The Josemaría Project is located near the northern limits of Iglesia Department, in northern San Juan province, western Argentina approximately 10 km from the Chilean border. The nearest settlement is Guandacol located 200 km to the southeast by gravel road. The property falls within the Cordillera Frontal along the eastern flank of the Andes and is underlain by Permian-Triassic batholithic rocks correlative with the Choiyoi Formation and Tertiary volcanics correlative with the Doña Ana Group. These volcanics are intruded by what are believed to be Miocene porphyries of quartz-diorite composition. Some porphyry intrusives are obscured by later volcanic cover and unaltered volcanics brought in contact by low angle faults truncating the top of the mineralized intrusive.
The property is in the southern extension of the Maricunga Belt and in the northern continuation of the El Indio belt. It is currently being explored for porphyry copper-molybdenum-gold systems. Prospective features indicative of a Maricunga-style Cu-Mo-Au enriched porphyry system have been identified on the property. The Maricunga belt is an important Cu-Au district in northern Chile containing the deposits of Refugio, Aldebaran, Escondida, Lobo, Marte and La Coipa among others. Surface sampling, ground magnetic data, and IP-resistivity during the 2002/2003 season established an area of approximately 400 m x 400 m with coincident Cu-Mo-Au geochemistry. Ten RC holes (3,475 m) completed during the 2003/2004 season were responsible for the original discovery of the Josemaria porphyry deposit.
Josemaría is adjacent to Batidero, which together form part of an emerging trend of prospective porphyry and epithermal systems. The Batidero prospect and the Josemaría system of intrusives appear to follow a WNW – ESE trend.
The overall estimated inferred resources for Josemaria (as of 2007) at a 0.30% Cu cutoff is estimated to be 460 million tonnes with a grade of 0.39% Total Cu and 0.30 g/t Au.