The Las Princesas concessions comprise 1,050 hectares located in La Libertad Department, Santiago de Chuco Province in northern Peru. The property is accessible by paved highway from Trujillo to within eight kilometres of the concessions. The final approach from the highway is on a narrow dirt road parallel to the boundary of Barrick Gold’s Lagunas Norte mine at an elevation of about 4,000 metres.
Las Princesas is sandwiched between the Quiruvilca Mine, sold by Pan American Silver to a subsidiary of Southern Peaks Mining Ltd., and Barrick’s Lagunas Norte mine. The property hosts vein and high sulfidation gold mineralization in Calipuy volcanic tuffs and flows intruded by a quartz monzonite stock.
Forrester completed a surface sampling and geological mapping program which resulted in several anomalous gold values of between 2 and 3 grams per tonne, coinciding with lead values above 10%. These results came from an area of vein “swarms”, and the presence of a large stockwork is conjectured. A number of 1 to 2 metre-wide veins have also been identified and may form the basis of an early “cash flow generator”.
The property was optioned in 2011 by Vena to Forrester Resources Corp.* for $50,000 and 325,500 shares of Forrester stock for the right to earn a 51% interest in the property by spending US$2.4 million over the first three years and the option to acquire up to an 85% interest in the property by spending an additional US$5 million by the sixth anniversary of the agreement. This later expenditure would include a feasibility study and initiation of commercial production.
Forrester completed a 52 line kilometre CSAMT survey that has identified a broad, deep, low resistivity linear feature trending east-southeasterly across the southern part of the property. The anomaly is immediately south of an area where Ballad Enterprises drilled eight short holes with anomalous Au-Ag values in 1999. Forrester also commissioned a Technical Report by Micon International Ltd. which studied all of the exploration data on the property and made a series of recommendations including drilling the CSAMT anomaly.
* Forrester Resources Corp. amalgamated with Vena Resources Inc. in September 2014. Vena Resources Inc. subsequently changed its name to Forrester Metals Inc. on October 5, 2016.