Lithium and copper explorer Pan Asia Metals (ASX:PAM) is aiming to expand its copper landholding in Chile with the submission of new concession applications to capture the “important geological trends”.
The junior explorer, which has a market capitalisation of $12.8 million, has lodged exploration concession applications to expand the Rosario Copper Project from 25km2 to 86km2.
Managing Director Paul Lock says Pan Asia, which is rebranding to Flagship Minerals to better reflect its broader focus outside of Asia, is “thinking ahead” with the decision to apply for more ground at Rosario.
“The previously reported first pass geochemical results, supported by soil and rock chip assays, provide a good indication of the potential at Rosario, including the large copper zone which is 3.6km in length and 150-250m in width, of which PAM holds 2.6km,” he explains.
“The new application areas capture important geology as well as corridors and zones for future energy needs, and large areas of deep alluvial gravels with potential for water.
“Aside from the additional prospective geology, these concession applications mitigate the time and cost risk to secure these zones at a later date, when your neighbours know you need it.”
The potential northern strike extensions are located in areas that are generally covered in gravel.
The new applications also encompass areas considered prospective for mineralisation located in cross-cutting structures, especially where these intersect the main north-northwest trends.
Pan Asia has also applied for several small concession areas to ensure it has contiguous holdings where possible.
The areas pinpointed for the company’s future infrastructure needs will be set aside for energy via grid connection, installation of solar, and possibly accessing groundwater.
These areas are located generally to the west of existing concessions. Pan Asia says the narrow strip to the west provides a corridor for future access to a key section of Chile’s north-south energy grid.
The large block area extending north of this strip provides a flat area of ~9km2 that is potentially suitable for solar power installation.
Larger areas of the concession application provide access to zones of groundwater potential hosted in thick alluvial gravels.
Pan Asia has lodged 26 exploration concession applications for a total area of about 61km2.
The Rosario Copper Project is located in Chile’s central copper belt, 10km north of the El Salvador copper mine, which has been in operation since 1959.
Write to Angela East at Mining.com.au
Images: Pan Asia Metals
