The Paka porphyry copper-(gold-silver-zinc) skarn project (previously referred to as the Muñaorjo project) consists of 1,000 hectares and is 100% owned by Element 29, subject to a 2% net smelter return royalty.
The project is located approximately 200 kilometres northeast of Arequipa, Peru within the probable northwest continuation of the Paleocene-aged Southern Peru Copper Belt, which is host to several very large porphyry copper deposits including the Cerro Verde mine (Freeport-McMoRan) and the Toquepala mine (Southern Copper).
The property is centered on a large, 4.3 x 1.3 kilometre porphyry related hydrothermal alteration zone and covers a limestone sequence intruded by diorite and granodioritic rock units. Hydrothermal recrystallization in the limestone is extensive on the property and includes a central area containing skarn, quartz-limonite stockwork, hydrothermal brecciation, and associated strong copper-(gold-silver-zinc) mineralization exposed within a 480 x 280 metre area. Rock sample results for this area (58 rock samples) are highly anomalous and returned assay results up to 4% copper. This porphyry copper skarn alteration is related to a deeper Tertiary-aged porphyry complex intruded along the anticlinal axis of middle Cretaceous-aged Acurquina Formation limestones. The skarn alteration is also open to the northwest where it is unconformable overlain by thin post-mineralization Miocene-aged Huaylillas volcanoclastic sequences.
This porphyry copper skarn target has not been drill-tested. Environmental baseline studies and community engagement are planned for 2024 with expectations of receiving drill permits in Q2 2025.
