Coriorcco Gold Project

The Coriorcco gold project located in Lucana Province, Ayacucho region of southern Peru, is accessible by paved road to within 5 km of the project area. Located 80 km east of Peru’s prominent Pan American highway, the project has potential for stand alone project development.

The Coriorcco Project is one of several zones within the San Juan de Lucanas mining district with outcropping quartz vein-hosted gold and silver mineralisation. The heavily silicified and argillized volcanic Coriorcco Dome Structure is exposed through quaternary cover. The Target dome measures approximately 700 x 800 m and hosts 17 epithermal quartz, quartz-carbonate, and quartz-carbonate-adularia veins plus smaller vein splays. The most common vein orientations are northwest and east-northeast, these orientations represent the Andean Trend and antithetic transform structures. Veins pinch and swell along-strike and with depth. Vein 3 and Vein 6 are the two most significant veins at the Property and have been mapped at surface striking approximately east-northeast for 280 m and 405 m respectively. They have been traced to depth in historical mine workings up to 60 m below surface

  • Coriorcco Gold Project hosts 17 mineralised veins at surface with widths >1.2m within a 1 km by 800m zone of intense epithermal related alteration.
  • Average gold grades generally improve with depth from assays on over 400 meters historical underground development, yet to be drill tested.
  • Limited surface rock sampling by the previous operators include:
    • 22.90 g/t Au; 19.25 g/t Au; 14.20 g/t Au; 13.05 g/t Au
    • Average grade from surface sampling 1.91 g/t Au over 181 samples
    • Further encouraging sampling for underground workings to be verified

Historic sample results have not been verified by the Company, and readers are cautioned not to place undue weight on such results. The historical grades are considered relevant; however, the reliability, assumptions, parameters and methods used in preparing the reports are unknown. Chip samples are selected from a larger population of samples and are not indicative of the average grade of mineralization hosted on the Coriorcco Property

The outcropping quartz vein system is host to prospective exploration targets located within an extensive belt of volcanic hydrothermal systems, which district wide, include a variety of mineralisation styles.  The historical results to date are encouraging and highlight the potential for a large, high-grade system, with strong stand-alone development potential upon resource definition work.

With favourable topography, access, and proximity to electrical power, the project is well suited for low capex development of high-grade, low-tonnage mining of veins in the near-term. Concurrent exploration and studyare required to define resources and to assess the economic viability for options of both ore haulage and possibility for future stand-alone processing facilities at the project site.

Coriorcco Dome target area with results of gold in rock chips and channel sampling (includes surface and underground sampling projected to surface) located on mapped mineralised veins and footprint of hydrothermal alteration.
Coriorcco Dome target area with results of gold in rock chips and channel sampling (includes surface and underground sampling projected to surface) located on mapped mineralised veins and footprint of hydrothermal alteration.
Diagrammatic geology cross section of the Coriorcco Dome target area (refer section A to A’ of plan map) with better assay results of quartz vein samples from surface and historical underground test work and conceptual targets for planned drill testing.
Diagrammatic geology cross section of the Coriorcco Dome target area (refer section A to A’ of plan map) with better assay results of quartz vein samples from surface and historical underground test work and conceptual targets for planned drill testing.

Previous Work

The previous mining completed in 2010 to 2011 included horizontal adits driven on two veins totaling over 400m of development at up to 60m below surface within the silica cap of the Coriorcco Dome structure. The portals are established in the valley which bounds the vein exposures to the east of the vein swarm, and adits are developed along the mineralized veins 3 and 6

Historical mining of veins 3 and 6 exploited over 5,720 tonnes of material and was shipped to a third-party mill for processing. The underground minable width of the vein system ranged from 0.8 m to 2.5 m and the material produced had an average head grade of 7.5 g/t Au

Favourable vein textures including quartz replacement of calcite, chalcedonic quartz and boiling textures observed (refer to Figures 3-6) indicate the mineralization at surface is high in the mineralizing system.  Historical sampling and previous development work supports the potential for higher grade mineralization with depth. Examples of textures observed at surface include (Upper Left) Chalcedonic Quartz and banded veining textures: (Upper Right) lithic breccia textures: (lower left) Quartz after calcite, or “angel wing” textures: (lower right) vuggy quartz with banded chalcedonic quartz in outcrop.

The topographic feature defined by strong silica alteration, with the Veta 6 and Veta 3 historical adits.
The topographic feature defined by strong silica alteration, with the Veta 6 and Veta 3 historical adits.

Ownership

Covering 2,000 ha across two mineral concessions located in the San Cristóbal district at elevations of 3,900 to 4,100 m above sea level. Oro X holds a 100% interest in the Coriorcco Project, subject to a cession agreement with the underlying owner.  Oro X holds an exclusive right to explore and develop the Coriorcco Project subject to a tribute payment to the underlying owner for materials mined for processing of gold at the Coriorcco Project on a per tonnage basis.

The Cession Agreement is for a 10-year term, with an option to extend for eight years, pursuant to which payments include a US$100,000 advance to be offset against future production payments fixed for the first three years for any gold production from the Project and production payments subsequently varying with gold grade in accordance with the key terms outlined in the initial announcement dated 23 April 2019.

Conceptual model/diagrammatic section outlining the Coriorcco system and its relationship to a variety of mineralisation styles within an extensive belt of volcanic hydrothermal systems. The low sulfidation veins at the Coriorcco Project are open at depth and along strike.
Conceptual model/diagrammatic section outlining the Coriorcco system and its relationship to a variety of mineralisation styles within an extensive belt of volcanic hydrothermal systems. The low sulfidation veins at the Coriorcco Project are open at depth and along strike.

Technical Report

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