz veins in the periphery of this
new porphyry district are currently being mined by artisanal miners. The operating Arirahua Gold Mine is located 7
kilometres west of the project.
.
Exploration Activities
.
A new exploration camp has been established at the Ocana project and the project is fully staffed with three full-time
geologists and support staff. An experienced vice-president exploration has been identified and will be employed in
the coming weeks. Exploration activities during the reporting period have focused on geological mapping, rock
sampling, trenching and talus fines sampling. A total of 167 rock samples, 139 trench samples and 365 talus fines
samples have been collected and submitted to the laboratory for analysis. Results are expected in the coming weeks.
The Ocaña prospect is interpreted as a large Copper-Molybdenum-Gold (Cu-Mo-Au) porphyry hydrothermal
system. The potential size is indicated by the visually large spatial distribution of limonite-clay alteration zones.
Also of considerable importance is the fact that peripheral gold –bearing veins contain considerable sphalerite and
galena (peripheral base-metal zoning) and gold-bearing chalcopyrite samples that they exploit from near the east and
southeast margin of the claims. Based on these observations, the total porphyry system may be more than 4km
across – mapping over the coming months will be critical in determining the true dimensions of the alteration and
mineralizing system.
In detail, mapping to date has identified various features typical of porphyry copper deposits, including various
types of quartz veinlets within the stockwork, intra-mineral feldspar-quartz porphyry dykes, and dominant
widespread quartz-sericite-pyrite overprinting alteration. These are all favourable elements of porphyry systems.
With the proportional abundance of jarosite as a dominant limonite species, high pyrite, strong acid generation is
suspected, which leads to the possibility of local supergene copper enrichment under the right conditions – this idea
has yet to be solidified by field evidence.
A ground magnetic survey was started and partially completed before technical difficulties forced the abandonment
of the survey prior to completion.
.
Planned Work Program
.
The acquisition of high resolution imagery (Quickbird, Worldview or equivalent) is in progress and will be of
enormous help in developing lithological and alteration mapping layers.
Detailed mapping of geology will be a critical step in the exploration process. Mapping will focus on distribution,
intensity and types of alteration (according to mineralogy), quartz vein zones, vein density, vein types, pyrite content
and intrusion types as well as relative timing.
Although a ground magnetic survey was partially completed during the reporting period, a more complete airborne
magnetic and radiometric survey is currently under consideration to provide geophysical coverage of the entire
property more quickly and efficiently.
An IP survey may be helpful to identify zones of disseminated sulphide mineralization at depth. However, with
excellent exposure on site, mapping and sampling will be completed before a decision is taken to complete IP
surveys as well. It is possible that detailed mapping and sampling will be sufficient to identify drill targets. If this is
the case, the geophysical survey would not be necessary.
.
The results of sampling completed to date are expected in the coming weeks and will be critical in the planning of subsequent work programs. It is hoped that initial drill testing can be undertaken in Q2 2011.