Peru climbs rapidly up the ranks of the world gold producers

Engineering and Mining Journal, Apr 2000 by Albareda, Guillermo

Quicay. This project, located in Rancas, Cerro de Pasco, has been privatized, and is now owned by Chancadora Centauro. It includes 14 concessions with a total area of 11.1K ha. It is estimated that this project will have a capacity of 70K oz/yr Au.

Tambo Grande. This is a polymetallic (copper, zinc, gold, silver, and lead) deposit, located in the district of Tambo Grande, Piura, which was acquired by Manhattan Minerals Corp. In late September 1999, a diamond drilling program indicated the existence of more than 1.3M oz Au resources, with an estimated gold grade of 5.25 g/mt and significant silver content. This deposit is called TG-1. The company will invest $20M in this project's feasibility study, which should be concluded within the span of the next two years. The estimated caper to carry out this project is $300M.

c) Projects of geological interest with favorable signs:

Huayquizongo. The gold prospect, owned by Buenaventura, is located in Cajamarca, southwest of Yanacocha. It is undergoing exploration.

Zona de Explorador. This prospect, owned by Hochschild, is located in Apurimac, in the Selene area. The production stage is estimated to begin in the year 2001 and will require an investment of approximately$25-30M Sigfrid, Johannes, and San Fernando. Located in Huamachuco, La Libertad, these prospects are owned by Yolanda Quiroga de Laumer, and a threeyear option for their purchase was granted to Cambior.

Pacapausa. Southwestern Gold Corp. agreed with Minorco Peru (a subsidiary of Anglo American Corp. of South Africa) to the acquisition of a purchase option for 51 1c of the Pacapausa property. It will be developing the feasibility study over the next three years. Moreover, both companies have signed four agreements to explore gold projects in northern and southern Peru.

Las Huaquillas. Sulliden Exploration reinitiated exploration of this gold deposit located in Cajamarca. It is currently undergoing the initial exploration phase. As of May 1998, Sulliden had invested $2.2M in this prospect.

Victoria. This prospect, which is in the exploration stage, is a Pangea Goldfields and Sundust Resources joint venture. It is located 100 km north of Lima. It has resources of approximately 670K oz Au (as of May 1999). The company planned to invest $lM during 1999. Pangea also has two additional prospects located in the center-south region of the country-- Prodigiosa and Santa Isabel.

Poracota. This prospect is located in Condesuyos, Arequipa, and is a Southwestern Gold Corp. and Teck joint venture. Various drilling campaigns were carried out up to 1998, with an estimated investment of $2.5M. These are disseminated gold deposits in tertiary volcanics, mainly sulphides.

El Toro. This is a prospect located in La Libertad and owned by Oroperu Resources through its subsidiary Nueva Condor.

Maria Angola, Chota, Chonta, Inca Wasi and Cajabamba. These are prospects that are located near La Granja and Huamachuco, which are currently under exploration with Cambior.

Huayquizongo. Newmont, in a partnership with Buenaventura, will be carrying out drilling operations in this gold prospect, located in Cajamarca.