The following is a transcript of Pampa Metals Corporation AMA session on October 16th, 2024
CEO.CA would like to welcome Joseph van den Elsen, President and CEO of Pampa Metals to today’s Ask Me Anything session. Joseph, can we start with a quick overview of the company?
Sure, Pampa Metals listed back in December 2020 with an initial focus on porphyry copper-gold exploration in Chile. Around the middle of last year, we shifted our focus to the acquisition of a new, more advanced project with, ideally, historic ore grade intervals and a clear line of sight to an initial resource estimate. On 30 November last year we announced the acquisition of an interest in the Piuquenes Copper-Gold Porphyry Project here in San Juan, Argentina.
Thank you Joseph, what can you tell us about the company’s flagship project?
The Piuquenes Copper-Gold Porphyry Project is located along the San Juan Miocene Porphyry belt, adjacent to the north with Aldebaran Resources’ Altar project and approximately 190 km west of the city of San Juan. Other large porphyry copper projects in the vicinity include Glencore’s El Pachón, approximately 30 km to the south, the Antofogasta Minerals operated Los Pelambres copper mine on the Chilean side, and Los Azules (McEwen) 50 km to the northeast. The Filo del Sol Project currently under offer from BHP and the Lundin Group is also located on the San Juan Miocene Prophyry Belt. The Piuquenes Project was first drilled by Inmet (subsequently acquired by First Quantum) in the 90’s, who completed a small, shallow drill program and reported over 400m @ 0.47% Cu, 0.52 g/t Au. This high-grade porphyry project along a strategic belt has up until now it has been privately held.The Project is fully permitted for drilling and enjoys great access from here in the town of Barreal, via the Glencore/El Pachon road concession.
That sounds very interesting! What were the key takeouts from the last field season at the Piuquenes Cu-Au Project?
Immediately following announcing the deal on 30 November 2023, Pampa initiated a 3 diamond drillhole program for 2,592m. Each of the three drillholes intersected significant intervals of copper, gold and silver mineralization as follows: PIU01-2024DDH 422 m @ 0.48% Cu, 0.61 g/t Au (198-620m); including 132 m @ 0.71% Cu, 0.85 g/t Au (220-352m) PIU02-2024DDH 448 m @ 0.42% Cu, 0.46 g/t Au (214-662m) including 188m @ 0.59% Cu, 0.63 g/t Au (450-638m) PIU03-2024DDH 801 m @ 0.40% Cu, 0.51 g/t Au from 54m to 855m (EOH)) including 518 m @ 0.53% Cu, 0.73 g/t Au (192 - 710) including 176 m @ 0.71% Cu, 0.74 g/t Au (192 - 368)
Key takeout from the 2023/24 Field Season is that the Piuquenes Project is a high-grade, relatively shallow deposit along a globally significant porphyry belt.
Thank you for the data Joseph. What plans does Pampa Metals have for the 2024/25 field season?
During the 2024/25 Field Season the Company will more fully delineate the size and grade potential of the first deposit at Piuquenes Central. Piuquenes Central is the only target drilled to-date on the property and where the Company reported the 3 drill intercepts I mention above. Concurrently, the Company will drill test a second undrilled, outcropping porphyry at Piuquenes East and advance several other targets across the recently expanded property through surface exploration and possibly geophysics, with a view to defining additional drill targets.
The Piuquenes Project covers an area of ~2,500 hectares and to-date, very little work has been done outside Piuquenes Central which represents a relatively small portion of the overall land package.
When will the 2024/25 field season commence, and how long is it?
We are currently in Barreal, San Juan finalizing on-ground preparatory works. We hope to be drilling within a few weeks and to drill ~10,000 metres through until the end of April/early May 2025. In other words, we hope to shortly start a 6 month drill program for a total of ~10,000 metres.
And when can shareholders expect the first results?
We will have a strong pipeline of technical newsflow starting very shortly and continuing through until june/july 2025. First assay results from drilling at Piuquenes Central and the maiden drill testing of Piuquenes East can be expected this year.
Great and what is the company’s current funding position?
Back in July the Company raised ~$3.6m, with the majority coming from our now largest shareholder 1832 Asset Management. We are now well funded into the new year and the 2024/25 field season.
Thank you Joseph. Can you tell us what is the company’s current capital structure?
Sure, we currently have ~83m shares on issue and a market capitalization of ~18m at current trading levels of $0.22c. Our 5 largest shareholders collectively hold ~37% of the issued capital. Slide 15 of the attached Corporate Presentation provides further detail on our capital structure.
What near-term news flow can shareholders expect?
The best kind! Drilling mobilization, drilling progress and drill hole results....
Thanks so much Joseph! Any closing remarks for our investors?
The Piuquenes Cu-Au Porphyry Project is a company making, high-grade deposit located along a globally significant mineral belt. Very little work has been done to-date and I see a big opportunity for serious value creation, hence why I have such a large personal shareholding....
It is also fully permitted, located in a mining friendly jurisdiction and enjoys fantastic access.
CEO.CA would like to give a big thanks to Joseph and our investors for joining us today! A transcript of today’s session will be available shortly. Have a wonderful day everyone!
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