Optioned to Skeena Resources Ltd
& Joint Ventured with Santoy Resources Ltd.
Along with its 60% joint venture partner Santoy Resources Ltd., Almaden (which holds a 40% interest in the project) has optioned the Tropico copper-palladium-platinum-gold project to Skeena Resources Ltd. under terms whereby Skeena can acquire a 60% interest from the Almaden-Santoy joint venture (“the JV”) by making $3 million in work expenditures ($100,000 in year one) on the project and issuing to the JV 1,250,000 shares of Skeena (250,000 upon regulatory approval) over 5 years.
overview | geology | maps | latest work & results | past work
In December 1998, Fairfield
Minerals Ltd. (predecessor to Almaden Minerals) acquired
the Tropico platinum-palladium-gold-copper prospect from BHP
Minerals Inc. for a small cash consideration and a 2.25% NSR
royalty. The property was identified by BHP after their discovery of copper oxide occurences with outcrop grades over 1% copper. Initial assay results revealed very high palladium (up to 1 gram/tonne), platinum and gold values that correlated with the high copper values.
In June 1999, Tropico was optioned to Santoy Resources Ltd. In August 2003, Santoy fulfilled its expenditure obligations to acquire a 50% interest in the Tropico Project.
Ongoing exploration has focused on identifying a large tonnage, low grade disseminated copper sulphide deposit with associated platinum, palladium and gold hosted in a 17km long by 2 to 3 km wide mafic igneous complex with Cu-Pt-Pd-Au mineralization.
The property covers 51,000 acres in isolated hills surrounded by farm and pasture land, about
20 kilometers from Mazatlan, Sinoloa Mexico. The project encompasses Infrastructure is
excellent.
The property was originally
staked to cover several areas of copper oxides located along a belt of hills. Follow up work found values are
associated with a layered mafic plutonic sequence. High
platinum and gold grades were detected in initial samples
and confirmed in all subsequent sampling.
The relatively
high copper values associated with significant combined gold-platinum-palladium
values ranging up to over 1 gram per tonne indicate that the
maficigneous complex is an attractive exploration target size
in the order of 100 million tonnes of 0.5% copper and 0.5 to
1g/t combined gold, platinum and palladium is considered possible
given the wide distribution of significant metal values.
Maricela Area:
This
multi-element anomaly measures approximately 1,600 metres east
to west by
up to 500 metres north-south, and is characterized by very strong
values in
soils that have reached up to 14,600 ppm copper (Cu), 1,185 ppb palladium
(Pd),
345 ppb platinum (Pt) and 282 ppb gold (Au).
Five rock grab samples taken from within a 500 metre x 300 metre area in the central part of the anomaly averaged 0.81% Cu and 1.45 g/t PGE (0.33 g/t Au, 0.55 g/t Pt, 0.58 g/t Pd). The samples are all from rubble zones as outcrop is very poorly developed in the area. Grab rock samples from other parts of the Maricela soil anomaly include: 3 samples taken 400 metres east of the central part which averaged 0.74% Cu and 0.93 g/t PGE (0.24 g/t Au, 0.30 g/t Pt, 0.39 g/t Pd) and, 2 samples taken 200 metres to the north that averaged 0.56% Cu and 0.72 g/t PGE's (0.19 g/t Au, 0.05 g/t Pt, 0.47 g/t Pd).
A 2001 trenching program confirmed the potential for a large bulk-tonnage deposit. Mineralisation is
widespread and comprised of disseminated chalcopyrite and bornite
present within pyroxenites, tremolite altered pyroxenites and
mixed pyroxenites and gabbro zones
El Pochote Target
Soil sampling located an area of anomalous results 4 kilometres to the east of the Maricela area, which has been defined over a 1,100 by 400 metre area with the highest grades coming from a 500m by 400m area. Higher soil grades include 4,380 ppm Cu, 246 ppb Au, 385 ppb Pt and 294 ppb Pd. Five rock grab samples taken over a 150 metre distance averaged 0.49% Cu and 0.83 g/t PGE's (0.19 g/t Au, 0.30 g/t Pd, 0.34 g/t Pd).
Las Palmitas Target
Of the Eastern targets, the Las Palmitas area features the strongest soil geochemical anomaly located to date on the property. The anomaly covers a 1,400m area from east to west and varies from 200m to 600m wide. High soil grades include 735 ppb Pd, 6,085 ppm Cu, 536 ppb Pt and 396 ppb Au.
