The Four Metals project is located in the Patagonia District 16 km (10 miles) north of Nogales, Santa Cruz County, Arizona. Subject to underlying royalties, Allegiant controls a 50% interest in 16 claims and a 100% interest in 24 claims that make-up the project.
The Patagonia Range contains a number of undeveloped porphyry copper, breccia copper, and polymetallic vein and replacement deposits within the famous Arizona Porphyry Copper Ore Province.
The Four Metals claims cover the Four Metals copper mine which has been intermittently investigated since the 1960’s by Duval Copper, Noranda Mines, and most recently Cobre Copper. Past programs have included underground development, surface and underground core drilling, resource estimates, metallurgical test work, and various investigations of a leach copper mining operation at the site.
The Four Metals copper deposit is hosted within a crudely circular breccia pipe, about 305 m (1,000 ft) in diameter, intruding batholitic granite rocks. Mineralization consists of a shallow zone of supergene enriched chalcocite mineralization underlain by a larger body of primary mineralization containing chalcopyrite, pyrite, and molybdenite.
Various resource estimates have been carried out at Four Metals. The most recent and comprehensive, by Cobre Copper in 1991, estimated a high grade resource (characterized as mineable) of 7,583,000 tons grading 0.83% copper* and a geologic resource of 23,042,000 tons grading 0.42% copper*. Cobre also developed a conceptual mining scheme whereby the existing underground development, augmented by injection wells, would be utilized for an in situ copper leaching operation.
Based upon the Cobre Copper work the Four Metals copper project represents a potential near term opportunity for development of a small, low capital, copper mine in an area of favorable infrastructure and markets.
*Caution: A qualified person has not done sufficient work to classify the historical estimates contained herein as current mineral resources. Allegiant is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.