According to Miningnews.net, small-cap enterprise Pioneer Minerals has secured an option on the high-grade copper-gold-silver San Francisco project in Argentina, planning to acquire the interest through staged investment of $5.65 million.
The project in San Juan Province has significant exploration potential, with dozens of drill holes already delineating a large breccia pipe.
Key sample assay results include:
109 m grading 4.94 g/t gold, 109 g/t silver, and 1.13% copper from 12 m depth. Within this, 72 m grading 3.47% copper and 100 g/t silver from 398 m depth.
The deposit remains open at depth.
Previous mapping in the area identified more than 70 breccia bodies and over 130 veins, with San Francisco being just one of them.
To date, only 9 breccia bodies and 1 vein have been drill-tested, and most hydrothermal mineralizing systems have not been explored. Of the 18,300 m of drilling, less than 5,000 m was outside the San Francisco breccia target.
Pioneer has the right to acquire 100% of the San Francisco and Jose Mario tenements, as well as an 81.25% interest in the adjacent El Tapau permit, within 4 years, subject to total cash payments of $3.2 million and a commitment to at least $2.45 million in exploration expenditure, including 7,000 m of drilling.
Pioneer may withdraw from any of the three tenements at any time, but the total commitment for the remaining tenements remains unchanged.
The most recent exploration was carried out by Toronto venture exchange-listed enterprise Turmalina Metals from 2019 to 2021, after which the company changed its name to King Copper Discovery (KCD).
Since 2022, KCD has shifted its focus to the higher-potential Colquemayo copper-gold-silver project in Peru and relinquished the San Francisco project last year.
Australian geologist and co-discoverer of the Oyu Tolgoi copper mine, Doug Kirwin, is an advisor to KCD.
Pioneer will continue the previous exploration work on the Turmalina project. The company plans to remodel the breccia bodies, drill for near-term developable resources, investigate the potential of the deep feeder system, and conduct field trips in surrounding areas.
Last year, Pioneer shifted its business center to uranium and tungsten-gold assets in the US, while also maintaining its Canadian lithium mines and African uranium assets in good standing.
The acquisition of this asset requires shareholder approval, and an independent expert's report is needed before the shareholders' meeting.
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