Elementos (ASX: ELT) has recently made some acquisitions in Chile, which is achieving the company strategy of diversifying the company's portfolio geographically, while also providing projects at various stages throughout the discovery to development life cycle.
Elementos now has a balanced set of projects across which are focused in South America and Australia, but where the story gets really interesting for the company is the strategic locations of these.
Take the Mercedes project for instance in Chile, which is hosted within one of the world's largest copper producing regions. (See picture)
Elementos is making rapid progress at the recently acquired project, which comprises 8,589 hectares of mining concessions and applications, plus 21,200 hectares of exploration permits and applications.
Adding even more spice to Mercedes, it is strategically located just 60 kilometres east of the world-class Chiquicamata mining district. The area has top quality exploration, mining and development infrastructure.
The recently completed inaugural sampling program of exposed mineralisation and artisanal mines has demonstrated the high-grade copper potential of the project.
More than 75% of the samples contained higher than 1% copper, over a 298 square kilometres wide area, with grades up to 9.79%. Multi-element data suggests porphyry-style mineralisation may also be present.
Corey Nolan, managing director, told Proactive Investors today that exploration will include a 5000 metre reverse circulation program commencing around May this year.
Elementos expands exploration to Tamaya
Still in Chile, Elementos earlier in the week a ground-based geophysical program at the recently acquired Tamaya copper project.
Earlier in the month Elementos secured an option to earn a 50% interest in the project, which is strategically located in a major copper-gold district hosting the Andacollo, El Espino, Tres Valles, and Punitaqui deposits.
Historical production at Tamaya is reported to be two million tonnes at 12% copper, with Elementos having identified the potential for large volumes of lower grade material.
In Argentina at the Santo Domingo project, Elementos is currently seeking a joint venture partner to to help advance the project, where divisoria porphyry depth potential has been highlighted by geophysics.
The company believes that the two recent geophysical programs, in conjunction with the extensive investment in exploration over the last three years, have demonstrated that Santo Domingo has strong potential to host a world-class porphyry deposit.
Meanwhile, substantial progress has been made at Manantiales, discovering and defining prospects through mapping, surface sampling and geophysics.
Drilling programs have recently been completed at Manantial, Julietta and La Puerta veins. The recent discovery through geophysics of the two-kilometre vein system at Manatial Este provides an additional promising target for a future drilling program.
Mt Isa Minerals Province
Add to the South American mix are some strategic land positions for Elementos in the Mt Isa minerals province in Australia.
With a market cap. of $14 million and $5 million in cash, Elementos has an enterprise value of $9 million - yet has exposure in some of the biggest proven copper producing regions in the world.