Rosario Copper Project, Chile - First Pass Geochem Results Copper Zone 3.6km x 150-250m
Rock Specimens up to 17% Cu Support Large Copper Trend
Sydney, Nov 4, 2024 AEST (ABN Newswire) - Battery and critical metals explorer and developer, Pan Asia Metals Limited (
ASX:PAM) is pleased to advise that initial results from soil sampling, combined with previous rockchip sampling results, has identified a 3.6km long 150-250m wide open ended copper target zone along the Rosario East Trend, which is part of the Rosario Copper Project. Rosario is located in Chile's Central Copper Belt, 10km north of the El Salvador copper mine, which has been in operation since 1959.
Highlights
- Copper in soil results, supported by rock-chips, indicate large copper target zone along Rosario East Trend.
- Hand-held XRF analysis of soil samples indicates assays grades up to 1928ppm (0.19%) Cu.
- Spot hand-held XRF analysis of four rock specimens returns average grades of 17.0%, 5.3%, 12.2% and 2.4% Cu, supporting previously reported visual results.
- Copper zone is 3.6km long and 150-250m wide, 2.6km is held by PAM and remains open in most directions.
- Further soil and rock chip results awaited.
Pan Asia Metals' Managing Director, Paul Lock, commented:
"The initial results provide a good indication of the potential at Rosario. We have identified a large copper zone, 3.6km in length and 150-250m in width, of which PAM holds 2.6km. The zone is supported by soil and rock chip assays. This is complemented by spot hhXRF of rock specimens, with average grades up to 17% Cu, confirming copper values associated with visible copper minerals. PAM is waiting on further soil, rock chip and stream sediment assays. Geophysics results are due later this month and we are in discussions with drilling contractors.
A program of geochemical exploration at PAM's Rosario Copper Project (Rosario) has been completed.
A total of 316 samples were collected, including 194 soil samples, 100 rock-chip samples and 23 stream sediment samples.
The objective of the geochemical program was to support and follow-up work by previous explorers and gain a better understanding of mineralisation potential of the Rosario project.
OVERVIEW
Soil Sampling
On the Rosario East (RE) Trend , the copper target zone outlined by the soil sampling, combined with the results from previous rock chip sampling and the location of old workings, indicate a target zone along the RE Trend from 150m to 250m wide, occurring over a strike length of 3.6km. 2.6km of this trend is located inside PAM's tenement holdings. See Figure 1*.
Rock chip sampling
A total of 100 rock chip samples were collected across the project area. Many rock chip samples collected by PAM contained visible copper minerals malachite, chrysocolla and chalcocite. At several locations, rock specimens were collected. These samples were analysed by hhXRF, with four spot analysis completed on each sample. The hhXRF assays are shown in Table 1 with photographs of the samples and locations shown in Figure 2*.
IN DEPTH DISCUSSION
Soil Sampling
On the RE Trend, soil sampling was conducted on a 200m x 50m grid covering approximately 2.5km of strike. The copper target zone, outlined by the soil sampling combined with the results from previous rock chip sampling and the location of old workings, indicate a target zone along the RE Trend from 150-250m wide occurring over a strike length of 3.6km. 2.6km of this trend is located inside PAM's tenement holdings. Soil sampling is of particular use where outcrop is poor and masked by a veneer of shallow gravel cover, especially on the northern third of the RE Trend. See PAM's ASX announcement dated 14 October, 2024, and titled "Rosario Copper Project, Chile: First Fieldwork Program Completed - Prospectivity Enhanced".
Soil samples were collected from the lower B to C horizon. A shovel or pick was used to excavate 1-2kg of sample from approximately 10-40cm depth. This sample was sieved to -1mm which recovered 300- 800grams of sample with the +1mm coarse fraction being discarded. The retained -1mm sample was then cone and quartered in order to obtain a sample of 100-150 grams. Samples were then analysed with PAM's hand-held XRF by taking two spot readings from different locations on each sample for 1 minute each. Figure 3* shows the hhXRF and soil samples. The two assay readings obtained were averaged to derive the reported copper value. A comparison of the two readings indicates generally repeatable copper values in a tight range, indicating the sample is homogeneous and the hhXRF is performing adequately. This is supported by other QA/QC (see Appendix 2, JORC Code Table 1*).
Soil samples with >150ppm Cu are considered anomalous with maximum copper of 1928 ppm being recorded. The hhXRF reports a total of 42 elements. A review of this data does not indicate any material correlations of other elements with Cu.
It should be noted that only 149 of 194 soil samples collected have been analysed so far. However, the results from the 149 samples combined with other results and observations are adequate to outline the copper target zone.
Rock Chip Sampling
Rock chip sampling was also conducted, with initial observations being reported in PAM's ASX announcements dated 30 September, 2024, and titled "Rosario Copper Project, Chile: Fieldwork Program Starts-Strong Visuals Support Previous Work" and PAM's ASX announcement dated 14 October, 2024, and titled "Rosario Copper Project, Chile: First Fieldwork Program Completed - Prospectivity Enhanced".
Rock chip sampling was undertaken from outcrop, subcrop, float, dozer rip lines, road cuttings, old mine dumps, trenches and drill spoil. A total of 100 rock chip samples were collected across the project area. Some samples were collected proximal to rock chip samples taken by previous explorers which yielded numerous results of 1-5% copper. Many rock chip samples collected by PAM contained visible copper minerals malachite, chrysocolla and chalcocite. At several locations rock specimens were collected. These samples were analysed by hhXRF, with four spot analysis completed on each sample.
The hhXRF assays are shown in Table 1* with photographs of the samples and locations shown in Figure 2*.
Analytical results from hand-held XRF analysis of the remaining soil, and all stream sediment samples, are expected to be reported in about 1-2 weeks. Rock chip samples are now with ALS in Chile. Results are expected in around 3-4 weeks. Results from the IP survey are expected in late November.
PAM is in discussions with drilling contractors and is preparing a first phase reverse circulation (RC) drilling program targeting drilling commencement before year end.
References in this announcement to visual results relate to visual estimates of copper minerals in rock chip samples as identified by the Competent Person for this report. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest.
The Company advises the hhXRF readings of soils and rock chips are yet to verified by an independent laboratory and the Company wishes to make clear that the hhXRF results are not formal assays but are preliminary estimates of copper grades only, and require confirmation by appropriate sampling and independent laboratory analysis.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5T8043B2
About Pan Asia Metals Ltd
Pan Asia Metals Limited (ASX:PAM) combines its proven track record in Southeast Asia with the promising prospects of its lithium initiatives in South America.
PAM is cost focused, understanding that in the global metals market the leading factor of distinction is a projects position on the cost curve. Why? While commodity prices go through cycles, project operating costs do not. Therefore there is only way to survive the commodity price cycle, and that is to be at or near the bottom of the cost curve.
PAM's projects are located in Thailand and Chile, both low cost regions which have established and emerging lithium chemical and electric vehicle manufacturing clusters, and which have Free Trade Agreement (FTA) protections.
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