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Location
The property is located in southern Peru in the central part of the Western Cordillera and only 20 km from the Pumanuta property. The project can be accessed from Arequipa via Caylloma through the Arcata Mine road and then by cross country traverse.
Title
Monterrico has a 100% interest in the 900 ha "Huaquira 39" claim from the vendors who will retain a 2.0% NSR royalty. No holding costs are payable until June 2002.
Geology
Breccias and veins associated with a postulated low sulphidation epithermal system exist in a Tertiary volcano-sedimentary sequence containing rhyolite to dacite tuffs and breccias.
History
Initial mapping and the collection of rock chip and soil samples (in 1997), backed up by PIMA and petrographic analyses, has identified two 500 x 700 m silver-gold anomalies associated with areas of pervasive clay-illite-sericite-kaolinite hydrothermal alteration and strong pyritisation. Silver grades were found to be as high as 33 oz/t with gold up to 0.34 g/t. Detailed trench sampling and infill rock sampling identified 30 silver rich quartz-adularia and quartz-calcite veins with widths varying from 1 to 3m.
Development
Monterrico plans to undertake an initial drilling campaign in the area to test the tonnage potential of these veins systems. This may be done back to back with the drilling in Pumanuta. The company also recognises the need to explore a moraine covered area where mineralised outcrops exist. A 5-6 shallow hole program is anticipated to total >500m.
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