Josemaría Copper-Gold Project

  • Asset Overview

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    San Juan Province, Argentina

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    Deposit Type


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    Cu & Au

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    Project Stage

    PFS Completed – November 2018
    FS Anticipated – 2020

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    After-Tax NPV & IRR

    US$2.0 Billion

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    Life of Mine

    20 years

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    Probable Mineral Reserve

    0.29% Cu, 0.21g/t Au, 0.92 g/t Ag

  • Geological Profile

    Josemaría is a copper-gold (Cu-Au) porphyry system. 

    The copper-gold mineralization at Josemaría is mostly hosted by a Miocene porphyry system which forms an elongated body with minimum dimensions of 800 to 900 m north-south, 600 to 700 m east-west and 600 to 700 m vertically. The porphyry has been dated at approximately 24.7 Ma. The deposit is centered on a composite porphyry stock, which intrudes rhyolitic volcanic and tonalitic plutonic rocks of assumed Permo-Triassic age. The earlier, more intensely quartz- ± magnetite-veined porphyry phases and nearby wall rocks display a telescoped sequence of alteration-mineralization zones, from shallow advanced argillic (mainly quartz-pyrophyllite) and underlying sericitic to deeper chlorite-sericite and minor remnant potassic; all are mineralized, but the highest copper and gold grades are present as a low-arsenic, high-sulfidation assemblage in the quartz-pyrophyllite and quartz-sericite alteration. The outermost parts of the copper-gold-zone are overlapped by a pronounced molybdenum-bearing annulus.

    The deposit was partially unroofed, and then covered within 2 m.y. by redbed conglomerate and sandstone capped by felsic tuff and lava. Following erosional removal of the volcanosedimentary strata from the northern and central parts of the deposit, a north-trending, post-mineral fault zone localized an economically important zone of supergene chalcocite enrichment in the northern part of the deposit. 

    The Josemaría deposit remains open to the south, beneath a thickening cover of post-mineral volcanic rocks, and also at depth.

    A detailed description of the Josemaría deposit geology was published in the May 2019 edition of Economic Geology and can be accessed here.

  • PFS Summary

  • Exploration History


    Josemaría is a grass roots discovery made by Josemaría Resources Inc.  (formerly NGEx Resources Inc., “NGEx”) during the initial drilling campaign in 2004.  The first hole drilled encountered 280 metres grading 0.61% copper and 0.51 g/t gold, clearly indicating that a significant copper-gold deposit had been found.


    Work programs conducted at Josemaría include geological mapping; soil, rock-chip, and talus sampling; a number of geophysical surveys including induced polarization (IP)–resistivity, magnetometer, and Mount Isa Mine’s Distributed Acquisition System methodology (MIMDAS) surveys; reverse circulation (RC) and core drilling, and Mineral Resource estimation.  A number of environmental baseline studies have also been undertaken. 


    Ten drilling campaigns have been carried out at the Josemaría deposit, from 2003 to 2019. Drilling at the Josemaría deposit to date totals 71,720 m in 171 drill holes, of which 48 holes (17,535 m) are RC holes, and 123 holes (54,185 m) are core holes.

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