09 APRIL 2024
Our Chita Valley Project in Argentina has reached a significant milestone, with official formation of the Minera Sud Argentina S.A. (MSA) Joint Venture between South32 (50.1%) and Minsud Resources (49.9%).
This milestone signals our entry as the operator of the early-stage exploration project and opens doors for us to explore prospective areas within the project, rich in copper, zinc, molybdenum, gold and silver.
Our interest in Minsud Resources’ Chita Valley Project began in late 2019 when we initiated a four-year Earn In Agreement (EIA) with Minsud Resources. This agreement involved South32 funding ongoing exploration and development over four years in return for the option to take a majority stake and operational control at the end of the period.
Under the EIA, Chita Valley rapidly evolved into a significant exploration project following the discovery of the polymetallic porphyry mineral system at the Chinchillones Prospect.
In early 2023 we formally expressed interest in acquiring a 50.1% stake in MSA and operational control. Following the dedicated efforts of a multi-disciplinary South32 team to prepare MSA for operational control, the Joint Venture was formed on 5 April 2024.
To date, our drilling efforts at the Chinchillones Prospecthave successfully intersected substantial polymetallic mineralisation across a large area (2.0km²) that remains open beyond 1,000m in depth.
Drilling will continue throughout the year to further unlock the potential of Chinchillones and to test regional targets in the search to identify additional, near surface, polymetallic deposits.
Vice President Greenfields Exploration Mirek Wozga said it is an exciting time for the business.
“As the world decarbonises, the demand for copper will rise,” Mirek said.
“This milestone is an exciting step towards unlocking the value of the Chita Valley Project, and in the transition of our portfolio to a low-carbon future.”