Titibirí Mining District

  • The Zancudo deposit is located on the western side of the Central Cordillera of the Colombian Andes
  • The deposit lies within the Romeral terrane, covered by continental sediments comprising gray to green colored conglomerates, sandstones, shales, and coal seams
  • Gold mineralization occurs in two zones at El Zancudo the Upper Zone and the lower zone
  • Mineralization in the upper zone occurs in flat-lying veins and disseminations in conglomerates and sandstones
  • Mineralization in the lower zone is hosted by N-S striking, steeply dipping veins
  • The minerals, in order of abundance, are pyrite, galena, arsenopyrite, sphalerite, silver-sulfosalts, bournonite, boulangerite and jamesonite, native gold and native silver

Option Agreement With IAMGOLD:


First Option:

IAMGOLD has the Option to acquire 65% interest in Zancudo by incurring an aggregate of US$10 million of mineral exploration over a six-year period.

Second Option:

IAMGOLD has a second option to acquire a further 5% undivided interest, for an aggregate 70% undivided interest in Zancudo, by completing a feasibility study within three years after exercising the First Option.

Upon exercise of the First Option or the Second Option, the parties will form a joint venture to hold Zancudo, to advance the exploration and, if feasible, to advance the development and mining of any commercially exploitable ore body.