Catua, Argentina

Location

The Catua property is located on the Southwestern corner of Jujuy Province, Argentina, very close to the border with Chile. The property is a copper prospect in Jujuy Province, northwestern Argentina, 6 kilometres from the Chilean border and 220 kilometres northwest of the City of Salta. Access is by all-weather road.

Geology & Mineralization

The Catua property contains extensive areas of consolidated and unconsolidated sedimentary rocks. The basement rock consists of a continental red bed sequence that is poorly exposed in the west and south sectors of the property. These rocks are overlain by gravels, which are in turn overlain by partially lithified, fine-grained white-coloured sediments. The top of this sedimentary sequence is made up of unconsolidated gravels, which occur mainly to the east of the Catua property, and that are dominated by dark, siliceous, pebble to boulder-sized lithic fragments.

Copper mineralization at the Catua property consists of widespread copper wad, malachite, azurite, and chrysocolla within the matrix of a poorly exposed sedimentary breccia. Two surface exposures of mineralization, separated by 1 km, have been identified to-date; a northern area (Catua Norte) measuring 800 by 300 m and a southern area (Catua Sur) measuring 300 by 80 m.

Exploration History

2001-2003: Mansfield Minerals, as part of a regional prospecting program, collected a total of 58 rock samples of variably indurated sedimentary breccia which returned Cu values up to 18.25%; with anomalous Pb, Zn and Co values. A total of seven old “winky” drill-hole collars were identified in the field in the vicinity of the Catua Norte copper occurrence; however no core, logs, assay data, or other information regarding the age of the holes was located. Discussions with local residents indicated that drilling occurred approximately 35-40 years ago when a previous property holder also extracted a small volume of material from a series of shallow pits and trenches on the property. Mansfield conducts several exploration campaigns over the property and completes reconnaissance geological mapping, geochemical sampling, and prospecting.

2004-2006: In 2004, Antares Minerals Inc. options the project as part of the Rio Grande project option agreement. In February-March 2005, Antares completed Induced Polarization/Resistivity, Ground Magnetics and Gravity geophysical surveys. In July to September 2006, Antares completed an 8-hole, 1,378.65 m drill program on the project, but no significant mineralization was encountered. Antares dropped the project in 2006.

2008: The Catua property was transferred to Pachamama Resources Inc. as part of a restructuring of Mansfield Minerals Inc.

2009: Pachamama Resources options the project to local Salta businessman Diego Pastana.

2012: The property was transferred to Regulus Resources Inc. as part of the merger with Pachamama Resources Inc.

Eight drill-holes were completed by Antares Minerals Inc. to depths between 24.5 and 401.0 m, for a total of 1378.65 meters.

Drilling

Following the IP, gravity and magnetic anomalies (generated by the interpretation) a drill campaign was conducted with the aim to find the source of the Cu mineralization at surface. Eight drill-holes were completed by Antares Minerals Inc. to depths between 24.5 and 401.0 m, for a total of 1378.65 meters. All holes were collared in modern Quaternary conglomerates, while in the eastern portion of the property below these conglomerates there are sedimentary red beds (sandy mud, coarse sand and sedimentary breccias) with planar and cross bedding structures. In the rest of the property a sequence of white and pink ignimbrite tuffs are overlying the red bed sediments. Holes have intersected variably mineralized, narrow intervals within the upper conglomerates and the underlying, unmineralized red-beds and ignimbrites. No significant mineralization was encountered.