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Summary The Mogote property demonstrates many attributes of a classic Andean-type copper-gold porphyry system and is located within a region characterized by some of the world's largest examples of copper-gold porphyry deposits and high sulphidation epithermal gold-silver deposits. It is situated 70 kilometers north of Barrick's large Pascua/Veladero gold discoveries (resources of 38 million ounces gold and 750 million ounces silver); 11 kilometers east of Noranda/Metallica's El Morro copper-gold discovery (inferred resources of 7.4 million ounces gold, 6.2 billion pounds copper); and, 50 km south of Placer Dome's 23 million ounce Cerro Casale gold-copper discovery. This prolific region is considered the southern extension of the Maricunga Gold Belt as well as the geologic bridge to the El Indio Gold Belt to the south. Filo Este Target Filo Este is one of several of high priority targets on the Mogote property which hosts a classic Maricunga-style porphyry copper gold system in addition to high sulphidation epithermal-style gold-silver mineralization. Drilling on this target has intersected continuous copper-gold mineralization ranging from 68 to 489 Meters, confirming the presence of a large copper-gold porphyry system. Filo Central Target Filo Central is defined by strong copper and gold anomalies in talus fines and rock samples and a strong magnetic signature. The target anomaly extends more than 3.5 kilometers in a north-northwest direction and is up to 900 meters wide. Immediately on trend to the north of the Filo Central anomaly Tenke Mining Corp. has been actively drilling their Vicuna copper-gold project. Drill Results & Technical Background Maps & Photos
Drill Results & Technical BackgroundThe Mogote Property is situated along the Andean Cordillera between Argentina and Chile. This region is prolifically endowed with exceptionally large bulk-tonnage gold and copper deposits. Mogote is situated directly south of the Maricunga Gold-Copper Belt and along trend and north of the El Indio-Pascua-Lama-Veladero belt. This intermediary region between these two very well known mineral districts is under explored, yet it has considerable potential for discovery. A partial list of stakeholders in the belt, including Barrick, Newmont, Noranda, Tenke, Phelps Dodge, Viceroy, reflects this area's potential. Satellite images and regional geologic mapping (Panteleyev and Cravero, 2000) covering the Mogote claims demonstrated that a regional scale northwest-trending linear structure bisects the property. Work on the Mogote property suggests that this structure represents a regional scale fault with down drop movement on the south side. Mineralized intermediate intrusive and related breccias have been identified north of the fault, while to the south the mapping has identified a dominant intermediate to felsic volcanic setting. It is interpreted that the northern exposures represent an exposed gold--copper porphyry system while the exposures to the south is represent higher-level alteration indicative of a high-sulphidation system. The close spatial association of these two styles of gold mineralization is well documented in the Maricunga Belt to the north of Mogote The Mogote claims cover a large and highly favorable land package, which shares geological and structural characteristics with areas hosting mineral deposits to the north and south. World-class porphyry and epithermal deposits, which occur within these prolific mineral districts include: El Indio, Pascua-Lama, Veladero, Marte-Lobo, Cerro Casale and Refugio. Exploration targets at Mogote are gold-copper porphyry systems and high-sulphidation epithermal gold (Veladero type) systems. Preliminary surface exploration work lead to the discovery of three distinct porphyry centers; Filo Este, Filo Central, Zona Colorida. Broad zones of hydrothermal alteration and subsequent weathering have created large color anomalies. These target areas are south of a prominent northwest trending regional structure, which has apparently down-dropped rocks to the south. This southern area of the property is considered highly prospective for high-level epithermal gold-silver mineralization (Veladero-style). In the northern part of the property, an area of anomalous copper and gold in talus and rock samples has been defined over a 3.0 kilometer by 4.0 kilometer area. This target area is consistent with a Gold-Copper Porphyry system. Phase I core drilling program in March 2004 targeted the central and northern portion of the Filo Este target, defined by a large magnetic high, measuring 1500 x 800 meters, related strong chargeability anomalies, and surface copper and gold geochemistry. All of the drill holes on Filo Este intersected continuous copper-gold mineralization over wide intervals, confirming the presence of a large copper-gold porphyry system. These were the first holes ever drilled on the northern portion of the 8837 ha Mogote project. In addition to the drill program, regional surface work was carried out on the Filo Central target which has defined an anomaly more than 3.5 kilometers long and up to 900 meters in width. This work comprised detailed mapping, additional step-out talus sampling and road/trench construction. The Filo Central target, defined by a strong magnetic signature coextensive with highly anomalous surface geochemistry (greater than 100 ppb Au and 500 ppm Cu) now extends over a 4000 x 800 meter area. Within this anomaly is a 600 x 400 meter area of greater than 500 ppb Au. Immediately on the trend to the north of the Filo Central anomaly Tenke Mining Corp. is actively drilling their highly prospective Vicuna copper-gold project. The drill results for Phase I holes are summarized below in Table 1.  Phase II 2,577 meter 9-hole RC drill program was carried out Between mid January and early February 2005. All holes were collared to test areas of potassic altered diorite and monzonite porphyries within the Filo Este and Filo Central anomalies. Five holes were completed on Filo Este over an east-west strike of 1.4 kilometers and spanning a north-south distance of 720 meters. The remaining four holes were spaced out over 1.6 kilometers of strike length along Filo Central. Results from the drill program were released on March 30, 2005; of the nine holes, four were found to contain significant gold-copper mineralization hosted in porphyry or in metamorphosed volcanic sediments at the margin of porphyry. Mineralization was found related to potassic quartz-biotite alteration and directly related to early A-vein density and local silicification. A-vein hosted and disseminated sulfides include chalcopyrite, pyrite, and minor bornite. Locally, areas of moderate to intermediate argillic alteration, characterized by sericite-chlorite-pyrite, were found to overprint potassic alteration. Significant intercepts included: The drill results for Phase II holes are summarized below in Table 2.  All significant intercepts were from Filo Este and MOG-7, MOG-8, and MOG-12 were all collared in the northwest corner of the property. They are hosted in or spatially related to a newly mapped occurrence of fine-grained monzonite porphyry that is interpreted as an early mineral porphyry phase that typically alters to potassic or intermediate argillic assemblages. Location & Ownership The Mogote Property lies 350 kilometers northwest of the city of San Juan, in the province of San Juan, Argentina. On the upper eastern slopes of the Andean Cordillera, with elevations ranging from 4,300 to 5,100 meters above sea level. The property comprises four contiguous large blocks and three small "minas" and encompasses a total area of 8837 hectares. The property is under a joint venture agreement, whereby Amera can earn a 75% interest in the project by issuing shares and completing staged exploration expenditures totaling $4,250,000 over a three year period beginning on July 1, 2004. Dictionary of Mining and Mineral Terms |
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