FORTUNA

Executive Summary

Fortuna is located in the coastal belt of Chile with easy access roads from Vallenar city.  The region is known for iron, copper and gold production.  The project comprises a solid block of exploration properties, located in the continuity of the Cretaceous IOCG, porphyry Cu-Au and Fe-Apatite belt.  Only 20% of the project has been explored.  Previous drilling resulted in attractive Cu-Au intercepts.

Key points

  • 71 km with good access roads from Vallenar city.
  • Mining property. 3800 ha, 100% MASGLAS.
  • Exploration stage. Mapping, sampling, and partial geophysics and drilling.
  • Exploration potential. Porphyry Cu-Mo, IOCG and Iron Ore.

Location

The Fortuna project is located 40km SE of Vallenar city, in the Atacama Region of Chile.

The project is located in the coastal belt, fertile in IOCG, Iron ore and Cretaceous porphyry mineralization. (See Figure 1)

IOCG projects are very important in the area as demonstrated by known deposits like Astillas (AMSA; 50Mt@1% Cu), and the recently discovered Dominga (Andes Iron; 2.082 Mt @ 23,3% FeT; 0,07% CuT), Productora (Hot Chili; 214.3 Mt @ 0.48% Cu, 0.1 g/t Au & 138ppm Mo) and Filipina deposits (Minera Activa; 9.3Mt@0.95% Cu, 0.3 g/t Au, 19% Fe inside a Fe ore body of 51Mt @ 27% Fe, 0.12 % Cu).

Iron ore deposits are also very prevalent in this region with deposits like El Tofo (CMP; 71.7Mt @ 39.6% Fe.), Los Colorados (CMP; >420Mt@ 45% Fe) and Romeral (CMP; 100 Mt @ 40% Fe).

 

Figure 1. Regional location of Fortuna Project.
Figure 1. Regional location of Fortuna Project.

 

Mining Property

The Fortuna comprises a block of 3800 ha of exploration properties, 100% owned by MASGLAS.

Geology

The Fortuna project is underlain by Infiernillo Plutonic Complex and the Lower Cretaceous volcanic rocks of Punta Del Cobre Formation.  Dacitic porphyries with quartz eyes are intruding previous rocks, and predominantly developed phyllic alteration halo with veinlets and breccias, affected by strong supergene leaching. Leached rocks present abundant clays, supergene alunite fillings and limonites. Copper oxides at surface, mainly dominated by Chrysocolla are noted in fractures and disseminations too. Also Northwest trending mineralized structures characterized by Specularite‐Chalcopyrite‐Cu oxides cut the leached rocks. (See Figure 2)

Figure 2. a. - Quartz-Oxides Stockwork, b.-Alteration view at Fortuna, c. - Strong supergene leaching with FeOx and alunite, d. - Quartz-Specularite-OxFe in outcrops.
Figure 2. a. – Quartz-Oxides Stockwork, b.-Alteration view at Fortuna, c. – Strong supergene leaching with FeOx and alunite, d. – Quartz-Specularite-OxFe in outcrops.

 

Exploration

Previous exploration was carried out by Minera Inmet Chile and consisted in field mapping, rock sampling, geophysics and a short drilling program.

At surface a total of 192 samples were collected in a semi systematic grid over the 20% of the mining properties with the remaining 80% of the properties unexplored.  Anomalous results obtained up to 7.3% Cu, 2.29 ppm Au and 534 ppm Mo, 914 ppm Co and 1650 ppm P.   In addition, an anomalous area was found with 1.5 x 1.5 km with Cu >500 ppm, Au >0.1 ppm and Mo >100 ppm. (See Figure 3)

 

Figure 3. Geology and mineralization, and Cu results at Fortuna project.
Figure 3. Geology and mineralization, and Cu results at Fortuna project.

 

In 2010 Minera Inmet Chile, executed 93 kilometers of ground magnetic survey and IP pole-dipole array totaling 22.4 kilometers. The IP anomaly obtained is about 2 x 1 kilometers in area and over 600 meters in vertical extent, and characterized by high chargeability correlated to a magnetic low and Cu‐Mo anomalies at surface.

In 2011, a drill program was conducted by Minera Inmet Chile and included 2,724m in 8 RC holes. Successful results demonstrated the porphyry and potential IOCG mineralization in the project. Note in hole FO-05, from 116m to 338 m (222m) resulted in an average Cu content 0.1%.

Best results are detailed in table below. (Continuous samples >0.1%Cu were considered)

 

Table. Mineralized intervals in Fortuna drill holes.
Table. Mineralized intervals in Fortuna drill holes.

 

Results obtained through today are encouraging for follow up exploration and drilling. Porphyry Cu-Au or IOCG mineralization signatures are evident, and previous exploration works only covered 20% of the property, and the southern alteration is unexplored. (See Figure 4)

 

Figure 4. Fortuna exploration potential, clearly open to the southern alteration zone.
Figure 4. Fortuna exploration potential, clearly open to the southern alteration zone.

 

MASGLAS exploration works are underway.