22/12/2009 - 10:46

Laguna steady after Chile gold purchase

22/12/2009 - 10:46

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Gold explorer Laguna Resources' share value remains unchanged after announcing it had acquired the Cachitos Gold Project in northern Chile.

Gold explorer Laguna Resources' share value remains unchanged after announcing it had acquired the Cachitos Gold Project in northern Chile.

Laguna said the principal goal of exploration on the Cachitos Gold Project, located in the southern sector of the World Class Maricunga Gold Belt in the Atacama Region, is to establish the presence of a multi-million ounce gold deposit for development.

Initial geological mapping, sampling and geophysics will be focused on establishing targets for drilling to test gold mineralisation extent and resource estimation in the summer of 2010.

Terms of the option agreement for 100 per cent ownership include progressive payments of up to $US5 million over five years plus 1.5 per cent NSR on production.

Shares in Laguna were unchanged at 1.8 cents per share at AEST1345.

 

Full announcement below

MAJOR ACQUISITION
CACHITOS GOLD PROJECT
Laguna Resources is very pleased to announce that it has signed legally binding terms to acquire the Cachitos Gold Project, located in the southern sector of the World Class Maricunga Gold Belt in the Atacama Region of northern Chile. The Company has already commenced due diligence on the Project.
The acquisition of the Cachitos Gold Project is an expansion of Company activities in the Maricunga Gold Belt, where it is currently completing a 10,000 metres drilling programme at the advanced Arqueros Gold Project.

Project Highlights:
 The Cachitos Gold Project is located within the same volcanic and structural regime as the 26 Million ounce Cerro Casale Gold Project (11 km to north east) and the 20 Million ounce Caspiche Gold Project (20 km to the north).
 The Company is targeting the discovery of a multi-million ounce gold deposit hosted in hydrothermal breccias pipes, veins and stockworks, related to the Nevado de Aguas Blancas volcanic system.
 Due diligence has commenced to verify geology and gold values already identified within license areas.
 Terms of the option agreement for 100% ownership include progressive payments of up to US$5 million over five years plus 1.5% NSR on production.

The principal goal of exploration on the Cachitos Gold Project is to establish the presence of a multi-million ounce gold deposit for development. Initial geological mapping, sampling and geophysics will be focused on establishing targets for drilling to test gold mineralisation extent and resource estimation in the summer of 2010.

Cachitos Gold Project

The Cachitos Gold Project (UTM coordinates 460,000mE and 6,919,000mN PSAD56) is located 110 km south-east of Copiapo, which is a regional mining centre where Laguna Resources has its exploration base. The project area is accessible from Copiapo by 160 km of well-maintained paved and gravel roads.

The nearest major development is the Cerro Casale Gold Project (Kinross Gold Corporation 49% and Barrick Gold Corporation 51%) which has recently completed its feasibility study. Cerro Casale has a published reserves and resources (measured and indicated) of 26 Million ounces of gold and three million tonnes of copper.

The Cachitos Gold Project is associated with hydrothermal alteration that lies within an apparent sub-circular collapse structure, related to the evolution of the Cadillal paleovolcano (Figures 1 and 2). This structure also hosts large scale gold projects such as Cerro Casale (26 Moz gold) and Caspiche (20 Moz gold) and a number of smaller gold projects.

The Cachitos properties are characterized by iron-clay satellite anomalies over strongly coloured alteration zones (Figure 3), and comprise a cluster of gold-mineralised stockworks, hydrothermal breccias and epithermal veins located on the south of the Cadillal paleovolcano edifice (Nevado de Aguas Blancas Upper Tertiary volcanics).

The licenses have been rock chipped and mapped and show strong gold mineralisation. Neighbouring properties contain bonanza high grade gold veins which are currently mined by small scale miners.

The area has several advantages:
1. Presence of hydrothermal breccias, stockworks and veins, and extensive alteration haloes,
2. Clear evidence of gold mineralisation on licenses as well as off-lease (high-grade veins),
3. Location on a major gold-bearing volcanic and structural environment, which already hosts two known major gold projects,
4. Reasonable potential for the discovery of a multimillion ounce gold deposit

Laguna Resources is working to create a strong and sustainable gold business focussed on the exploration and development of the Arqueros Gold Project. The Company is currently undertaking a 10,000 metre drilling programme and underground sampling and mapping programme at Arqueros. The Company is consolidating its strong base in the World Class Maricunga Gold Belt and continues to assess additional opportunities for growth.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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