Canada’s Rio2 launches new Chile-wide exploration strategy

Rio2 Limited, the Canadian listed mining company, has begun a new Chile-wide exploration strategy, which aims to expand its footprint in the country, in addition to the current development of its Fenix Gold project, which is located in the Maricunga Gold Belt, in the country's Atacama region.

In a statement, the company explains that its new exploration strategy is to explore for precious metal deposits that have the potential to develop into economic mining operations. The new initiative will leverage Rio2’s mine development platform in the country, it adds.

The company has recently acquired 33,356 hectares of prospective exploration ground in order to consolidate its presence in the Atacama region. It also has seven exploration prospects which remain to be systematically explored – covering a total of 11,200 hectares.

These prospects are Anacorire, Piedra Parada, Amarello, Toro, Laguna, Roca and Santa Rosa. Rio2 will carry out a systematic program of detailed geological mapping, geochemical rock/soil sampling and geophysics in the next 12 months, with the objective of defining drilling targets. The company is funded to undertake this 12-month program, the statement confirms.

“The mineral endowment of the Atacama Region is significant and we believe that there is good potential to identify new precious metals deposits as Rio2 positions itself to be a key contributor in the discovery and development of economic precious metals projects in Chile," states Enrique Garay, senior vice president - Geology, of Rio2.

Garay adds that he will lead this exploration strategy and that he is complementing the team with the appointment of Ignacio Ramos as Exploration Manager - Chile. Ramos, who will be based in Copiapo, is a Graduate of the University of Chile with 10 years of exploration experience in Chile specialising in Au-Ag epithermal deposits and Au-Cu porphyries. During his career, he has worked for Newcrest Mining, Barrick Chile, and AngloAmerican Chile.

Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy, the statement says. 

In addition to the Fenix Gold Project in development in Chile, the company says it is continuing to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company focused in the Americas.