||The La Joya property is located in Huancavelica Department in the Central Andean mountains, approximately 185 kilometres southeast of the Lima, Peru
||No communities living within its boundaries.
||La Joya can be accessed via the paved Central Highway via the towns of La Oroya to Huancayo. From Huancayo a compact gravel road leads into the property. Travel time from Huancayo is in the order of 4.5 hours.
||The La Joya property is comprised of 17 concessions totalling 14,600 hectares and was acquired within the Newmont Alliance area.
||The La Joya property is owned 100% by Geologix. Geologix has granted Empresa Minera Los Quenuales S.A. ("EMLQ"), a Peruvian subsidiary of the Glencore group, an option to earn up to a 70% interest in the Property.
||The La Joya is subject to a 2% NSR royalty on precious metals and 1% NSR Royalty on all other minerals payable to Newmont.
The La Joya property is located in Huancavelica Department in the Central Andean mountains, approximately 185 kilometres southeast of the Lima, Peru. Access to the property is via the paved Central Highway via the towns of La Oroya to Huancayo. From Huancayo a compact gravel road leads into the property. Travel time from Huancayo is in the order of 4.5 hours. The property is situated at an elevation of 4,200m to 4,750m above sea level. The area of the property does not have any communities living within its boundaries.
The La Joya Property comprises 17 concessions totalling 14,600 hectares and was acquired within the Newmont Alliance area and is now a separate joint venture agreement between Newmont and the Company, with both parties contributing to exploration expenditures on an equal basis. Non-participation in the venture results in straight line dilution. Currently the interest in the property is Geologix 58.53% and Newmont 41.47%.
Mineralization at La Joya is comprised of proximal replacement-skarn and distal manto settings, as well as replacement styles. Disseminated zinc mineralization within the western intrusive is also present, as are significant gold anomalies within an intrusive setting.
The La Joya property is underlain by a zone of skarn, formed at the contact between granodioritic to dioritic intrusions and calcareous sediments of Jurassic to Cretacious age. Sedimentary units are silicified with lesser dolomitization. The skarn can be classified as an endoskarn with alteration dominated by epidote and chlorite in and around the intrusive bodies.
Mineralization on the property is prominent in two locations. Reconnaissance sampling indicates a regional zonation in the "Central Skarn" area, immediately above an interpreted intrusive unit with anomalies of gold, silver, copper and molybdenum. This "halo" measures approximately 2,500 metres from south to north. Gold values in these areas are as high as 6.59 grams per ton gold and occur in gossan zones. Silver anomalies assayed as high as 1,411 grams per ton silver in the Central Skarn zone. Seven kilometres to the west, the "La Joya West" zone is a structurally controlled, intrusive related zone of mineralization dominated by zinc and lead mineralization. Mineralization is hosted in mantos, replacement bodies and structures within calcareous sediments and is dominated by zinc and lead. Maximum analytical results are 60% zinc and 25.5% lead in grab samples.
Exploration activities on the property to date included geological mapping and sampling with a total of 885 samples collected in grab samples, chip samples and channel samples. In addition, geophysical surveys were completed in the form of magnetic surveys (350 line kilometres), pole-dipole IP [Induced Polarization] surveys (2.3 line kilometres -- La Joya West) and 40 line kilometres of Gradient IP surveying.
Data review and compilation were completed to delineate drill targets to evaluate the large and well defined mineral zonation associated with the skarn zones.
Option Terms to Empressa Minera Los Quenuales, S.A. de C.V.
In March of 2010 Geololgix granted Empresa Minera Los Quenuales S.A. ("EMLQ"), a Peruvian subsidiary of the Glencore group, an option to earn up to a 70% interest in the La Joya.
Pursuant to the terms of the agreement, EMLQ may earn an initial 51% interest in the property by completing US$2,000,000 in expenditures over three years. In year one, the agreement calls for a minimum commitment of 1,500 metres drilling. Upon successful completion of these expenditures, a joint venture will be formed (49% Geologix and 51% EMLQ).
EMLQ may earn an additional 19% interest in the project, for a total of 70%, by providing a bankable feasibility study ("BFS") within 6 years of formation of the joint venture. The BFS must be completed within 2 years from the election to exercise the additional 19% interest. EMLQ may exercise the right to off-take 100% of the metal production on terms that are arms length, by providing the Company's proportion of project financing to commercial production on a loan basis to be repaid from 90% of cash flow.
Maps & Figures
There are no Technical Reports on this Project at this Time.