Today, December 14th, 2020 begins Pampa Metals trading on the Canadian Securities Exchange (“CSE”) under the Ticker symbol (CSE: PM). The company is focused on the exploration and discovery of copper, gold and silver deposits in Chile. The Company currently has a portfolio of eight exploration projects totaling approximately 58,000 hectares, all of which are located along the major mineral belts in the heart of the world’s most important copper-producing region in northern Chile. For listing, Pampa raised CAD 4 million in fresh capital at an issue price of CAD 0.40 per unit.
Work on the Arrieros project will start first. A technical report on Arrieros (available on the Pampa Metals website and SEDAR) recommends magnetic, magnetotelluric (“MT”) and induced polarization (“IP”) surveys on the project to delineate potential drill targets. The start of exploration activities is planned shortly.
Historically, approximately US $ 8 million of exploration work has been performed on Pampa’s eight projects. One of the particular strengths of Pampa is the top-class management made up of mining experts. The company’s management and board of directors are currently composed as follows: Adrian Manger – Chairman & Director (30 years experience, ex-BHP executive); Julian Bavin – Chief Executive Officer & Director (more than 35 years experience, former executive at Rio Tinto, Exeter Resources, founder and / or director of several private and small exploration companies); Timothy Beale – Director (over 30 years of experience, ex-Rio Tinto, Anglo American, Hochschild Mining, BP Minerals, President and CEO of Revelo Resources); Ioannis (Yannis) Tsitos – Director (32 years of experience, ex-BHP, President of Goldsource Mines, founder and / or director of several junior public companies); Gurdeep Bains – Chief Financial Officer & Corporate Secretary (20+ years experience, ex-Canaccord Genuity executive, ex-KPMG).
Pampa Metals – Exploration Projects – Descriptions
Pampa’s projects can be divided into two groups. In the following, the terms “Pampa” projects and “Lithocap” projects are generally used. (see figure 1)
Figure 1: Overview of the Pampa Metals projects in Chile.
The Arrieros, Block 2, Block 3, Block 4 and Redondo-Veronica projects all lie along the porphyry copper belt in northern Chile and the associated Domeyko Cordillera fault system. The projects are located along a 400km stretch of the belt that spans the Chuquicamata (Codelco), Centinela (Antofagasta Minerals, Marubeni and Partners), La Escondida (BHP, Rio Tinto and Partners) and Includes El Salvador (Codelco). The copper mines of the Domeyko Cordillera are responsible for the production of more than 15% of the world copper production and about 60% of the Chilean copper production and contain the largest single copper mine in the world in La Escondida.
All five of these projects are characterized by extensive post-mineral gravel and cement-lime-covered basins (Caliche in Spanish), typically called “pampas”, which obscure the underlying geology. Mapping of the geology of the peripheral outcrops and structural corridors along with geophysical surveys followed by drilling tests are the primary tools for the exploration of the hidden porphyry copper systems. Two projects, Arrieros and Block 3, have magnetic exploration data that shows a number of geophysical anomalies that may be related to buried porphyry copper systems. Although historical drilling has been completed on some of the third party projects, large areas with the potential to hide porphyry deposits have not been tested. Induced polarization (“IP”) is still pending in all projects.
The Cerro Blanco, Cerro Buenos Aires and Morros Blancos projects all lie along the Early Tertiary Mineral Belt in northern Chile, often referred to as the Paleocene Belt. This mineral belt extends at least from southern Peru to central Chile – i.e. more than 1,500 kilometers – and is home to important porphyry copper deposits and mines such as Cerro Colorado and Spence (BHP and partners), Sierra Gorda (KGHM and partners), Lomas Bayas ( Glencore) and Relincho (Teck and Partners) in northern Chile. The segment south of Antofagasta is also characterized by historically important and currently producing gold and silver mines of both the high and low sulfided types, such as the El Peñon Fortuna area (Yamana Gold), Amancaya (Austral Gold) and the Inca de Oro area.
The three projects are all within a 100 km section of gold and silver deposits between El Peñon and Amancaya. Their geology is characterized by high-grade, advanced hydrothermal alteration zones, commonly referred to as “lithocaps”, which may be associated with hidden, highly sulfidic and porphyry copper or copper-gold systems. Cerro Buenos Aires and Morros Blancos have extensive alteration zones with zoned geochemical patterns on the surface, while Cerro Blanco is a 1 x 2 km outcrop surrounded by extensive pampas filled with post-mineral gravel.
The magnetic detection at both Cerro Buenos Aires and Cerro Blanco shows several magnetic high points that could be related to porphyry copper centers. Smaller and peripheral drilling supports the current exploration potential for these Lithocap projects. IP and magnetotelluric surveys are required on all projects to better understand the magnetic characteristics and to aid in delineating the drill targets.
All of the above Pampa and Lithocap projects are early stage exploration properties.
Pampa Metals – origins, share structure & recent financings
Pampa Metals was formed from a business combination between West Pacific Ventures Corp. (“WestPac”), Fireswirl Technologies Inc. (“Fireswirl”) and 1263621 B.C. Ltd. WestPac previously had Revelo Resources Corp.’s eight projects. (“Revelo” / TSX-V: RVL) for cash and shares. Revelo currently owns 19.9% of Pampa Metals. For more information on the company’s history and formation, please see the press releases on Revelo’s website or the Pampa Metals Listing Statement (CSE Form 2A), which is available on SEDAR and on the company’s website at www.pampametals.com .
Pampa Metals currently has 39,189,682 shares issued and outstanding and 5,852,256 warrants with an exercise price of $ 0.60 for a fully diluted total of 45,041,958 shares.
WestPac recently completed a private placement (the “Offer”) of a total of 10,061,250 WestPac subscription forms at a price of $ 0.40 per note with gross proceeds of $ 4,024,500. The Offer was made in connection with the business combination between WestPac and Fireswirl, whereby Fireswirl acquired all of the outstanding shares of WestPac in a triangular merger (the “Transaction”) and was renamed Pampa Metals. Each subscription slip was automatically converted into units (“Units”) of WestPac immediately prior to the closing of the Transaction, each unit consisting of one common share and one-half WestPac share purchase warrant. Upon completion of the Transaction, each common share and warrant was converted on a one-for-one basis for common shares and warrants of the Company, with the Company’s warrants for a period of 24 months from the conversion date at an exercise price of $ 0.60 per share Are exercisable by the company.
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