The Farellon IOCG project is located near the town of La Serena, Republic of Chile. The project area is located in the coastal IOCG belt which runs for hundreds of kilometres and is host to several large IOCG deposits namely: Mantos Blancos, Candelaria and Mantos Verde. These projects and the Farellon project are within or spatially associated with the Atacama Fault system which likely was the main conduit for IOCG ore forming fluids that transported and deposited metals along or in close proximity to the faults hosted in granitic and or volcanoclastic rocks.
At Farellon, three separate and discreet iron-copper-gold (Fe-Cu-Au) veins named Farellon, Laura and Rosario strike northeast and have been traced in outcrop and underground workings for more than 1.2 km. The veins range from 1 to 10 m in width, averaging about 2 m, are sub vertical and well mineralized over much of their strike lengths. Initially the CJV will commence work at the Farellon Vein. At Farellon, a 500 m exploration decline will be constructed approximately 50 m below the existing workings, which is designed to drive through the high-grade Fe-Cu-Au vein to a point approximately 10 m north of the vein. This 500 m tunnel will be the main access and will used to facilitate underground cross cut sampling and drilling along the length of the high-grade Fe-Cu-Au vein. The CJV will drill approximately 150 core holes of between 10 and 30 m in length to evaluate and establish initial resources.
Once the Farellon project is underway, the CJV will commence similar exploration activities at the Maria Luisa Project. Commencing in May an exploration drive will be developed approximately 50 m beneath existing workings and will be used to facilitate drilling the Marie Luisa high-grade Fe-Cu-Au vein system. Drilling will be conducted to evaluate and establish resources.