The Emilia project is a porphyry iron oxide copper-gold opportunity located within the Cretaceous porphyry and IOCG belt that hosts the Zafranel (Teck Resources), Tia Maria (Southern Copper Corp.) and Mina Justa (Minsur S.A.) deposits. It is located approximately 80km southwest from Arequipa, 7km west from National Highway 15 and has exceptional access to infrastructure. The property is approximately 1,400 hectares.
The principal target at Emilia is copper-gold mineralization situated beneath an intense zone of leaching and alteration. Multi-stage mineralizing events have a strong structural control with breccia bodies and stock-work vein zones displaying significant gold and copper values of up to 3.31g/t gold and 1.77% copper from due diligence sampling (Table 1). Importantly, the Company believes only one drill hole has been completed on the project to-date, effectively leaving the project untested.
Historical soil sampling over exposed target areas demonstrates strong gold and copper signatures over both target areas. Though the historical results cannot be confirmed, Tier One’s technical team believes these results are broadly representative based on the results of the Company’s due diligence sampling. The eastern target is characterized by a northwest trending gold-in-soils anomaly over an area of 600 metres (m) by 400m with an accompanying copper-in-soils anomaly over an area of 1km by 750m. The western target area is characterized by patchy gold anomalies aligned in a northwest orientation over a 750m strike length with an accompanying copper anomaly aligned east-west over a strike length of approximately 1km. The property at present is interpreted as an upper-level leach cap associated with a copper-gold porphyry and/or IOCG system at shallow depths. Hydrothermal alteration is widespread with argillic, sericite, potassic and albite alteration zones defining the two core target areas that are exposed over a 1.2km strike length. The eastern target is characterized by high level epithermal vein textures, within argillically altered volcanic rocks, which are interpreted to be the uppermost level of the mineralized system. The western target is characterized by extensive zones of quartz-hematite stockwork vein zones within a monzonitic to dioritic intrusive complex. In addition, both target areas have extensive breccia bodies that are characterized by intense silicification and varying amounts of tourmaline. Importantly, post mineralization Quaternary gravels cover part of the area between the targets, as well as the majority of the northern and southern thirds of the project area, potentially concealing additional targets.
Table 1: Due Diligence Rock Sampling Results:
|Sample ID||Au g/t||Cu %|
Under the terms of the option agreement, dated January 12, 2021, Tier One has the option to acquire 100% of the Emilia property. In order to exercise the option, Tier One must make cash payments as listed below.
The Company is required to incur work expenditures totalling US$100,000 within the first year and US$240,000 in the second year. This amount increases to US$800,000 should the Company utilize diamond drilling processes.