In 2010 the Company consolidated 100% ownership of the Project. Building on historical work conducted in the 1990s and 2000s the team developed a new geological model following developments in the understanding of porphyry deposits in the Central Belt of Chile. Drilling campaigns in 2015 and 2017 confirmed the new geological model, expanded the mineralization and demonstrated the potential for further upside. This was all integrated into the June 2019 PEA demonstrating that Vizcachitas is a robust Tier 1 copper project.
Following the successful PEA, drilling was conducted in 2021 and 2022 alongside engineering studies and metallurgical test work. This fed into the Pre-Feasibility Study(“PFS”) which was published in April 2023. The PFS demonstrated a sustainable, Tier 1, economically robust project with the potential for further growth.
As part of the PFS the Company published their maiden Proven and Probable Reserve Statement of 1.21 billion tonnes at 0.36% copper, 136ppm molybdenum, 1.1g/t silver which equates to a copper equivalent (“CuEq”) grade of 0.41%. The existing resource statement was also updated to take into account the drilling completed in 2021 and 2022. This saw a 16% increase in the Measured &Indicated Resource to 14.801 billion lbs CuEq and a 130% increase in the Inferred Resource to 15.44 billion lbs CuEq.
A benefit of being a greenfield project with no legacy issues was the ability to utilise the latest and best sustainable mining technologies in the PFS. This included the adoption of HPGR technology which reduced energy consumption by 25% vs a SAG circuit which was previously considered in the PEA. The use of dry-stacked tailings was adopted which reduced water consumption by approximately 50% from the previous thickened tailings solution. The Project’s footprint was reduced by 500 hectares and is now designed be situated in a single valley.
The Project has also been designed to use desalinated water removing any concerns over the use of continental water in an area impacted by drought.
During 2025 the Company expanded their land package, obtaining first-priority exploration claims over two new areas within and adjacent to the current property boundaries. The new ground has highly prospective geology and provides further potential upside for the Vizcachitas Project.
