Cornerstone Capital Resources Inc.

Transcription

1 Cornerstone Capital Resources Inc. Part 1. 15% Carried Interest in Cascabel Cu Au Project & Prospect Generation in Ecuador, the most underexplored part of the Andes Part 2. - Project Exploration in the core of a new mineralized district in Northern Chile Exploring 1 World Class Mineral Districts 16 November 2016

2 CAUTIONARY STATEMENTS This presentation includes Forward-Looking Statements as well as historical information. These statements include Cornerstone Capital Resources continued advancement of its mineral exploration programs. When used in this presentation, the words potential, anticipate, forecast, believe, estimate, expect, may, project, plan, and similar expressions are intended to be among the statements that identify Forward- Looking Statements. Although Cornerstone Capital Resources Inc. believes that its expectations reflected in these Forward-Looking Statements are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at For us, uncertainties arise from the behaviour of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward looking statements. Although Cornerstone believes the facts and information contained in the pages of this presentation to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained in these pages. Nothing in this presentation constitutes either an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. The technical information contained in this presentation has been reviewed and approved by Yvan Crepeau, P.Geo, MBA, Cornerstone s VP Exploration and President of Cornerstone Ecuador SA and Minera Cornerstone Chile, who is a qualified person in accordance with Canada s National Instrument

3 Management H. Brooke Macdonald, B. Bus., L.L.B. Director, President & CEO - Brooke has over 25 years experience in the mining industry, specializing in the legal aspects of exploration and mine development with an emphasis on Latin America. From He was VP Legal Affairs for Skye Resources Inc. until its acquisition by HudBay Minerals Inc. Before that he worked with Placer Dome as legal counsel for Latin America exploration and later as country manager in Venezuela. Prior to joining Placer, he practiced law with Baker & McKenzie in Venezuela for four years. He earned his law degree from Queen's University in Ontario, was admitted to practice in British Columbia in 1984 and in New York in Yvan Crepeau, P.Geo. VP Exploration - Yvan is an explorationist with over 25 years of experience in the evaluation and management of exploration projects in Eastern Canada, Asia, Central and South America, including complex contract and permitting negotiations with government entities. He holds an MBA from HEC in Montreal, specializing in International Management, and a BSc in Geology from the University of Montreal. 3

4 Management (Cont.) Colin McKenzie, P. Geo. - Non-Exec. Chairman - Colin been a director of Cornerstone since 2006 and served as President & CEO from 2008 to From 2004 to 2008, He was VP Exploration for Skye Resources, engaged in the development of the Fenix nickel laterite deposit in Guatemala. Before joining Skye, he was Director, Exploration for Inco, where he was in charge of exploration in Latin America as well as responsible for generating new business opportunities from Inco's portfolio of non-core exploration properties. From 1996 to 2000 he was VP Exploration for Voisey's Bay Nickel, responsible for managing exploration and resource evaluation of the Voisey's Bay deposits. Prior to that he held increasingly senior exploration positions with Rio Algom and at BP Mining, where he was credited with the discovery of the Hope Brook gold deposit. Colin holds B,Sc, (Honours) and M,Sc, degrees in Geology from Dalhousie University. Sabino DiPaola, CA CFO Sabino is a graduate of Concordia University, and also serves as the CFO of several other Canadian TSXV listed exploration companies. He has 10 years' experience in audit, finance and accounting while working as an auditor for PricewaterhouseCoopers and BDO Canada, has been involved with numerous financing and spin out transactions. 4

5 Share Capitalization Common Shares 286,930,996 Listed warrants 26,666,667 Private warrants 88,031,000 Stock options 24,245,333 Finder s warrants 6,263, ,137,288 Treasury Position: $CAD Sept. 30, 2016 Debt: $0 5

6 Option Breakdown Price Expiry Date Amount $0.14 January 13, ,440,000 $0.10 May 8, ,000 $0.10 June 11, ,000 $0.185 March 5, ,875,000 $0.10 January 29, ,377,000 $0.10 June 4, ,000 $0.05 June 13, ,133,333 $0.11 August 8, ,875,000 $0.15 November 15, ,400,000 24,245,333 6

