Pacifico acquires Colombian gold project

Perth-based miner Pacifico Minerals has entered an agreement with Miguel Angel Perez Villa to acquire up to a 90 per cent interest over three years of its share of the Berrio gold deposit in Antioquia, Colombia.

The company will pay MAPV $50,000 upfront for exclusive access to the concessions for evaluation and then choose to continue with the acquisition by paying US$250,000 for an 8.6 per cent of MAPV interest in the titles.

In the three years commencing from December 11 this year, Pacifico can choose to pay a staged amount up to $3.15 million for a 90 per cent interest in MAPV’s titles at the Berrio deposit.

The Berrio gold project is located at the southern part of the Segovia gold belt and first-pass results have confirmed mineralisation in auriferous veins comprised of quartz-pyrite as well as several areas of gold mineralisation.

Melbourne-based PGN Geosciences interpreted the results of the survey, mapping and identifying zones of potential dilation and key fault intersections.

“We are extremely pleased with the acquisition and of course we are extremely excited by the results of the underground channel sampling program,” Pacifico managing director Simon Noon said.

“This sampling programme has confirmed the very high grade nature of the main vein mineralisation as suggested by anecdotal evidence from the existing artisanal operations as well as confirmation of good grades in parallel mineralised zones.

“Additionally, we are very excited to note that the Segovia Batholith granodiorite country rock also produced important Au results.”

Share prices have increased 33 per cent on the news which ties in to a structure changing September quarter for Pacifico.

The company changed its name from Jaguar Minerals to Pacifico Minerals and settled the acquisition of West Rock Resources for exploration prospects in Colombia.

Simon Noon was appointed managing director of the company while John Hannaford resigned as non-executive director and Peter Harold, coming from Panoramic Resources was appointed as a non-executive director during the same period.

Also, West Rock partnered with Cliffs Natural Resources Exploration and signed an agreement with Sandfire Resources for an 80 per cent interest in the Borroloola West manganese and copper project in East Arnhem Land, Northern Territory.

However, on December 11, the company received notice from US-based Cliffs Natural Resources of its intention to end the strategic alliance agreement with Pacifico’s subsidiary West Rock as of February 8, 2014.

Shares in Pacifico are up 33.3 per cent, trading at 2 cents per share, as of 1:30pm WST.