Midas

(VHMS: Cu, Zn, Pb, Au, Ag)

 MIDAS PROJECT

This is a Volcanogenic Hosted Massive Sulphide (copper, gold, silver, lead, zinc) prospect. It is located immediately to the east of the “Carlos V” project concessions in the same VHMS metallogenic belt of Tambo Grande which runs with north-east direction. The area is located on the north-western portion of Peru, in the Las Lomas District, Sullana Province, and Department of Piura. Average elevation is about 265 m.a.s.l. It is located about 1,034 Km to the north-west of Lima. Access is excellent by plain and vehicle; all kind of logistics are available in the area of influence. The project is composed by 3 contiguous concessions forming a total of 1,600 Ha. Land surface rights belong to the local communities and topography is relatively flat.      

Geology mainly comprises Cretaceous sediments and volcanics locally intruded by Late Cretaceous monzogranite, granodiorite, tonalite and diorite rocks. Structurally the area is located on regional anticline and sincline structures (Cerro Cabujal) as part of the evolution of the Lancones-Celica basin.


It is known that Buenaventura Mining Company developed some exploration works (geological mapping, geophysics, geochemistry and some diamond drilling) with the intention of identifying VHMS mineralization. This project is located in the same metallogenic belt of the giant Tambo Grande VHMS deposit.

The Tambogrande Volcanogenic Hosted Massive Sulphides (VHMS) deposit within the Cretaceous Celica-Lancones basin is located to the north-west of Peru and it is one of the largest copper-zinc-gold-silver bearing known World class ore bodies. This ore body is known to be containing three mineralized targets: TG1 with 109Mt @ 1.6% Cu, 1.0% Zn, 0.5 g/t Au and 22 g/t Ag; TG3 with 82Mt @ 1.0% Cu, 1.4% Zn, 0.8 g/t Au and 25 g/t Ag; and B5, with comparable massive sulphides intersections to TG1 and TG3. The TG1 deposit also hosts an oxide zone with 16.7Mt @ 3.5 g/t Au and 64 g/t Ag. All classified as indicated and inferred resources. 


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