The four properties are Luna Roja, Piedra Negra/Cerro Covadonga, El Meridiano, and Gertrudis; all are located in the Deseado Massif in Santa Cruz Province, Patagonia, in southern Argentina. The Deseado Massif is one of the more recently recognized precious metal provinces on earth, with virtually no known gold or silver resources before 1976. Exploration coverage remains relatively light, and excellent potential remains for the discovery of additional resources. Gold and silver mines include Cerro Vanguardia, Manantial Espejo, San José, Mina Marta, Cerro Negro, and Cerro Moro.
The Luna Roja property hosts multiple low-sulfidation-style gold targets, the most significant of which is the Cruz del Sur zone. At Cruz del Sur, gold mineralization occurs within the 3-km-long Via Lactea fault, which over much of its length forms the contact between felsic tuffs and rhyolite domes. Widespread induced polarization chargeability anomalies are present. An initial round of eight drill-holes in 2019 encountered significant mineralization along the Via Lactea fault, with intercepts including 42 metres of 1.01 ppm gold in holeLR_DDH002. Mineralization remains open in several directions.
The Piedra Negra project and adjoining Cerro Covadonga project contain extensive swarms of low-sulfidation veins anomalous in gold and other trace elements. They are hosted by andesitic to rhyolitic volcanic rocks. At Piedra Negra, 460 select surface rock chip samples contained gold ranging from below detection up to 16.0 ppm, averaging 0.47 ppm. An initial nine-hole drill program yielded modest results, including 2 meters of 0.655 ppm Au. Most of the veins remain untested and future documentation of structural controls may lead to improved subsurface target definition. At the Covadonga project, drilling has not yet been conducted, but the project is drill-ready with multiple targets based on soil, rock chip, and trench geochemical anomalies, and a magnetic survey.
El Meridiano hosts a 1-km-diameter diatreme with widespread silica-marcasite veins and replacements anomalous in Au, Ag, Hg, Sb, and As. Thirty-two holes have been drilled, many of which encountered short intervals of mineralization, including 12 metres of 0.55 ppm Au in hole DDH6T. The potential for deep mineralization has not been fully tested, as only 12 holes penetrated to depths greater than 120 metres, and only seven holes reached a depth of 200 metres, the deepest of which was 240 metres.
At the Gertrudis project, two major fault-vein structures with an aggregate length of 1.3 km are hosted by andesitic volcanic rocks. The presence of widespread, fine-grained silica and dickite suggest are latively shallow level of exposure in a hydrothermal system that could host precious metal mineralization at depth. No drilling has been conducted yet.
Additional details on these properties can be found on the Magna Terra Minerals web site.
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