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Haquira
Peru
Main commodities: Cu Au Ag Mo
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TheHaquiraporphyrycopperdepositislocatedatanaltitudeof3500to4400masl.,~270kmNWof Clickonimagefordetails.
Arequipa, 65 km SE of Abancay and ~80 km SW of Cuzco in the Apurimac Department of southern
Peru(#Location:1409'S,7220'W).

HaquiraispartoftheLas Bambasclusterofdeposit,located~7kmsouthofChalcobamba.Itlieswithin
the Oligocene Andahuaylas-Yauri Belt in the southeast part of the Andean cordillera in Peru, where
parallel belts of Palaeozoic and younger rocks are intruded by Tertiary (Oligocene) diorites and
monzonites,includingtheHaquiraporphyry.Thenorthernpartofthisbeltischaracterisedbyeastwest
striking,north-vergingCretaceousthrustfaults,atrendtransversetotheNNW-trendingmagmaticarcs
in most of Peru. Oligocene intrusive bodies lie in an east-west trend, and intrude faulted and folded
Jurassic to Cretaceous sedimentary sequence. These intrusive rocks have given rise to skarn and
porphyry-stylemineralisationofcopper,molybdenum,andgoldinseveraldistricts.

AtHaquira,theJurassictoCretaceoussedimentarysequencecomprises,fromoldesttoyoungest:
Chuquibambilla Formation-intercalated,grey-black,thin-beddedshales,siltstones,andsandstones;
Soraya Formation - light grey, thin- to thick-bedded arenites to quartzites with three intercalated
siltstone units near the top of the sequence and a localised limestone lens within the arenite. The
quartziteunitisthemostabundantsedimentaryrocktypeatHaquiraandhostsasignificantportionof
the known secondary copper mineralisation, especially at Haquira West. Individual quartzite beds can
be massive several tens of metres thick, but it is very common to find the quartzites with minor
intercalationsoffine-tomedium-grainedclasticsedimentaryrocksandsomepebbleconglomerate;and
Mara Formation - red shales, siltstones and sandstones. The Oligocene intrusions have silicified the
arenitesandconvertedthered-bedsintoepidote-bearinghornfels.

ApartfromtheSorayaFormationquartzites,muchoftheremainderofthesequenceiscomposedofa
mixedsequenceofsiltstonesandmudstoneswhicharecommonlygentlydippingtothewest,verythinly
bedded and fairly well-sorted. When fresh or very weakly altered, these rocks vary from dark grey to
brown or dark green, although alteration imparts a bleached colouration. They occur intercalated with
quartzites of the Soraya Formation in the central part of the property, but also represent much of the
Chuquibambilla and Mara Formations. Diagenetic pyrite is common within the black, fine-grained
sedimentary rocks, especially the Chuquibambilla Formation. Hypogene mineralisation appears to be
preferentially hosted by certain of these rocks when located close to a mineralised intrusion, possibly
thosecontainingveryfinegrainedcarbonates.

TheoverlyingFerrobambaLimestonedoesnotoutcropintheimmediateareaofknownmineralisation,
althoughitdoesoccurnearby.Thesedimentaryrocksarefoldedintoaseriesofmajordoublyplunging
foldswithwavelengthsof1to3km,accompaniedbysomethrusting.

Oligocene intrusives occur as stocks and sinuous dykes, the latter spatially related to NNW-striking
faultsand/orfractures.Mostaremedium-grainedtoporphyriticdiorites,quartzdiorites,monzonitesand
monzodiorites.Theseintrusionssilicifiedthearenitesandconvertedsomeofthefinergrainedsiltstones
and shales into diopside-, biotite- and epidote-bearing hornfels. The most significant is the Haquira
monzonite porphyry, interpreted to be the main mineralising intrusive body, containing abundant disseminated sulphides and the better
hypogenecoppergrades.

TheHaquiraPorphyryistheoldestknownintrusiveunitinthedepositarea.Itistypicallyanequigranulartoporphyritic,leucocratic,medium-
tocoarse-grainedmonzonite,withlocallydeveloped,narrow,late-stageaplitedykes.Phenocrystsare30to40%tabular-shaped,subhedral
plagioclase,5to8%biotite,occasionalamphibole.Thechilledmarginisvariablyporphyritic,withplagioclaseandbiotitephenocrystssetin
anaphaniticgroundmass.TheHaquiraPorphyrycontainsabundantdisseminatedchalcopyrite,pyriteandmolybdeniteinthegroundmass,
andhasassociatedclassicA- andB- typequartz-sulphideveinsandveinlets;bothasstockworksandsheetedveinsystems.
OtherOligoceneintrusives,rangingfromdykestostocksandporphyriestocoarsearefoundinthearea,includingtheLahuani,Pararaniand
Ccahuanhuireporphyries.

