Flagship acquires Anglo American's Pantanillo exploration data
ASX-listed Flagship Minerals has struck a binding agreement with Anglo American Norte to acquire a large historical exploration dataset for its Pantanillo gold project in Chile.
The move, Flagship says, could fast-track resource conversion and project development at a fraction of the replacement cost.
The dataset includes nearly 33 000 m of drilling from 148 holes, including 13 949 m of diamond core, as well as more than 2 100 geochemical samples and ground magnetic survey data. The materials, which Flagship estimates would cost up to A$31-million and four to five years to replicate, are being transferred from Anglo’s storage facilities in Copiapó.
“This is an exceptional milestone,” MD Paul Lock said. “The Anglo dataset gives us access to all historical drilling at Pantanillo – almost 33 000 m across 148 holes – of which over 12 000 m was previously unavailable and therefore not included in the current foreign estimate of 1.05-million ounces of gold.”
Lock added that the newly acquired data, including diamond core available for re-sampling, will allow the company to accelerate a Joint Ore Reserve Committee-compliant mineral resource estimate and “potentially grow the existing gold inventory significantly – without drilling".
Flagship said the transaction required an initial $100 000 payment, followed by staged installments of $750 000 over two years, and a final $1-million only if it exercises its option to acquire Pantanillo before April 2030.
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