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Latin American mining group Minera IRL has signed a definitive agreement with Catalina Resources that gives it the chance to earn a 75% stake in the La Falda gold project in Chile.

The two sides signed a letter of intent over a possible deal in March this year and since then Minera has been having a closer look at the project. It now want to start a drilling programme there in the fourth quarter of the year.

La Falda comprises mining and exploration permits totalling 14,387.5 hectares in the Maricunga Belt, III Region, in north-central Chile. In addition to a number of epithermal gold targets La Falda hosts a series of mineralized porphyry intrusives discovered by Catalina Resources.

After signing the letter of intent, Minera announced a large, well defined IP geophysical anomaly which supported the presence of a disseminated sulphide mineralized zone.

Minera already owns and operates the Corihuarmi Gold Mine in Peru and is progressing a scoping study on the Ollachea discovery, also in Peru. New projects have recently been announced at Bethania, only 10km from Corihuarmi, and Veca in north central Peru.

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