7 Warrants Breakdown Price Expiry Date Amount $0.35 April ,666,667 $0.20 April ,808,450 $0.10 May 12, ,031,000 $0.05 May 12, ,454, ,960,959 7

8 PROPERTIES CANADA ECUADOR Head Office: Ottawa, ON JOINT VENTURED PROPERTIES Cascabel Porphyry Cu Au (SolGold) 100% - OWNED PROPERTIES Vetas Grandes Epithermal Au-Ag Bella Maria Porphyry and breccia hosted Au-Cu OPTIONED PROPERTIES TO EARN 100% Caña Brava Porphyry Au-Cu & Epithermal Au-Ag GENEX program PROJECT GENERATION ENAMI EP strategic alliance agreement CHILE 100% - OWNED PROPERTIES Miocene - Porphyry Au-Cu and Epithermal Au-Ag 8

9 CORNERSTONE AND SUBSIDIARIES Cornerstone Capital Resources Inc. (TSX-V:CGP) o Prospect Generator o Focus on Ecuador and Chile Cornerstone Ecuador SA (CESA) o Since 2005 o Investment: >$US 30M, >75% by partners o Strategic Alliance (SA) and Joint Venture (JV) model o Approach: project Generation (GENEX) o Partners and projects (JVs and 100%-owned) o April-May 2016 Financing o Current strategy Exploraciones Novomining SA (ENSA) o Cascabel JV Minera Cornerstone Chile Ltda (MCCL) o Prospect generator o Miocene project 9

10 ECUADOR INVESTMENT CLIMATE GENERAL US$, no exchange controls, foreign investor may own 100% of mineral rights > 500,000 bpd oil exports (with limited reserves) Political stability: Rafael Correa in power 10 years, re-elected Feb 2013 in landslide, new elections in February 2017 President Correa Champion of large scale mining. See March 2016 video from Correa s visit at FDN: Unprecedented infrastructure investment o New highways built. 89% of country s roads improved o 9 Hydroelectric plants being built and starting in 2016 will provide 8,300 MW of clean, low-cost energy o 15 airports and 5 international seaports improved o Multiple schools and medical centers built all over the country 10

11 ECUADOR INVESTMENT CLIMATE MINING SECTOR IMPORTANT MILESTONES : Mineral exploration frenzy (Aurelian-FDN, EcuaCorriente- Mirador, Iamgold-Quimsacocha, International Minerals-Rio Blanco,...) 2008: Mining Mandate (Temporary Moratorium) 2009 & 2010: New Mining Law and new Mining Regulations 2011: Cornerstone 1 st company to receive drill permit at Shyri-Gama 2013: Wood Mackenzie retained to assist in reviewing regulations and taxation in the mining sector 2014: o Cornerstone/SolGold s discovery hole at Cascabel o Ross Beatty acquires Odin Mining (Cangrejos project). A 15,000m drilling program started in October o Lundin Gold acquires Fruta Del Norte (FDN) from Kinross o Ecuador successfully returns to the bond market o Ecuador negotiates Free Trade Agreement with European Union 11

12 ECUADOR INVESTMENT CLIMATE 2015: o Creation of the Ministry of Mining in February o CODELCO starts drilling Junín (Llurimagua) world-class porphyry Cu-Mo deposit o Construction phase begins at Mirador Cu project 2016: o Lundin Gold signs the Exploitation Agreement Terms and Conditions for their 9.48 M Oz gold (Indicated + Inferred) FDN deposit (4.82M oz. gold mineable reserves) o Claim staking process implemented in March. 700,000 Has applied for in the first few weeks and more than 1M hectares applied for to date o Lundin Gold starts an exploration/drilling campaign on regional targets near FDN 12

13 ECUADOR INVESTMENT CLIMATE 2016 (cont d): o o o o o Cornerstone and ENAMI EP sign definitive SA and JV agreement to jointly explore in Ecuador. ENAMI has a preferential right to acquire any ground in the country Successful financing for INV Metals (Loma Larga deposit), Salazar Resources (El Domo deposit) and Cornerstone On June 6, Lundin Gold announced a positive FS on FDN (pretax 23.8% IRR and after-tax 15.7% IRR) July 14: INV Metals announced a pre-fs on its Loma Larga deposit, containing > 3 M oz gold resources (after-tax 26.3% IRR) On July 14, Ecuador s government approves FDN change from exploration to exploitation phase. Lundin obtains environmental permit for development 13

