Vidalita Gold Property (Chile)
In early 2017 Altius completed the sale of its Vidalita gold project in Chile to an ASX listed company, Emu NL ("Emu"). As consideration for the option of the Project, Altius' 49% owned Chilean subsidiaries have received 2.5 million shares and will receive up to another 12.5 million Emu shares while retaining a 1% NSR royalty. Minimum exploration expenditures of US$1.0M have been committed to the project over the initial 24 months of the agreement and a drilling program is anticipated to commence in the 1st quarter of 2017.
The Vidalita gold project, located approximately 200 km east from the city of Copiapó in the Atacama Region of Chile, comprises 2,800 hectares of mineral exploration concessions that host alteration and mineralization styles that are considered geologically similar to other high sulphidation oxide gold deposits of the Maricunga gold belt. No known previous exploration has occurred on the project. The project is accessed using a network of roads that link Copiapó with the Refugio mine (Kinross) and the Caspiche project (Kinross/Barrick). Vidalita is located 30 km to the southeast of Refugio.
Geological mapping has defined a 2 km² area of combined advanced argillic alteration and intense silicification coincident with mercury, bismuth and arsenic, characteristic of Maricunga style epithermal gold deposits. Preliminary rock sampling carried out on the claims included a total of 113 rock chip and grab samples, of which 51 assayed over the gold detection limit, 14 contained over 0.1 g/t, with a maximum of 5.5 g/t gold. Mineralization appears to be hosted within Oligocene (30 to 35 Ma) andesitic lava flows and is partly obscured by late Miocene (7 to 8 Ma) andesite cover rocks. Emu plans to commence its exploration program in early 2017.
The Vidalita concessions are directly wholly held by Altius subsidiaries, Prospex SpA and BLC SpA, both of which are supported by the Chilean Government's Fenix Program. Other portions of the project are held pursuant to an underlying option agreement with a local private company entitling the Altius subsidiaries to purchase a 100% interest.