Morales & Besa advised on the deal
Fiore Atacama SpA operating as a subsidiary of Fiore Exploration Ltd. finalized the acquisition of the rigths to develop Pampas El Peñón project from Sociedad Química y Minera de Chile S.A. The transaction has an aggregated value of $5.007 Million.
The Pampas El Peñon property consists of 13 mining claims totaling 3,400 hectares located approximately 130 kilometres southeast of Antofagasta, Chile. The property consists of two separate blocks, lying immediately to the west and north of Yamana Gold’s Pampa Augusta Victoria mine complex that forms part of El Penon mine complex. El Peñon mine began production in 1999 and has an established history of exploration success. The mine produced 227,000 ounces of gold and 7.7 million ounces of silver in 2015 with reported cash costs of US$621 and $8.38 an ounce respectively (Yamana Gold 2015 Annual Report).
The property covers land in the same geological environment as Yamana’s El Peñon deposit hosting several identified north-south-trending epithermal structures at or near surface. Three of these epithermal structures have been traced for more than 2 kilometers in strike length each. Epithermal Au-Ag targets are hosted by rhyolite domes, with strong north-south siliceous structures containing highly anomalous silver, arsenic and antimony values, similar to the surface expressions of many of the mineralized veins in the area.
Over $1,000,000 has been spent on the property by Arena and SQM, with most of the work completed consisting of mapping, sampling, trenching and limited near-surface drilling designed to define the location of epithermal gold-silver veins with characteristics similar to those in the neighbouring Pampa Augusta Victoria complex. Three areas within rhyolitic domes with breccias and favourable geochemistry were identified and have been highlighted as priority drill targets. These targets lie in immediate vicinity of the Pampa Augusta Victoria open-pit and underground mines.
Morales & Besa advised Fiore Atacama SpA with Eugenio Besa (Picture) Lorena Barrientos, Katannya Jablonski V., and Mariana Schnettler R.
Law Firms: Morales & Besa;
Clients: Fiore Exploration Ltd;