14 ECUADOR INVESTMENT CLIMATE MINING SECTOR TAX ISSUES Fiscal stability contracts 25 yrs, renewable Accelerated depreciation, investor choice of 5-10 years Extraordinary income (windfall profits) tax (70%) only applicable when metal price exceeds 10 yr. rolling monthly average plus one standard deviation (likely 1 of every 7 years). Currency exportation tax (ISD) exemption for mining sector VAT (12%) refunds starting in 2018 adds up to 1.5% to IRR Limited applicability of capital gains tax Extraordinary Income (windfall profits) Tax and Sovereign adjustment are unlikely to be paid under normal circumstances, and never before discounted payback of the initial investment (Wood Mackenzie PDAC 2016 Presentation) 14

15 MINING TAXATION REGIME Ecuador s tax burden is competitive compared with regional countries Source: Wood Mackenzie presentation at PDAC

16 MINING TAXATION REGIME Projects with other cost structures yield different percentages, but do not alter the conclusion that Ecuador s tax burden is in the competitive range 16 Source: Wood MacKenzie presentation at PDAC 2016

17 ECUADOR PROJECTS Cornerstone JV Projects Cascabel Cornerstone 100%-Owned and optioned Projects Vetas Grandes Bella Maria Caña Brava* Epithermal (Au- Ag) & Porphyry (Au-Cu) Targets * Option to earn 100% 17

18 CASCABEL (Cu-Au) JV SolGold plc 85% Cornerstone 15% Exploration Funding 100% SolGold Targeting porphyry copper gold deposits Located in same belt as Junin (now Llurimagua) porphyry Cu- Mo deposit (982 M tons at 0.89% Cu, 0,04% Mo) and the Colosa porphyry Au deposit (905 M tons at 0,92 g/t Au) located to the north in central Colombia 18

19 CASCABEL (Cu-Au) INFRASTRUCTURE Paved road to site. 196 km (3 hrs drive) from Quito Available electrical power / water Important industrial port in Esmeraldas City (222 km to project site) downhill and by paved roads Old railroad from Ibarra to San Lorenzo being rehabilitated for tourism as a first step EXPLORATION History Stream sediment (SS) anomaly defined by regional BGS survey Property acquired from SBRL in March 2011 and reconnaissance work identified a 3x3 km rock chip anomaly within a 5x5 km stream sediment anomaly Systematic exploration program started in May Alpala discovery outcrop found through prospecting work in the 1 st field sequence Good exploration results reported every month and all over the property: good signs Heli-borne magnetic survey Terraspec mineralogical mapping of soils Deep penetration 3D IP Orion survey TARGETS TO DATE Porphyry Cu-Au (14): Alpala (5), Triviño, Aguiñaga, Tandayama-America, Chinambicito, Cristal, Carmen, Parambas, Moran and new targets added regularly 19

20 CASCABEL (Cu-Au) Significant intersections from CSD (First hole ever drilled on the property) 0.34% Cu, 0.48 g/t Au (0.77% Cu Eq) from 16m, including: 0.37% Cu, 0.38 g/t Au (0.71% CuEq) from 16m and, 0.65% Cu, 1.00 g/t Au (1.55% CuEq from 222m) from CSD (Discovery hole) 0.62% Cu & 0.54 g/t Au (1.10% Cu Eq) from 24m to EOH, including: 0.93% Cu, 0.91 g/t Au (1.74% CuEq) from 658m to EOH) or, 1.03% Cu, 1.05 g/t Au (1.97% CuEq) from 778m to EOH) or, 1.27% Cu, 1.40 g/t Au (2.52% CuEq) from 1052m to EOH from CSD % Cu, 0.17 g/t Au (0.55% Cu Eq) from 654m, including: 0.65% Cu, 0.35 g/t Au(0.96% CuEq) from 1056m 2.97% Cu, 4.09 g/t Au 1.22% Cu, 0.76 g/t Au CSD m Note: Copper Equivalent (CuEq) has been calculated using $2.20 / Lb Cu and $1350 / oz Au 20