Asignificantbodyofbrecciaoccursnearthesouth-centralportionofthedeposit,mainlycomprisingclast-supportedquartzareniteblocks,
although locally more polymictic, with scattered quartz and muscovite-altered porphyry clasts, finer grained sedimentary rocks, and wispy
green fine-grained rock. Clasts vary in sorting and diameter, although rounding is generally good. Sill-like bodies of breccia penetrate the
countryrockinmanyplaces,givingtheimpressionoflaccolith-likebodies.Overall,thegeometryofthemainbodyofbrecciaseemstobe
intermediatebetweenasillandadyke.Thematrix,commonly<10vol.%,comprisessugarygranularquartz,apparentlyderivedfrommilling
ofthequartzarenites.

The Jurassic-Cretaceous sedimentary sequence is blanketed by 1 to 5 Ma Pliocene, (post-mineral) columnar jointed dacitic ash flow tuffs
andignimbrites,correlatedwiththeSenccaTuffandoverlyingalluvium.

TheHaquirasuiteofOligoceneporphyrieswasintrudedunderbroadlyeast-westextension,withthedominantcontrollingfaultsbeingsub-
vertical and north-south striking. There appear to be several N- to NNW-striking, sub-vertical belts, which focus porphyry dyke swarms.
Several of these structural corridors have a monoclinal appearance, with downthrows to the west. The Haquira deposit occurs in the
overturnedlimbofaneast-west-trendingsyncline,whichliesinthehangingwallofaneast-weststriking,north-vergentthrustfault.Swarms
ofen echelonquartztensiongashesoccurinthesandstonesoftheChuquibambillaFormationandlesscommonlyintheSorayaFormation.

The mineralisation at Haquira is part of a porphyry-copper systems related to the Oligocene intrusives, including the Haquira Porphyry. It
occursasacopperoxidezone,sub-parallelandoverlyingasupergeneenrichedchalcociteblanketattheinterfacewiththehypogenecopper
sulphide-bearingstockworksandsheeted-veinsystemsoftheunderlyinghypogeneporphyry-copperstyle.Inaddition,thereisevidenceof
someskarnsdevelopedincarbonaterocksadjacenttotheporphyryintrusives.
Thehypogenemineralisationisspatiallyassociatedwithtwostock-likebodiesofHaquiraPorphyryandrelateddykeswarms.TheHaquira
Eastporphyrytransitsfromadyke-swarm-likegeometrynearthesurfacethroughtoastock-likebody~450mwideatdepth,althoughthe
western and eastern ends are more tabular to dyke-like (~200 m wide), steeply dipping to the south at ~75 to 85. The sedimentary wall
rocks strike ~east-west to slightly WNW-ESE and dip at 20 to 50S. The porphyry is emplaced into both quartzites and intercalated fine-
grainedsedimentaryrocksoftheSorayaFormationandfinegrainedred-bedsedimentaryrocksoftheMaraFormation,whichareoverturned
toformpartofalargerecumbentsynclinalstructurewithrocksoftheMaraformationcoringthatsynclinalstructure.TheHaquira Westarea
isverysimilartothatdescribedabovefortheHaquiraEastarea,themaindifferencebeingthemoredyke-likegeometryandthepresenceof
additionalintrusiverocks.

Quartz- and sulphide-bearing stockworks and sheeted-vein systems are recognised in these stocks and the surrounding sedimentary wall
rocks, particularly in proximal silicified and hornfelsed fine-grained sedimentary rock units. The hypogene mineralisation has a strong
structuralcontrol,withpyrite,chalcopyrite,molybdeniteandtraceamountsofborniteandgoldoccurringinwell-fracturedstructuralzones.
Outward from the central cores, the sulphides are pyrite-chalcopyrite, and beyond a halo of pyrite-specularite. Disseminated and fracture
controlledmineralisationoccursinarenitesandquartzites.

AlterationwithintheHaquiradepositisstronglyinfluencedbyhostrock-typeandcomposition.Porphyryintrusiverocksarevariablyaltered,
while the chemically inert arenites and quartzites are silicified. Fine-grained siltstones and mudstones are variably hornfelsed to biotite,
amphibole,pyroxene,andlocallygarnet-bearingrocks,whiletheMarared-bedsarevariablyhornfelsedtoepidoteandlocallybiotite-bearing
rocks.

The following alteration types are recognised: i).Potassic feldspar; ii).Secondary biotite; iii).Early dark mica; iv).Calc-silicate (diopside,
actinolite, garnet, tremolite); v).Chlorite (epidote); and vi).Locally developed phyllic (quartz-sericite-pyrite). Cu-Mo-Au mineralisation is
spatiallyassociatedwithpotassicfeldsparandsecondarybiotitealterationwithintheHaquiraEastporphyryintrusiverocks.

