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REGIONAL ROUNDUP

Pathfinder joins party in Argentina

by Mark Andrews

athfinder Resources Ltd has joined the precious metals party Rioja province in the eastern foothills of the Andean Mountains.
P in Argentina and hopes to hit the dance floor in the same way Having assessed 50-odd projects, Green says the list of quality
Challenger Exploration Ltd and E2 Metals Ltd have done in the past assets in the market has slimmed and he is confident that the
12 months. company can make good headway into King Tut after raising $6
Challenger (see page 53) and E2 Metals – 70c/share and $105 million at IPO.
million market cap – have successfully started their exploration Following the extensive due diligence completed prior to making
journeys in Argentina’s south at a time the country’s leaders are the King Tut, transaction, Pathfinder appointed Condor Prospecting
encouraging participation in the mining sector. to undertake a geological and exploration programme focused on
“It is picking up at the moment and I think the market at large realises identifying along strike extensions and other mineral occurrences
the new President [Alberto Fernández] is actually pro-mining and near the King Tut mine workings.
the Government realises they need mining it generate the foreign Detailed geological mapping and surface sampling conducted by
currency they need,” Challenger managing director Kris Knauer told Condor is the segue way into a maiden drilling programme planned
GMJ. for Q1 at King Tut.
“All of a sudden, although not impossible, it is a little bit harder to find Channel samples from the King Tut underground Levels 1 (4.88 g/t
good quality geologists or Argentinian geologists now than it was gold and 1.55% cobalt, with average grades of 3.41 g/t and 1.81%)
when we first started which shows that there is demand picking up.” and Level 0 (19.7 g/t and 2.85%, average grade of 12.73 g/t and
Challenger has stated the ambition of potentially producing a 1.48%) during the 1980s demonstrated higher grades lurked at
multi-million ounce gold deposit at depth.
Hualilan this year, while Argonaut “What we do know from the original
Securities Pty Ltd and Cannacord workings is that there are three
Genuity jointly led a $13 million levels, and the recordings seem to
placement to institutional and suggest that there is higher grade at
sophisticated investors for E2 depth. We also believe that there is
Metals in November. stacked veining, with multiple veins
The funds will be used by E2 for also possible,” Green said.
follow-up drilling at the Mia gold and “Then of course there is potential
silver discovery (18m @ 47 g/t gold, along strike. As part of the
208 g/t silver from 66m), ongoing transaction, the vendors were able
scout drilling of up to 10,000m RC to secure a significant land package
at regional prospects, preliminary around the old King Tut workings
technical studies and general King Tut in Argentina will be the primary focus for Pathfinder so we have quite a significant
working capital. Resources. Pathfinder acquired 100% of the equity in the land package which gives us the
companies that own the rights to the King Tut, Diana II
“We believe that Argentina is one of opportunity to explore the full extent
exploitation concession and the expired Guille tenement last year
the next places that is really starting of it.”
to attract attention. There are a Green said the company was on
couple of ASX juniors in there that are doing well and having fantastic track to deliver a resource at King Tut by the end of 2021, subject to
success; they are in the south we are further north up close to the COVID-19 conditions.
Chile border. That region has some absolute monster resources
King Tut is the company’s flagship project, however, it also has a
and monster mines in our neighbourhood,” Pathfinder executive
70% interest in the 343mt @ 54.5% Hammersley iron ore project in
chairman Shannon Green told GMJ.
Western Australia’s Pilbara.
Green has successfully reconstructed the troubled Winmar
Green said the company would be assessing options for realising
Resources vehicle, having “paid all debtors, cleaned everything up,
value from Hammersley, while also pursuing strategies to beef up its
recapitalised and made the first project acquisition out of the blocks
portfolio in the Americas.
in Argentina”.
Gold, copper and nickel projects will be the focus of Pathfinder’s
“The critical thing is that we didn’t just hide things under the carpet
attention.
and hang a new sign on the door and buy the first project we fell
“Jurisdiction-wise, North and South America will be the focus, that
over,” Green said.
doesn’t mean we wont look outside those areas however they will
Green is aware of the Winmar legacy and knows the importance of
have to be compelling opportunities,” Green said.
delivering on the King Tut gold and cobalt project in Argentina’s La
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