21 CASCABEL (Cu-Au) from CSD % Cu, 0.44 g/t Au (0.80% CuEq) from 396m, including: 0.56% Cu, 0.64 g/t Au (1.13% CuEq) from 862m or, 0.60% Cu, 0,76 g/t Au (1.28 % CuEq) from 904m Intense B-veins stockwork with chalcopyrite from CSD % Cu, 0.77 g/t Au (1.28% CuEq) from 430m, including: 0.80 % Cu, 1.19 g/t Au (1.87% CuEq) from 710m or, 1.00% Cu, 1.34 g/t Au (2.20% CuEq) from 1062m or, 1.60% Cu, 2.47 g/t Au (3.81% CuEq) from 1208m 3.04% Cu, 9.54 g/t Au from CSD (abandoned at 974m, before reaching the expected high grade zone 0.38% Cu, 0.36 g/t Au (0.70% CuEq) from 446m, including: 0.63 % Cu, 0.74 g/t Au (1.29% CuEq) from 684m or, 0.86% Cu, 1.19 g/t Au (1.93% CuEq) from 760m from CSD % Cu, 0.40 g/t Au (0.90% CuEq) from 996m, including: 1.45 % Cu, 1.44 g/t Au (2.74% CuEq) from 996m and, 0.73% Cu, 0.50 g/t Au (1.18% CuEq) from 1412m FIELD WORK DISCOVERED NEW OUTCROPPING MINERALIZED ZONES DURING 2016Q1 and Q2 AT TRIVIŇO, PARAMBAS, CARMEN AND ALPALA SOUTH 21

22 CASCABEL (Cu-Au) from Hole CSD % Cu, 0.77 g/t Au (1.37% CuEq) from 128m, including: 1.45 % Cu, 1.44 g/t Au (2.59% CuEq) from 438m and, 1.14% Cu, 1.40 g/t Au (2.25% CuEq) from 876m...from Hole CSD % Cu, 0.65 g/t Au (1.22% CuEq) from 808m...from Hole CSD R2 0.67% Cu, 0.50 g/t Au (1.12% CuEq) from 890m, including...from Hole CSD R2 0.67% Cu, 0.50 g/t Au (1.12% CuEq) from 890m, including 344m@0.86 % Cu, 0.68 g/t Au (1.47 CuEq) from 1294m...from Hole CSD % Cu, 0.78 g/t Au (1.32% CuEq) from 516m,including 3736@1.00 % Cu, 1.34 g/t Au (1.34 CuEq) from 928m and from Hole CSD LAST HOLE TO DATE 0.60% Cu, 0.53 g/t Au (1.07% CuEq) from 330m, including 562@0.79 % Cu, 0.75 g/t Au (1.46 CuEq) from 702m 22

23 CASCABEL DEVELOPMENT CONCEPT 20

24 Summary Cascabel project brought from a regional stream sediment anomaly to drilling stage in 17 months and to discovery hole in less than 22 months Environmental Impact Study (EIS) completed/approved in 7 months Environmental license granted 24 hrs after EIS approval Very strong social license CASCABEL (Cu-Au) Alpala target drill tested to date but only one of several porphyry and epithermal targets to be tested on the 50 km² property Surface exploration results, deep and extensive geophysical anomalies and drilling results are supportive of a large gold-enriched porphyry copper occurrence Partner SolGold is funding 100% of project to finalization of a bankable feasibility study CASCABEL IS A GOOD EXAMPLE OF CORNERTONE S BUSINESS MODEL AND CAPABILITY TO DELIVER THE GOODS 24

25 CESA PROPERTIES Vetas Grandes & Bella Maria 100%-Owned properties Caña Brava Optioned to earn 100% property 25

26 VETAS GRANDES (Au-Ag) Epithermal Low to Intermediate Sulphidation goldsilver prospect Extensive surface sampling, trenching and geophysical surveys completed Several large, 3m to 7m veins and quartz vein/vein breccia/stockwork forming swarm striking eastnortheast over 1.4 km Excellent correlation between mapped veins, rock assay results, soil geochemistry Bonanza style mineralization: 3.4m grading 53.4 g/t Au and g/t Ag Regional mapping and prospecting work suggest that Vetas Grandes could be part of a new mineral district 26

