Miranda generated the Antares Project in 2016, using the Anglo Ashanti Gramalote deposit as a exploration model. IAMGOLD has an option to earn in to Antares, and has been conducting surface exploration on the Project Applications previous to receiving concession contracts from the Colombian government. IAMGOLD has produced large soil anomalies around and extending from large excavations of hydraulically mined gold mineralized weathered granite. These soil anomalies provide drill-ready targets. Large hydraulically mined excavations are a feature of Gramalote and Antares.
Location and means of access to the property:
The Antares project it located in the Antioquia Department, 60km northeast of Medellin, in the municipality of San Vicente. It can be accessed by car via paved roads from Medellin to the town of San Vicente and then on gravel roads to Vereda La Enea.
Travel time is approximately 2 hours from Medellín.
Initial Prospecting and Exploration Model:
Miranda's exploration model at Antares is for an intrusive-related, sheeted vein-fracture system analogous to the Gramalote deposit. Gramalote (plus 4M ounces gold owned by B2 Gold and Anglo Ashanti) is a large intrusive related gold system hosted by five or more closed-spaced, parallel, mineralized northeast fault-fracture strands.
The regional dilational framework that controls mineralization at Gramalote is probably also prevalent at Antares.
During 2015 and 2016, Miranda conducted various programs on the Project, including: geochemistry (stream sediments, pan concentrates, rock chips), and mapping (surface, abandoned workings, historic pits). Notable results included:
- Generating a strong gold in steam sediment anomaly across the central project area that covers 12sq km.
- Acquiring a sample database with 30% of the samples above 100 ppb Au, to a high of 10,850 ppb Au.
- Identifying six large pits hydraulically mined excavations in Santa Rita Area, and three larger excavations in the Guaricu Area extending northeast for over 5km.
The historic hydraulic mining reflects bulk gold-mineralized, in situ intrusive saprolite and sap rock in intensely weathered granite. Gramalote like Antares is noted for large areas of historic open cut hydraulic mining of bulk mineralized weathered granite. This feature is not common in the Antioquia Batholith and is considered an important exploration indicator and model feature.
Systematic 2m-interval channel sampling within the Santa Rita pit, one of the larger excavations defined an area of approximately 310m by 160m of near continuous mineralization, with most sample intervals having a composite value of 0.4 g/Au or higher. The best channel sample intervals are 30m @ 1.24 g Au/t and 14m @ 2.3 g Au/t. Mineralization is open in two directions where it extends to the limits of the excavation into undisturbed soils. Grab samples within the Santa Rita pit assayed as high as 22.5 g Au/t. The sampling probably reflects multiple parallel mineralized zones within the excavation.
In 2017, IAMGold Corporation expanded the Miranda sampling with an additional 526 soil samples, on 50m stations along northwest lines spaced 200m apart. Their soil assay results show that a gold anomaly extends over an area of approximately 3.5km by 1.5km and mineralization extends to the limits of sampling in four areas.
Because the anomalies extend beyond the soil grids in several areas, IAMGOLD requested that Miranda expand the land package through additional contiguous applications. These new Miranda applications increased the project by 35 percent, protecting the open anomalies and allowing for an expanded area of exploration.
Geology and Mineralization:
Mineralization is hosted in granitoids of the Antioquia Batholith with gold in quartz-iron oxide veinlets of less than 1mm to 3cm width that trend northeast-southwest and dip 75 to 90°. There is an association of gold with vein density although not in all cases, suggesting fracture control and disseminated-like gold occurrences occur. Exposures are intensely weathered, but locally relict alteration selvages are present along vein margins.
The hydraulic excavations extend intermittently for 5.5km and suggest a plus 200m wide northeast fault zone is the control to gold mineralization, with localized high-density, northwest-southeast veinlet and fracture zones containing gold along and between strands of the northeast fault zone.
The continuous soil anomalies suggests mineralization extends significantly beyond hydraulically mined excavations and likely indicate areas of bulk mineralized granite subsurface.
Nature of interest and terms of acquisition:
Miranda acquired the Antares project in 2015 as the result of a grass roots exploration program for Gramalote-type deposits in the Antioquia Batholith. The objective was a target for 2M ounce potential, bulk minable mineralization of moderate grade. Miranda quickly became interested in the Antares project after observing significant areas of hydraulic excavations, a feature also seen on the Gramalote Project.
Miranda made four applications of its own and then subsequently signed a Lease Agreement with Activos Mineros de Colombia, SAS to acquire 6 additional applications contiguous with four existing Miranda applications. The combined project covers 10,500 hectares.
Miranda paid $60,000 to Activos Mineros on signing the mining lease and an additional $60,000 on the first anniversary. A $70,000 payment will be due within 30 days of the registration of the mining concession contract in the National Register of the core application and subsequent annual payments will be required on the anniversary of that registration date until the commencement of payments from a 1.8% production royalty. Miranda work commitments total $2 million over the first six years, but this work commitment can be suspended for any two year period that Miranda does not have a joint venture partner funding work at Antares.
On March 15, 2017 Miranda announced the signing of an agreement with IAMGOLD Corporation that allows IAMGOLD to earn in to sixty-five percent of the Antares Project by conducting exploration expenditures totaling $7,000,000 on a scheduled basis over eight years. This work must include 12,000 meters of drilling.
IAMGOLD expended over US$100,000 in surface exploration during 2017 to maintain the right to enter into an option joint venture which begins on the date on which mineral title to one or more of the exploration applications making up the Antares Project have been granted by the Colombian government.
At such time, should IAMGOLD elect to enter into the option, it will be obligated to incur US$750,000 in expenditures during the subsequent 12 months.
IAMGOLD's Colombian exploration team will operate the project with input from Miranda Gold.
Results for gold soil samples. IAMGOLD 2017:
IAMGOLD will continue working within the government process to obtain a contract for the Antares applications.
Some work surface work will be continued to expand and define the soil anomalies, and reconnaissance prospecting will be conducted on the 2018 applications. Locally the soil anomalies may be trenched for systematic channel sampling of bedrock below the soil anomalies.
When IAMGOLD receives a concession contract for one or more of the applications it will conduct a first phase drilling program of 2,400m as preliminary test of the better soil anomalies.