Schematic Exploration Model for Pavo Real:
Pavo in relation to other skarn occurrences
(Only the highest value is noted at Pavo Real, the other skarn values may be average values)
Pavo Real Project Location Map
General Geology Pavo Real Area with Rock Unit Descriptions
Pavo Real gold soils anomaly
Pavo Real rock sample anomalies
The Pavo Real project was Miranda's first property acquisition in Colombia.
Gold mineralization at Pavo Real is hosted in sandstone and conglomerate and associated with strongly anomalous bismuth and moderately anomalous copper values. Several gold-silver bearing skarns occur from 2 to 8 km from Pavo Real. Pavo Real is inferred to be related to the same intrusive system as the skarns but appears to be more gold biased in comparison.
In distinct contrast to the other district skarns, Pavo Real is not immediately proximal to the contact of an intrusive and may be what is known as a "distal disseminated" gold system. The stratigraphic section at Pavo Real includes a contact marble underlying the clastic rocks. Intrusive dikes intrude the sedimentary rocks locally. Thus a "distal gold skarn" could also be targeted within the underlying marble.
For perspective, a comparable target analogue in Nevada would be the McCoy-Cove gold system where a distal skarn and related distal disseminated gold system contained a plus 3.5M ounce gold resource.
The figure below schematically illustrates a deposit model for Pavo Real. As illustrated, proximal skarns, distal skarns and distal disseminated gold deposits can be a continuum within the same gold system.
The Pavo Real property is located in west-central Colombia southwest of Bogota. The project is within the department of Tolima 12.4mi (20km) south of the city of Ibague and 30mi (45km) southeast of Anglo Ashanti's La Colosa project.
Geology and Mineralization
The property is underlain by Upper Triassic Payande Formation which includes limestone, sandstone and shale. Locally potassium feldspar rich dikes intrude these sedimentary rocks. Structural information is limited due to poor outcrop exposure, but local artisanal miners are currently exploiting gold mineralization in fault zones that have predominately a northwest trend.
The sandstone is locally bleached and clay altered with quartz veinlets, disseminated pyrite, and traces of malachite. Gold mineralization is associated with bismuth and copper in geochemical analyses.
Seventy soil samples on three wide spaced lines define a 700m long by 100m to 500m wide gold anomaly. The soil anomaly is open in two directions. Thirty five of the seventy soil samples have values greater than 30 ppb gold. Those soil samples have an average of 230 ppb gold and a high of 1.1g Au/t. Of sixty-two surface rock samples taken from an area of limited exposure on the northeast edge of the soil anomaly, thirty one samples have greater than 200ppb gold. Those rock samples average 4.1g Au/t and a have a high of 57g Au/t.
Exploration work on Pavo Real is limited to the surface soil and rock sampling described. No drilling has been conducted on the Pavo Real property. Limited artisan mining is active on the property.
Current Activity and Plans:
Miranda has conducted a site visit to examine and evaluate the areas of soil sampling, rock sampling and artisan mining activity. Miranda acquired the project due to the strength and significant extent of the soil anomaly, and the locally high-grade values in rocks on the margin gold in soils anomaly.
Until the end of 2010, Miranda was conducting exploration in Colombia through an Association Agreement with Expo Gold, a small Colombian consulting firm. Expo Gold expanded the soil sample grid and delineated the soil anomaly, and conducted additional prospecting of the Pavo Project.
Depending on the depth of the soil profile, some limited trenching may be used to evaluate bedrock beneath the soil anomaly and to collect structural information previous to drilling.
Miranda feels that the soil anomaly can be quickly advanced to a preliminary drill test, while additional exploration work continues.
Figure 7 shows the original Pavo Real applications and licenses held by Miranda Gold as well as the significant expansion by Red Eagle Mining through new applications. Also illustrated are the new anomalies Quebrada Corosal, Quebrada La Virgin, El Sapo and Santa Barbara. The MAD-REM agreement is subject to a 5 kilometer area of influence shown as orange box.
On June 24, 2010, an option agreement was signed with Red Eagle Mining Corporation (TSX-V: RD). Red Eagle must make an aggregate US$4,000,000 contribution on the Pavo Real project within the next four years. Red Eagle must then further fund a minimum of US$1,000,000 per year and either complete a bankable feasibility study on the Pavo Real project within eight years or contribute a minimum of US$10,000,000 within 10 years.
The 2011 exploration program is well underway with total direct exploration expenditures estimated at $2 million, including 5,000m of diamond drilling commencing in the summer. The continued high quality assays from systematic rock chip, trenching and adit channel sampling have been very encouraging for the intended drill program.