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La Coipita

Abraplata has entered into an option agreement to acquire a 100% interest in the La Coipita project, located in the mining-friendly San Juan province, Argentina.  The project is located in the prolific Miocene porphyry-epithermal belt and hosts multiple drill-ready porphyry copper-gold targets that have been identified from previous exploration work. AbraPlata believes the Project will be of interest to large mining companies and intends to look for a strategic partner to advance the La Coipita project, while the Company maintains its primary focus on exploring and advancing the Diablillos silver-gold project. 

Highlights of the La Coipita project:

La Coipita Overview

The large 51,550 hectare project is in the western portion of Calingasta Department, located in the mining-friendly San Juan Province of Argentina adjacent to the Chilean border.  Access to the area is via Calingasta, the nearest town, along 125 km of unpaved road to the Los Azules Cu-Mo porphyry project (Indicated Resource of 962 Mt @ 0.48% Cu) (1) and then north along a dirt road to the La Coipita Cu-Au project. Elevation across the property ranges between 3,500 and 4,500 MASL with moderate to high relief.

La Coipita Location Map

La Coipita Location Map

The project lies within the Miocene porphyry-epithermal belt of Argentina and Chile.  During the mid-Miocene, the area developed an active magmatic arc, on its western side, and a back-arc extensional environment, to the east. Contemporaneous with the deposition of volcanic/volcaniclastic rocks was the emplacement of porphyry Cu-Mo-Au and/or epithermal Au-Ag (Cu) systems (e.g. Los Pelambres/El Pachón Cu-Mo porphyry, Los Azules Cu-Mo porphyry, El Indio/Veladero/Pascua Lama HS Au cluster).

Geological Setting

Geological Setting

Previous Exploration Work

Previous exploration work on the Project was completed by subsidiaries of the following companies: Viceroy Resource Ltd (1995-1997), Vale S.A. (2007- 2009), and Teck Resources Ltd (2009- 2016).  Numerous target areas have been identified on the Project from the previous work. The only target that has been tested by drilling is the Yareta target, where nine (9) closely spaced RC drill holes totaling 1,984m were drilled by Viceroy in 1997.  The highlights intercepted from four closely spaced holes (<200m) are summarized below:

Table 1 – Historical Drill Results(2)

Hole ID From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) CuEq*
97-Y-3 40 167 127 0.42 0.22 12.2 0.69
including 136 167 41 1.08 0.35 24.2 1.55
97-Y-5 195 237 42 0.60 0.26 9.26 0.87
97-Y-8 228 238 10 0.97 0.12 4.53 1.10
97-Y-9 27 64 37 0.24 0.05 3.03 0.30

*Note:  CuEq calculated using $1500/oz Au, $3/lb Cu, $18/oz Ag.

Transaction Summary

The company entered into the option agreement with an arm’s length private owner.   In order to exercise the option to acquire a 100% interest in La Coipita, the Company is required to complete the following payments:

Timing Payments (US$)
Paid upon signing $65,000
12 months $100,000
24 months $200,000
36 months $400,000
48 months $1,000,000
60 months $2,500,000

Exploration Targets

Numerous target areas have been identified on the La Coipita project from the previous work. These target areas have coincident geophysical, geological and geochemical features that are consistent with the presence of Cu-Au mineralized porphyry-type intrusive either at depth, beneath a Au-Cu HS epithermal system (Yareta target) or as marginal, structurally uplifted, inter-mineral porphyry phases such as the Dona Rosa North and Quebrada Yareta South targets.

Drilling to test some of these targets was proposed by both Vale and Teck but never completed.

La Coipita priority target areas:

  1. Yareta - HS epithermal / porphyry transition
  2. Doña Rosa North – Porphyry
  3. Quebrada Yareta South – Porphyry
  4. Rio del Viento – Porphyry
  5. Rio del Viento South – Porphyry
  6. Adan - Porphyry

Target Location Map

Target Location Map

Notes:

  1. Mineralization contained on nearby properties is not indicative of similar mineralization being found on the La Copipta Project
  2. The historic drill results presented in the table above have not been independently verified by the Qualified Person for this release, and remain subject to independent verification. The drill results were originally published in a news release by Oro Belle Resources Corporation dated June 24, 1997.  Oro Belle Resources Corporation was a 50% owner at the time of the announcement, through a wholly owned subsidiary who held a 50% Joint Venture interest. 

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