Toronto, Ontario (FSCwire) - Tartisan Resources Corp. (CSE: TTC) (“Tartisan”, or the “Company”) has completed the acquisition of the Ichuña Copper-Silver property in located in the Department of Moquegua in Southern Peru.
Tartisan entered into an agreement with Duran Ventures Inc. (“Duran”) to acquire 100 per cent interest in the Ichuña copper-silver property by paying Duran a cash payment $50,000 CDN and issuing 500,000 shares. Duran retains a 2% NSR of which Tartisan may purchase half (1%) of the NSR for $500,000.
The Ichuña property is contiguous to San Gabriel project owned by Peru’s largest mining company Minas Buenaventura (“Buenaventura”). The San Gabriel project was a blind discovery in 2008 and now is reported to contain a resource of 13 million tonnes at 5.26 g/t Au for 2.2 million ounces in the measured, indicated and inferred categories (source Buenaventura website 2017 corporate presentation page 15). Buenaventura consolidated its interest in the project by purchasing Goldfield’s interest in 2014 and revised the project from a large open pit operation to a more profitable underground operation. The main mineralized zone on the San Gabriel project is located just 3 kilometres from the property boundary with Tartisan.
The previous owner acquired the 1,000-hectare Ichuña Property in 2006 before the discovery at San Gabriel. Extensive high-grade surface Cu-Ag mineralization was initially observed by Duran's geologists and was later followed up by a property wide geophysical survey in 2010. The work identified a large IP geophysical anomaly trending northwest-southeast measuring over 1,500 metres in length. The main mineralized zone on Buenaventura’s San Gabriel project called the Canahuire Zone was a blind target with a strong geophysical response. Economic mineralization in the Canahuire zone does not outcrop at surface and follows a recessive area. The geophysical anomaly on Ichuña has similar characteristics to the Canahuire zone whereby the IP anomaly trends along a recessive area with no outcrop.
Historic work on the property by Duran included seven diamond drill holes totaling 2,754 metres. Drilling did not test the geophysical anomaly. Tartisan intends to test this anomaly with diamond drilling. Initial work will comprise of community relations followed by detailed magnetic surveys. The Company is confident in obtaining community approvals since Buenaventura recently had their Environmental Impact Assessment approved.
Jeff Reeder, PGeo, a qualified person in the context of National Instrument 43-101, has reviewed and approved the technical content of this news release.
Tartisan Resources Corp. common shares are listed on the Canadian Securities Exchange (CSE:TTC). Following the above transaction, there are 72,862,443 shares outstanding (88,905,827 fully diluted).