The veining chronolgy, from oldest to youngest, comprises: i).Un-mineralised quartz-Kfeldspar veins; ii).Un-mineralised calc-silicate
(pyroxene-amphibole) veins and patches; iii).Mineralised Early Dark Micaceous veins, associated with the higher grade Cu-Au zones;
iv).A-type (hotter) and B-type (cooler) veins, both of which are mineralised; v).Mineralised sulphide only veins without selvedges;
vi).Mineralised banded quartz-molybdenite veins; vii).Mineralised enargite overprint of bornite and chalcopyrite; and viii).Late mineral
D-typeveinsofquartz-pyritechalcopyrite.

Thehypogene mineralisationconsistsofchalcopyrite,borniteandmolybdenite,withperipheralpyriteforminga"pyritic-halo"tothedeposit.
Bornite-rich zones typically carry elevated gold levels. There is a strong asymmetrical distribution of the primary copper sulphide mineral
species, Au:Cu metal ratios, and EDM vein distribution at Haquira East. The north to NE margin of the porphyry body is dominantly
pyritechalcopyrite which passes rapidly into chalcopyritepyrite, chalcopyrite, bornite, and bornitechalcopyrite towards the south to SW
andisstillopen(in2010).Molybdenitemineralisationappearstoformashell-likecupolathatiscoincidentwiththetopandmarginsofthe
mainporphyrybody.

Quartz-andsulphide-bearingstockworksandsheeted-veinsystemsarerecognisedintheintrusiverocksandthesurroundingsedimentary
stratigraphy,particularlyinproximalsilicifiedandhornfelsedfine-grainedsedimentaryrockunits.Thehypogenemineralisationhasastrong
structuralcontrol,withtheprimarysulphidesoccurringinwell-fracturedstructuralzonesandasdisseminations,bothwithinthehostporphyry
intrusionandwithinthefine-grainedsedimentarywallrocks.

Supergene mineralisationisfoundatbothHaquiraEastandHaquiraWestascopperoxidemineralsandlocaldevelopmentofasecondary
chalcocite blanket. Most of the supergene mineralisation is characterised by black copper oxides (predominantly tenorite), Cu-bearing
goethite and pitch limonite, suggesting a low-pyrite system. Brochantite and chrysocolla usually result from the oxidation of chalcocite.
Chalcocite"blankets"arebestformedinandproximaltostructures,affordinghighpermeability,andallowingrepeatedleaching/enrichment,
asmanifestedbytherareoccurrenceofcuprite,chalcotrichiteandnativecopper.Minormalachitehasalsobeenidentified.Thesupergene
domainoverthemineralisedsystemischaracterisedbyanumberofverticalzones,namely:i).Leachedcap;ii).Oxidezone,withsecondary
Cu-oxides (chrysocolla, malachite, brochantite, cuprite, black Cu oxides, Cu-Mn wads, etc); iii).Mixed oxide and supergene sulphide
enrichment; iv).Supergene sulphide enrichment, with secondary chalcocite; v).Mixed supergene enrichment and primary Cu-Mo-Fe
sulphides; vi).Hypogene Cu-Mo-Fe sulphides, with chalcopyrite, bornite, molybdenite, hypogene chalcocite, pyrite and minor secondary
chalcocite.

PublishedmineralresourceestimatesatSeptember2010(RozelleandLipsforAntaresMineralsInc.,2010),were:
Measured+indicatedresources-openpit,560.94Mt@0.485%Cu,0.03g/tAu,1.15g/tAg,0.010%Mo;
Inferredresources-openpit,307.78Mt@0.372%Cu,0.022g/tAu,1.15g/tAg,0.007%Mo;
TOTALresources-openpit,867.72Mt@0.445%Cu,0.029g/tAu,1.39g/tAg,0.009%Mo;

Measured+indicatedresources-underground,21.02Mt@1.03%Cu,0.086g/tAu,3.36g/tAg,0.013%Mo;
Inferredresources-underground,20.83Mt@1.10%Cu,0.104g/tAu,4.026g/tAg,0.011%Mo;
TOTALresources-underground,41.85Mt@1.07%Cu,0.096g/tAu,3.74g/tAg,0.012%Mo

This summary closely follows: Rozelle, J.W. and Lips, E.C., 2010 - Haquira Copper Project, Apurimac, Peru, Preliminary Economic
Evaluation Update; an NI 43-101 Report, prepared by Tetra Tech MM, Inc. for Antares Minerals Inc., 266p.

The most recent source geological information used to prepare this summary was dated: 2010.
This description is a summary from published sources, the chief of which are listed below.
Copyright Porter GeoConsultancy Pty Ltd. Unauthorised copying, reproduction, storage or dissemination prohibited.

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