Cementing our first mover status in an under-explored world-class gold-silver district
Carangas Project is located about 180 km to the west of the city Oruro, Bolivia, within the South American Epithermal Belt which hosts large precious metal deposits and operations in neighboring countries but remains under-explored in Bolivia. The project is comprised of three Exploration Licenses (Granville I, Granville II and Colapso) for a total area of 41.25 square kilometers, and is accessible via the paved Highway 12 and a municipally maintained 30 km gravel road.
In April 2021, the Company announced it entered a Mining Associate Contract with a private Bolivian corporation. By the Contract, the Company will cover 100% of the future expenditures of exploration, mining, development and production activities and will take 98% operation profits of the project moves to mining production stage. The agreement has a term of 30 years and is renewable for another 15 years.
Geologically, the Project is located in the West Cordillera full of Tertiary-Quaternary volcanic and intrusive rocks. Mineralization at Carangas is hosted in volcaniclastics and rhyolitic intrusive bodies, featured by shallow silver dominated polymetallic mineralization underlain by gold dominated mineralization at depth in an area of approximately 1000m by 800m. Exploration drilling commenced in mid-2021 and approximately 73,000 m drilling has been completed in more than 170 holes to date. Inaugural mineral resource estimate is scheduled in mid-2023 and PEA at the end of 2023.