Old Man Target
The Old Man showing is hosted in a pyroxenite unit that is at least 30 metres wide and is in contact with a megacrystic gabbro to the east. The Old Man showing is located within a broad soil anomaly 600 metres in length and between 100 to 200 metres in width. Maximum soil values are platinum 128 ppb, palladium 457 ppb, gold 445 ppb and copper with a high of 1,088 ppm. An initial grab sample taken from an old pit returned values of 0.75% Cu, 0.14 g/t Pt, 0.55 g/t Pd and 2.45 g/t Au.
A second narrow soil anomaly can be traced for 400 metres. Soil values are up to 64 ppb Pt, 176 ppb Pd, 289 ppb Au and 1,122 ppm Cu. A sample from a mineralized pyroxenite on trend from the anomaly located 200 m to the east assayed 0.34% Cu, 0.129 g/t Pt, 0.693 g/t Pd and 0.243 g/t Au (1.065 g/t Pt + Pd + Au).
Santa Fe Target
The Santa Fe target had been traced for 900m from east to west and varies from 50 to 150 metres in width. The soil geochemical survey outlined two anomalous areas on the Santa Fe grid. A long narrow anomaly can be traced for 900 metres east-west and varies from 50 to 150 metres in width. Platinum returns the most consistent values with a high of 307 ppb Pt. Palladium results are restricted to a narrow zone 700 metres long with values ranging up to 1,090 ppb Pd. Copper values coincide with the palladium numbers, and reach a high of 13,040 ppm Cu. Gold forms a broad anomaly with a high value of 516 ppb Au.
December 1998: an exploration was conducted consisting of sampling, a remote sensing study and, shortly after
acquisition, a limited (4 holes) reverse circulation drill program.
This drilling intersected several
significant mineralized zones with platinum-palladium-gold and
copper values.
June 1999
: Optioned to Santoy Resources.
September
2000: A soil geochemical survey is completed by Santoy that was accompanied
by prospecting geological mapping and 30 line kilometers of geophysical
surveying (induced polarization and magnetics). This work identified
several highly anomalous areas over an eight kilometer long portion
of the mafic intrusive complex.
The main target
areas included the El Cupale, Las Delicias-Los Palimetas-Old
Man trend, the Santa Fe, and the Maricela zone. Geological mapping
has shown that the best results were obtained from gabbro-pyroxenite
contact zones.
July 2001: A 1500 metre trenching
program has been carried out on the Maricela zone. The program
exposed bedrock associated with a 1600 metre X 500 metre soil
anomaly. The widespread
copper PGE and gold values intersected in trenches 1 and 4 confirm
the potential for a large bulk-tonnage deposit. Mineralisation
is widespread and comprised of disseminated chalcopyrite and
bornite present within pyroxenites, tremolite altered pyroxenites
and mixed pyroxenites and gabbro zones. The weighted average
of the significant values obtained from the 793 metres in several
trenches is 0.54% Cu and 0.69 g/t PGE+Au (0.22 g/t Pt, 0.29 g/t
Pd and 0.18 g/t Au) in 12 trenches. [more +]
March 2002: Santoy fulfills its expenditure obligations to acquire a 50% interest.
15 diamond drill holes totaling 2,844 meters,
targeting three of the seven identified soil geochemical anomalies
were completed, as well as 17 trenches totaling 2,473 meters.
The soil geochemical coverage of the property was expanded to
cover the most easterly portion of the mafic-ultramafic complex,
which resulted in two separate coincident copper-platinum-palladium-gold
soil geochemical anomalies. [more +]
Almaden also
announces that the joint venture was successful in acquiring
the San Pablo concession. The San Pablo concession is very strategic
as it is encompassed by the existing land position of the Project
and is immediately adjacent to the most promising part of the
Project, the Maricela area.
August 2002: 2,379
meters in 10 trenches were completed in two areas, the San Pablo
concession and El Pochote. Significant results included:
San Pablo
trench-01: 55 metres of 0.57% copper (Cu) and 0.85 g/t
platinum (Pt) + palladium (Pd) + gold (Au)
San Pablo trench-02: 42 metres of 0.80% Cu and 1.0 g/t Pt+Pd+Au
San Pablo
trench-05: 39 metres of 1.2% Cu and 1.3 g/t Pt+Pd+Au.
El Pochote area trench-01: 30 metres of 0.63%
Cu and 0.85 g/t Pt+Pd+Au
El Pochote area trench-03: 31 metres of
0.69% Cu and 1.1 g/t Pt+Pd+Au.
[more +]
December
2002: Santoy has annouced that the second phase of diamond drilling
has been completed. 5 of the 10 diamond drilling holes tested
Copper-PGM Mineralisation in surface trenches on the San Pablo
concession. 2 holes were drilled on the El Pochote target and
3 holes were drilled on the Maricela target. Results can be found
on the Santoy website. Santoy has also announced that three holes
will be drilled to test the foot wall contact area of the western
portion.
