Cerro Hermoso Project
Cerro Hermoso is located in the Puno Region of southern Peru. The property lies 60 km from the city of Juliaca and 5 km northwest from the supply town of Santa Lucia. The property lies in a north-west trending mineral belt known for numerous gold, silver and copper deposits.
The Property is comprised of the Milenios 32 concession covering a total of Has. Under the terms of the agreement, Miramont has been granted a four-year option to acquire the concession from its private owner. Miramont must make payments as follows to maintain the option: US$20K on signing (paid), US$25K on the first anniversary (paid), US$30K on the second anniversary and US$35K on the third anniversary. Miramont may exercise its option on the fourth anniversary by paying the greater of US$1 for each ounce of gold contained in a NI 43-101 compliant resource (on the concession) or $200K There are no work commitments or royalties on the property
The property is accessed year-round via a two-lane highway that runs from Juliaca to Arequipa. Elevations range from 4,070 to 4,400 m.a.s.l.
The property is located near the town of Santa Lucia where Miramont has established camp facilities. Most services and supplies can be found here or in Juliaca about an hour’s drive away. Water for exploration work is readily available from the Verde River flowing through the Property, subject to required permitting. The nearest point to connect the Property to the national power grid three-phase system is 6 km away near Santa Lucia.
The Cerro Hermoso project is found in the Santa Lucia district along the eastern flank of the Cordillera Occidental on the edge of the altiplano that separates the Cordilleras Occidental and Oriental in southern Peru. Nearby deposits include Berenguela, San Gabriel, Limon Verde and Tacaza .
The regional geology is dominated by the Cerro Hermoso diatreme (an explosive volcanic pipe) which cuts through older formations of volcanic flows and underlying lying limestone units. The Tacaza Group Volcanics of late Oligocene age outcrop throughout the property area, and consist of andesite flows. Underlying the Tacaza is the Cretaceous Ayavaca limestone which are known to be mineralized.
Intrusive rocks (hornblende diorite) are emplaced throughout the Santa Lucia District and are associated with precious and base metal mineralization (Berenguela, Limon Verde Mine).
The Tacaza Group also includes the Cerro Hermoso Formation – felsic, lithic-rich tuffs and breccias produced by phreato-magmatic explosions during the formation of the diatreme. This volcanic vent cuts earlier Ayavaca Limestone and Tacaza volcanics. The Cerro Hermoso diatreme is the dominant geologic feature and is related to the multiple styles of gold, silver and copper mineralization found on the property.
Selective geochemical sampling of small veins and veinlets in the Pocomoro area has yielded values as high as 7.8%, 3.3% and 2.7% Cu. Eighteen of the 36 samples collected in this area yielded results greater than 1% Cu.