Title: Diapositiva 1
1Presentation Gold-Copper Campaign Peru April
2005
2WESTMAG LIMITED
- Listed on ASX
- Issued shares 39.2 million
- Options (non listed) 7.85 million
- Share price 10 cents
- Market Cap US 3million
- Cash US 850k
- Directors Peter McAleer-Chairman
- Jim Malone- Managing Director
- Simon Titchener-Operations Director
- Howard Dawson-Technical Director
3METAL ENDOWMENT AND MINERAL BELTS OF PERU
Northern Peru Au-Cu Belt gt70Moz Au, gt35Mt Cu
Central Cordillera Polymetallic Belt gt24Mt Zn,
gt9Mt Cu
Central Southern Peru Cu-Au Belt gt6Mt Cu
Coastal Batholith Abancay vein gold
- Peru
- Mining accounts for 26 of GDP
- 6th largest gold producer (7 of world
production) - 3rd largest copper producer
Southern Peru Cu Belt gt21Mt Cu
4WESTMAG- ANGLOGOLD-ASHANTI JV-AGREEMENT
- Exclusive right to AGA Peruvian data base granted
December 2004. - Initial review of database completed December
2004 through April 2005. - Covers all targets in AGA Area of interest (AOI)
- AGA staked properties require individual earn in
agreements of 1000 metres for 60. - Westmag staked properties held 100 by Westmag.
- AGA have claw back for all properties to 70
for any resource greater than 2 million oz gold
equivalent at 2.5 times Westmag expenditure. - Westmag have pre-emptive rights to AGA farm outs
within AOI
5THE AREA OF INTEREST
Excluded
130,000km2 combined aerial extent of blocked-out
project area covering
- Gold-belts of the Yanacocha region, the
Cordillera Negra, the Southern Central Cordillera
and the Mesozoic Coastal Belt - The southern Peru, Eastern Cordillera and Central
Cordillera copper belts - The region of Eastern Cordillera copper-gold
porphyry-alkaline potential - The Cordillera Blanca and Central Cordillera
polymetallic skarn belt
Excluded
6THE AREA OF INTEREST AND AGA ACTIVITIES
- Following 5-years of data accumulation and
campaign-style exploration AGA decided to bolster
and apply their database and experience to a Peru
wide generative program - This resulted in the AOI which was generated
during an intensive 3 week in-house exercise
conducted by AGA staff and specialist consultants
in 2003 - Processed with TM-data
- Limited field follow-up with target criteria 5MOz
gold only - Several properties claimed
7THE DATABASE
Developed over 5-years of exploration activity,
used in the first pass AGA generative programme
and comprising
- AGA rock geochemistry 10,000 samples
- AGA drainage geochemistry 5000 samples
- Digital geologic maps
- Deposit location data 5600 records
- Complete 3-band TM coverage
- 130,000km2 of specialist CROSTA alteration
mapping - Occasional ASTER data
- Regional gravity data
- Country-scale structural interpretations (IDW
grid, basin margins etc) - Tectonic and arc-magmatic reconstructions
(geochronology) - SRTM 90m elevation model
- Digital tenement information
- Generated target areas
8WESTMAG EXPLORATION APPLICATION TO DATE
Defined priority target criteria Porphyry and
Alkaline copper-gold 6 known resources 4 of
which contain over 2Moz Au LS and mesothermal
vein gold 3 mines in production
- Undertook a generative program resulting in the
identification of 92 discrete and ranked target
areas - Secured 17 new tenement areas over Cu and Au
targets - Identified at-least two regional plays with
anomalous Cu-Au in unclaimed areas - Implemented program of reconnaissance field review
9EXAMPLE ARTURO Cu-Au PROSPECT
In mountain belt behind the Cajamarca gold camp
and deemed to host potential for
porphyry/alkaline copper-gold deposits under
field review
CROSTA
147
Known Gold Workings
10ARTURO Cu-Au PROSPECT
Recent slip exposing alteration
Strongly silicified and pyritic sediment
Low-order gold drainage in mixed source sample
(-200)
11EXAMPLE PUMACAHUA PORPHYRY-SKARN
Very strong Crosta response in polymetallic
mining district 30km north of Toromocho (2.4Mt Cu
in-situ resource) -Morococha camp, Grades from
one small mine in the claim area are reportedly
Ag 8.6oz/t Pb 5.82 Zn 5.00 Cu 1.95.
12LITHOCAP EARN-IN TARGETS DRILL READY
- Three drill targets
- 28ñ
- Lucanas 1 and
- Lucanas 2
- Well established model with
- multi-million ounce potential
13LITHOCAP EARN-IN TARGETS DRILL READY
Barrick
28ñ
Lucanas 1 and 2
Aster FeOx, AlOH, SiO2 Fered, Claygreen,
Silica blue, Clay-Fe yellow, Clay
silicacyan, Clay-silica-Fewhite
14AZULMINA EARN-IN TARGET
Porphyry, Cu-Au and epithermal gold potential AGA
results 1.4 and 22.4g/t gold grab rock samples,
WMG 14m at 0.49g/t
15WORK PROGRAMME 2005-2006
- Field follow-up of generated targets
- Drilling of lithocaps and newly generated
prospects - Advance other defined prospects with follow-up
mapping, geochemistry and geophysics - Advance structural and spectral interpretation of
Cu-Au belts (Eastern Cordillera) - Implement specialist statistical analysis of
multi-element geochemistry - Known occurrence review, opportunities synthesis
and acquistion