27 VETAS GRANDES (Au-Ag) Excellent correlation between mapped veins, rock assay results and IP chargeability / resistivity anomalies Modeling using multi-elements geochemical distribution and ratios, spectrometry work, quartz vein textures defined prospective precious metals horizons and drill targets 27 Potential: 1Moz + gold and significant Ag Never has been drilled and is drill-ready

28 87% VETAS GRANDES (Au-Ag) TENTATIVE WORK PROGRAM & BUDGET - VETAS GRANDES PROJECT Apr-16 SHYRI - VETAS GRANDES PROJECT Year 1 / Month Year 2 / Month Budget Activity Cumulative % ADVANCED EXPLORATION PHASE (first 1.5 of 4 years) Work program Concessions fees 2016 (2300 hectares)* $ $ % Concessions fees 2017 (2300 hectares)* $ $ % Prospecting work ** Property and district scale $ $ % Detailed geology - 2 teams *** $ 0 $ % Soil geochem *** $ 0 $ % Trenching *** $ 0 $ % Geophysics - Magnetometer *** $ 0 $ % Geophysics - IP *** $ 0 $ % Drilling target definition *** $ $ % DDH - Phase m Phase m $ $ % Evaluation of results - Phase 1 11 months $ $ % DDH Phase m Phase m $ $ % Evaluation of results - Phase 2 18 months $ $ % $ % Permitting Social License and community relations program LS 6 months $ $ % Environmental License & management LA 6 months $ $ % Water permit PA 6 months $ $ % $ % * Advanced Exploration Stage (AES, Drilling) TOTAL: $ $ (ave/mo) ** Optional TOTAL + 10% contingencies $ $ (ave/mo) *** Work completed 28

29 BELLA MARIA (Au-Cu) Exceptionally high gold content in stream sediment and free gold panned samples over the entire property Soil geochemistry surveys have outlined a large (3 km x 2 km) coincident gold copper +/- molybdenum in-soil anomaly associated to porphyry-style mineralization in the central portion of property Seven (7) mineralized prospects identified Free Gold in Pan Concentrates 29

30 BELLA MARIA (Au-Cu) Bella Maria 3D Topo, district geology, mineralization and exploration results Newmont drilled thirteen holes on porphyry gold type mineralized zones 0-3km south of concession: o Trinchera and Paloma targets: Seven drill holes cut greater than 70m at 0.5 g/t Au cut-off. Drill hole C99-14 cut 1.6 g/t Au and 0.2% Cu over 192m, including 3.1 g/t Au plus 0.3% Cu over 46m. o Cacique target: A 22m intercept assayed 2.6 g/t Au and approximately 0.2% copper. Odin drilled 9 holes (3540m) intersecting significant porphyry Au-Cu style mineralization: o Hole #47: 0,66 g/t Au, 0,09% Cu ( 0.82 g/t AuEq) o Hole #51: 0,67 g/t Au, 0,10%cu (0.83 g/t AuEq) Both holes with higher grade, m thick, zones grading 1.5 to 2 g/t AuEq 30

31 BELLA MARIA (Au-Cu) Stream sediment samples collected across the property are exceptionally anomalous in gold Large (3 by 2 km) coincident gold - copper molybdenum insoil anomaly identified in central part of property Seven (7) mineralized Au-Cu prospects have been identified Strong gold-copper mineralization found by drilling just south of property (Odin Mining) Results to date indicate excellent potential to host significant porphyry and structurally controlled (breccias and veins) gold and copper mineralization. Property never has been drilled but is drill-ready 31

32 CAÑA BRAVA (Au-Ag-Cu) Property hosts IS and HS epithermal gold-silver zones defined by extensive hydrothermal breccia and silica ribs developed on top of porphyry gold-copper style mineralization 32

33 CAÑA BRAVA (Au-Ag-Cu) Geology map and DDH proposal 4 Mineralized zones defined: Porphyry style at Q. Soroche and Q. Cana Brava Epithermal style at Soroche Norte and Noreste RTP ground magnetic data and interpretation 33

34 CAÑA BRAVA (Au-Ag-Cu) Geochemical signature: Epithermal IS veins at Soroche Norte with Au-Ag-Pb- Zn +/- As-Sb-Hg correlation High grade Au and Ag values associated to NE oriented silicified ribs Epithermal HS Au-Ag mineralization at Sector Norte Rock and soil Gold (Au) assay results Rock and soil Silver (Ag) assay results 34

