Projects

Lida - Nevada

Location

The Lida Project lies 70km SSW of Tonopah, Nevada in south-central Esmeralda County, within the richly gold and copper endowed Walker Lane Mineral Belt. It is linked to U.S. Route 95 by a 25km all-weather road that is easily accessed by two-wheel drive vehicles. The site is serviced by a power line and the nearby communities of Tonopah and Beatty. The project is secured by 33 granted BLM lode mining claims covering a total of 2.75 km2.

Nevada was ranked as the top mining jurisdiction globally for mining investment in the 2020 Fraser Institute Annual Survey of Mining Companies.

Geological Setting

The Walker Lane Mineral Belt is a broad northwest striking fault zone that trends for more than 500 km through western Nevada and eastern California. Miocene extension and faulting of sedimentary and metamorphic rocks permitted the intrusion of rhyolitic magmas which formed caldera complexes through volcanism as well as domes and laccoliths.

The mineralization of the Walker Lane Belt is characterized by the intrusion of younger felsic magmas into the surrounding sedimentary and metamorphic rocks, resulting in the formation of porphyry copper deposits such as Yerington. Volcanism and associated caldera formation driven by the felsic magmas also resulted in the formation of epithermal gold and silver deposits (i.e., Comstock, Tonopah, Beatty).

Mineralization

Based on historical records, shale and quartzite of the Campito Formation was reported to contain widespread copper oxide mineralization at Lida. Recent site visits by Company geologists have demonstrated that many of the 100’s of prospecting pits across an area of 2km x 2km expose extensive oxide copper within fault structures and quartzite. Lida is also associated with a discrete magnetic high, like most major mineralization systems within the Walker Lane Belt.

The positive association between structurally controlled copper oxide mineralization, propylitic alteration, copper-mineralized breccia pipes, and the regional magnetic high with no modern exploration defines a high-priority copper target. The largely impermeable Campito Formation may overlie a pyrite rich (chargeable), shallow buried porphyry copper-molybdenum system or copper-rich skarn.

Project History

Mining at Lida started in the 1860s as an outgrowth of the Aurora gold rush boom. Mexican and Native American prospectors worked small claims in the Lida region and in nearby Tule Canyon prior to 1867, when American prospectors organized a district. Mining for copper, gold and silver continued until the late 1800's but closed soon thereafter due to low grades and falling prices.

Small scale, historical mining activity focused on the No 1 shaft, which targeted structurally controlled primary copper mineralization comprising chalcopyrite, bornite and chalcocite. A structural zone adjacent to the No 1 shaft was reported to contain copper mineralization across a width of up to 30m. 

The most recent exploration documented at Lida was by Conoco Inc in the 1960s and 1970s. Conoco identified a large IP anomaly, covering 2km by 500m, underneath the surface copper mineralised area. A single shallow borehole was drilled but failed to test the target or penetrate the Campito Formation to more prospective carbonate host rocks.

Exploration

During Q4 2021, Aguila sampled a large number of shallow exploration pits in the area and noted that visible copper, mostly as oxides, carbonates and silicates was present throughout the eastern section of the claim block. An exploration program has been designed and will be undertaken by Aguila during Q1 and Q2, 2022.

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