Polymetallic explorer Pacifico Minerals (ASX: PMY) has published an update regarding its globally diversified metals portfolio as it simultaneously progresses projects in Australia, Mexico and Colombia.
The most significant news comes from the Coaxtlahuacan gold‐copper prospect which is currently the explorer’s most advanced prospect within the Violin project in Mexico.
Exploration at its Violin gold‐copper project in the Guerrero Belt, Mexico is making gradual progress with Pacifico reporting that geological mapping and sampling is now underway to better understand the local mineralisation controls and to support drill targeting.
Pacifico’s exploration program to date has identified exposed zones of massive sulphides, magnetite and gossan, which have been sampled and will now be sent to the laboratory for analysis.
As a potential indicator of future news, Pacifico said that the distribution and extent of associated strong gold and copper geochemistry within the Violin project is “in accordance with the skarn model of intrusive related mineralisation at and near the contact with limestones, as found elsewhere at the major mines and deposits of the Guerrero Belt.”
The company also confirmed that a ground magnetic survey has recently been commissioned and “will commence shortly,” aimed at increasing the precision of drill hole targeting when combined with the geological modelling.
On the administrative front, Pacifico assured shareholders regarding required permits within the Violin project. Pacifico said that land access agreements have been finalised with landowners covering the Coaxtlahuacan prospect, allowing Pacifico to conduct track clearing ahead of planned drilling to test the gold‐copper mineralisation beneath the surface.
Pacifico is not a mere gold and copper explorer. The polymetallic junior insists it is seeking other metals as part of its exploration within Violin, further afield in Australia and elsewhere around the world.
According to Pacifico, its current exploration program will also be evaluating the Fortuna and Espinazo zinc, lead, and silver prospects located in Mexico, which appear to be of sedex style mineralisation.
Pacifico has established an operations centre 1.5 kilometres south of the Coaxtlahuacan prospect which it hopes will serve as a central hub from which it can advance the project.
In Australia, Pacifico is advancing the Borroloola West project in the Northern Territory alongside joint venture partner Sandfire Resources.
Borroloola West covers a significant package of ground consisting of 12 exploration licences and 1 mining licence spanning 1,817 square kilometres and located north‐west of the McArthur River mine (the world’s largest producing zinc-lead mine), with “high potential for the discovery of world-class base metal deposits,” according to Pacifico.
Earlier this year, Pacifico Minerals also confirmed high-grade cobalt and manganese at its recently acquired South Australian Muttabee and Prouts prospects. Pacifico also recently applied for ground prospective for cobalt and other ‘battery metals’ in South Australia.
In Colombia, the junior explorer is focussed on advancing its Berrio Gold project which is situated in the southern part of the prolific Segovia Gold Belt.
Today’s exploration update helped Pacifico shares to rise by 18% up to A$0.013 per share.