35 CAÑA BRAVA (Au-Ag-Cu) Geochemical signature: Porphyry style at Soroche and Q. Cana Brava with strong Cu-Mo-Au correlation Peripheral and intermediate sulphidation at Soroche Norte Highly anomalous Mo +/- Cu values Rock and soil Copper (Cu) analytical results Results strongly suggest that a porphyry system(s) lies at depth below Soroche and Q. Caña Brava targets with peripheral higher level Intermediate Sulphidation veins at Soroche Norte Property never has been drilled. Phase 1 drilling program (3,200m) is proposed Rock and soil Molybdenum (Mo) assay results 35

36 GENERATIVE PROGRAM Example: BLOCK 2 GOLD Several datasets: > than 50,000 samples First-pass data processing completed with 93 anomalous areas defined Operational structure in place Cornerstone has a strong capability to generate and explore new projects 36

37 GENEX & TARGETING Second step, detailed compilation program completed 4 Zones, 5.55 M Has 100 gold and/or copper exploration targets defined Several target areas applied for (60,000 Has) under the ENAMI EP JV and on our own More could be done with a JV partner or partners 37 Targeting program: Cornerstone properties, main deposits, prospects, areas investigated, targets defined and concessions applied for

38 STRATEGIC ALLIANCE WITH ENAMI On June 14, 2016, Cornerstone Ecuador SA (CESA) signed the definitive Strategic Alliance and Joint Venture agreement with Ecuador s State Mining Company, ENAMI Empresa Pública. ENAMI EP has a preferential right to acquire mining concessions anywhere within the country. It has applied for approx. 40,000 Has of high quality targets in the Cascabel district under the JV agreement. Regional data compilation and integration Target areas defined using newly developed metallotects Zone 1 detailed data integration completed: 35 targets defined. 9 highest priority targets (60,000 has) selected for ground surveys. 38 Cornerstone has applied for approx.15,000 Has on its own under the public bidding process.

39 WHY ECUADOR? ECUADOR AN OPPORTUNITY TO GAIN A FIRST MOVER ADVANTAGE In addition to being the last Andean nation that is largely unexplored, Ecuador has the advantages of abundant water and electrical power (and low power costs), excellent highway and port infrastructure, and already is known to host world class deposits. The discovery of the Cascabel high grade copper-gold porphyry at surface by prospecting clearly demonstrates the underexplored nature of the country and its high potential to host easier-to-find deposits compared to its more mining-more mature neighbor countries. Recent changes in the tax regime makes the country competitive with Chile, Colombia, Brazil, Mexico and Peru. Cornerstone has an experienced team of geologists who have been continuously active in Ecuador since 2005, and is one of the most successful exploration companies active there. Potential partners can significantly de-risk their investment in the country by operating through a JV or Strategic Alliance with Cornerstone, acquiring a first mover advantage in one of the last mining frontiers in the Andes. Ecuador: Latin America s newest mining destination 39

40 CHILE MIOCENE PROJECT Miocene property geology map showing prospective areas 40

41 CHILE MIOCENE PROJECT Miocene property, alteration zones and mineral prospects. Gold assay results of Miocene project rock samples 41

42 CHILE MIOCENE PROJECT Arsenic assay results of Miocene project rock samples. Mercury assay results of Miocene project rock samples. 42

43 CHILE MIOCENE PROJECT Copper assay results of Miocene project rock samples. Molybdenum assay results of Miocene project rock samples. 43

44 WHY CORNERSTONE? 15% interest in Cascabel financed to Bankable Feasibility Study Timely opportunity for project generators in Ecuador Underexplored country hosting world class precious and base metals deposits Competitive tax regime and new regulations recently implemented making the country significantly more attractive First mover advantage Operational structure in place since 2005: Expertise and databases 3 Drill-ready and JV-ready projects 5.6M Has targeting program completed. 100 Cu and Au targets defined New concessions applied for and some more that could be applied for under ENAMI JV or under the general bidding process World class Cascabel discovery made in less than 2 years from an early grass-root, regional exploration program. 55,000 Has applied for in the same district. Exploring in the core of a new mineral district in northern Chile 44

45 45