Miramont expands Peruvian project but can't drill just yet
South America-focused Miramont Resources Corp. (CSE: MONT) announced that it has entered into an option agreement to acquire the rights to the Milenos 32 concession adjacent to its Cerro Hermoso project in Peru.
With this acquisition, the combined area of the project has increased to 1,318 hectares. Cerro Hermoso is located in the southern Puno region, 60 kilometres from the city of Juliaca and 5 kilometres northwest from the supply town of Santa Lucía.
"This concession gives Miramont full control of the Pocomoro zone where highly anomalous copper and silver have been identified in surface rock samples," the company said in a press release.
The Pocomoro zone is along the same ring-fracture system as the Santa Barbara vein and is considered its southern extension. According to Miramont, over 750,000 tonnes at an average grade of 15 oz/t, Ag, 1% Cu, 2% Zn, 2% Pb and 1.0 g/t Au were historically mined from complex veins and breccia bodies in the combined Santa Barbara and Pocomoro mines.
The miner also explained that the Pocomoro zone is underlain by an emerging ground magnetic anomaly that may indicate the presence of a buried intrusion.
The Vancouver-based firm, however, hasn't been able to start drilling at the site as it is still awaiting response to a request submitted in June to the Peruvian Ministry of Energy and Mines to reassess its earlier decision of delaying a final drill authorization at Cerro Hermoso.
"The company's request is supported by additional documentation that shows the land underlying the project's area of influence is privately held negating the need for further consultation. Miramont has agreements with all private owners," management said in the media statement.
Vice President Tyson King told MINING.com via email that now would be the ideal time to start working at the 20 drill pad locations Miramont has requested.
The company is planning a 3500-5000 meter drill program where three priority targets, Central Breccia, Stockwork and Carbonate Replacement Zones, will be tested.