August 3, 2021
Vancouver – August 3, 2021 – Pampa Metals Corp. (“Pampa Metals” or the “Company”) (CSE: PM / FSE: FIRA / OTCQX: PMMCF) is pleased to provide an exploration update regarding its busy field programs in northern Chile.
Cerro Buenos Aires
Reverse circulation (RC) drilling at the Company’s Cerro Buenos Aires project is proceeding with the drill rig currently initiating activities at the third drill hole site in the Cerro Chiquitin target area. To date, more than 500m out of a total planned 2,000m of drilling have been completed. Observations from the two drill holes completed to date include:
- Hole CBA-RC-01 cut 56m of gravel cover before intersecting fine grained andesite tuffs and thin intervals of diorites with magnetite. Hydrothermal alteration includes intermediate argillic and short intervals of phyllic alteration, common tourmaline flooding, and minor pyrite and chalcopyrite and sphalerite. This suggests the hole may be peripheral to porphyry-style mineralisation. The hole was terminated at 386m.
- Hole CBA-RC-02 cut 64m of gravel cover, before cutting leached advanced argillic alteration typical of a “lithocap”, as well as a section of phyllic alteration characterised by highly crystalline sericite with pyrite and quartz veinlets, also suggesting proximity to a porphyry-style system. The hole was terminated at 244m.
Pampa Metals continues to test a series of geophysical and geochemical anomalies through post-mineral gravel cover that surrounds the small Cerro Chiquitin outcrop that displays evidence of porphyry copper style alteration.
Drone-flown magnetics surveying at Block 3 was initiated in early June. The drone survey unfortunately continued to suffer delays due to bad weather (see news release dated July 5, 2021), principally high winds, affecting the flying capabilities of the drone, combined with some operational issues. The survey is approximately ¾ finished, with the remaining portion to be completed once the drone is repaired and weather conditions have improved.
In the meantime, initial results from the survey completed to date are being received and will be reported on in due course.
The geophysical contractor, SouthernRock Geophysics, is mobilising a ground field crew to the Company’s Block 4 project in order to complete a magnetics survey.
The 4,200-hectare Block 4 lies along the same mid-Tertiary porphyry copper belt of northern Chile – the Domeyko Cordillera – as the Company’s Block 3, Block 2, Redondo-Veronica and Arrieros projects. The Domeyko Cordillera is host to three of the world’s top five copper mining districts at Collahuasi, Chuquicamata and La Escondida (the world’s single largest copper mine).
Significant portions of the Block 4 property are characterised by post-mineral Miocene to Recent alluvial and volcanic cover, particularly to the north and east within the property, where the underlying geology is obscured. Elevated sierras expose Palaeozoic intrusions, Late Triassic to Jurassic sedimentary sequences, and Jurassic limestones, particularly at the southwest portions of Block 4. These basement rocks are cut by early Tertiary (~ 65 Ma) intrusions to the southeast of Block 4.
Block 4 contains a partially outcropping porphyry-style target zone characterized by a quartz-eye porphyry intrusion, argillic to sericitic hydrothermal alteration assemblages, and weak quartz veinlets, over an area of 2 km x 4 km. NE-trending structures linked in to the principal Domeyko Cordillera faults occur. Relict chalcopyrite and pyrite boxworks have been identified in the leached surficial outcrops, alongside the occurrence of minor copper oxides at surface. The hydrothermal alteration extends under post-mineral gravel cover to the northeast.