Metalla’s royalty applies to the Argentina side of Barrick’s Alturas-Del Carmen district in the El Indio belt south of the Veladero Mine in the San Juan Province. Del Carmen is a large high-sulphidation oxide gold-silver deposit comprised of three zones: Rojo Grande, Cerro Amarillo and the recently discovered Chibolita high grade corridor. The project mineralization is associated with Barrick’s 8.9Moz Alturas-Del Carmen inferred resource which shares similar geological characteristics to the nearby Veladero mine in Argentina. Mineralization at Del Carmen is at or near surface and could provide a source of early ore for potential development scenarios at Alturas. Barrick has engaged a project team focused on updating mineral estimation, pit optimization, and updating scoping level economics. They recently stated they are reviewing options for a Del Carmen starter pit and will be advancing to a preliminary economic assessment in 2021.
Barrick also proposed a 2021 drill campaign testing metallurgy, structural and geological controls to mineralization with a focus on expanding mineralization at Chibolita and Rojo Grande North. Recent drilling confirmed the geological model with significant intercepts of 1.23 g/t gold over 96.5 meters, 0.95 g/t gold over 28 meter and 1.97 g/t gold over 10 meters at the Chibolitas zone. The program is expected to complement the successful 2020 drill program where significant near surface intercepts targeted at Chibolita in Del Carmen included 1.56 g/t gold over 71 metres and 3.38 g/t gold over 28 metres including 5.2g/t gold over 17 meters. Barrick acquired the Del Carmen project from Malbex Resources in 2015 who declared a historic inferred resource on the Rojo Grande deposit of 1.01 Moz of gold at 1.01 g/t and 10.9 Moz of silver at 11 g/t. Barrick had stated a significant amount of additional unclassified mineralization has now been defined by drilling beyond the Alturas-Del Carmen 8.9Moz inferred resource, and this unclassified inventory is predominantly on the Del Carmen property in Argentina.
Interest: 0.5% NSR Royalty
Location: San Juan, Argentina
Project Status: Development
Counterparty: Barrick Gold Corp (NYSE: GOLD (TSX: ABX)