To be honest, I was hoping for a bit more discussion from AA about this promising porphyry Ann... apart from previous admirable attempts by Zen (2.2lt wine flagon) and Lateral (song, I think).
Why was nailing the porphyry important? I was grilled by my wife re our Inca investment and she was not convinced that investing more money here was a good idea.
Needless to say, it was a hard sell and I had to name the elephant in the room, the porphyry... which I can't even pronounce, let alone spell!
I had the embarrassing convo with my wife (W) below before I contacted Justin and Ross to help me out re our porphyry projects, past and future (see later):
W: What's the size of our ICG investment in the smsf?
P: 20%
W: I thought it was only 10%
P: It was until a major shareholder recently pulled out, so I brought some more @ .004
W: (silence)
W: How much profit have we made so far?
P: Actually, we've made a loss
W: (silence)
W: So why do you want to buy more?
P: (Admittedly my pitch was not great... where's a geo when you need them!) Ross is a really good geo who has this pack of cards' theory that continues to be validated re NE-SW intersecting with NW-SE structures... For example, at Lara down the road they have the same Jumasha limestone formation that's good for known epithermal intrusives, skarn mineralisation, carbonate replacements. This probably means that a porphyry (or two) is sitting down there AND we have the recent geophysics analysis to suggest this.
W: (silence)
P: I'll just email Justin and Ross to find out more about our porphyry projects!
P: Dear team, I'd be interested in how our 2 porphyry projects (Chanape and Riqueza) are similar and yet different in your opinion
R: Chanape...
Porphyry: Thought to be deep >1,000m (interpretation by World’s #1 expert Dick Sillitoe, who we brought in for assessment purposes).
Associated porphyry mineralisation: Yes – Au-Ag-Cu-As breccias and veins which were high grade but small and full of arsenic.
Country rock into which porphyry intruded: Volcanics – so no real chance of skarn mineralisation.
Other porphyries in the area: Sure – 30kms away Toromocho mega-deposit operated by the Chinese. The economics of Toromocho may never be known.
Majors interested in Chanape: Plenty: IAMGOLD (9 visits), Teck (4 visits), Antofagasta (1 visit), CA’s for another 4 or 5 but no deal. We tried that’s for sure and we were very close with IAMGOLD and Teck.
Riqueza...
No porphyry KNOWN YET within the project area but geophysics showing plenty of potential – there are known porphyries all around us (SEE below)
Associated porphyry mineralisation: Yes – plenty:
Zn, Ag, Pb veins, stockwork, breccias and mantos at Humaspunco-Pinta (surface) carbonate replacement style:
There are too many veins to count. We stopped counted at 46.
Cu along intrusive contact at Pampa Corral (surface) skarn style.
Au-Ag-Zn-Pb veins and stockwork at Colina Roja (surface) epithermal style.
Cu with pervasive alteration at Alteration Ridge (surface) epithermal style.
Country rock into which porphyry may have intruded is limestone – big tick for skarn mineralisation.
Other porphyries in the area: 3 known within 20kms (another one suspected) NOT INCLUDING those that may occur at Riqueza.
Majors interested in Riqueza: South32 Signed up! They are looking for porphyies and skarns: Target type: Antamina (>800Mt Cu-Zn), Cerro De Pasco (>200Mt Cu-Zn-Ag).
Other majors in the VERY near vicinity: BHP and Anglo American.
In summary, I was excited by Ross' prompt and informative response and my wife was finally satisfied... so we're taking up all our entitlements today. Phew!
PS If a picture's worth a thousand words, then in hindsight I should've pitched with Inca’s new NE-SW schematic cross-section showing the geological and structural configuration of various mineralised prospects of Riqueza! Poet.
ICG Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
