Pedernales Project (High-Sulphidation Gold–Silver)
Location and Access
The Pedernales Project is located on the southern Puna Plateau in western Catamarca Province, approximately 200 km north-west of the Bajo de la Alumbrera copper-gold deposit and 65 km east-south-east of the Salares Norte gold–silver deposit in Chile. The project lies within the Mio–Pliocene Maricunga metallogenic belt, a highly prospective precious metals province with established mining operations and infrastructure.
Prospectivity and Exploration Target
The Maricunga belt hosts world-class high-sulphidation epithermal deposits including Salares Norte. Pedernales exhibits strong geological similarities to these systems.
Exploration has defined a large (~8 km-long) advanced argillic alteration system at the Alto Colorado prospect, associated with Ag–As–Pb–Sb–Hg geochemical anomalism and polymictic breccias up to 80m thick.
Integrated datasets and strong analogies to nearby deposits support the presence of concealed gold–silver mineralisation beneath a shallow steam-heated alteration cap.
Pedernales is structurally positioned within a corridor of world-class deposits
District-scale control
The Culampajá Lineament, a major northwest-trending structure, controls mineralisation across the region
Proven endowment
Hosts both epithermal (Salares Norte) and porphyry systems (Alumbrera, Agua Rica)
Discovery analogue
Salares Norte, discovered beneath cover (100–150m), achieved first gold production in April 2024
High-grade benchmark
Salares Norte Open Pit and Stockpile Mineral Reserves 19.99Mt @ 4.9 g/t Au (3.1 Mozs) and 67 g/t Ag (43 Mozs) – 4.2Mozs Aueq
Multiple drill targets defined across large tenement package
Historical drilling missed target
Previous drilling did not test key high-resistivity targets identified by later geophysics
Priority target – Alto Colorado
Extensive 8km alteration zone with large breccias (up to 80m thick)
Compelling analogue
Geological similarities to Salares Norte, with mineralisation expected beneath the alteration cap at depth
Next phase of exploration
Pole-dipole IP and 3,000m drilling program planned (Nov 2027) targeting concealed mineralisation
Alto Colorado target shares geological similarities with the Salares Norte Gold Mine
- Breccias and flow domes
- Resistor targets (in blue) below alteration cap
- High sulphidation, low gold on surface
- Surface geochemistry
Salares Norte
Alto Colorado*
*Brecha Principal after Combes M., 2019 and Azevedo et al., 2015
*Interpreted geology based on CSAMT and IP geophysics, Rio De Oro 2020
Drilling to target concealed gold deposits below alteration cap
Initial drilling, funded by Newcrest Mining at Alto Colorado Norte, tested only shallow steam-heated alteration and did not adequately test the deeper CSAMT resistivity targets aquired later. Exploration will focus on testing concealed mineralisation along the main alteration corridor. Approximately 2000 m of diamond drilling is planned in 2028 to target CSAMT-defined resistivity anomalies interpreted as feeder structures at depth. Drilling will penetrate the shallow lithocap to evaluate potential high-grade mineralisation beneath.
Geochemical anomalies and deep-seated resistive zones support drill testing potential gold–silver-rich mineralisation at depth
Mega breccia at Doña Inés is thought to be located close to an eruptive vent or at the centre of the heat source