Peruvian Andes:

Geology & Mineral Potential

Miguel Cardozo

PDAC Convention 2006

 Peru is a World Leader in Mining
International Ranking by Product
Ranking 2004
Metal
World Latin America
Silver 1st 1st
Tin 3rd 1st
Lead 4th 1st
Zinc 3rd 1st
Copper 4th 2nd
Gold 5th 1st
Peru is also a world-class producer of Molybdenum, Bismuth, Tellurium, Selenium

Source: USGS and Ministry of Energy and Mines of Peru

 Peru is a preferred mining
investment destination
Worldwide Exploration Investment
(US$ billions)

6
5.2 5.1
5 4.6

3.7 3.8
4 3.5
2.9 2.8
3 2.6 2.4
2.2
1.9
2

0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Source: Metals Economics Group

 Peru is a preferred mining
investment destination
Top 10 Countries
Exploration Investment 2005
Argentina, 3%
Chile, 3%
Brazil, 3% Canada, 19%
Sth Africa, 4%

Mexico, 5%

US$250 Peru, 5%
million
Australia, 13%
Russia, 5%
USA, 8%
Source: Metals Economics Group
QUATERNARY
PLIOCENE
0
Volcanics
Phases

Limestones
MIOCENE Quechua

OLIGOCENE
TERTIARY

Coarse clastics
Incaic Phases
EOCENE
50
PALEOCENE

UPPER
Peruvian Phose
Fine clastics
CRETACEDUS
100
Mochica Phose
LOWER

MALM 150

JURASSIC DOGGER

LIAS
A thick, mainly
TRIASSIC
UPPER
LOWER
200
late Pz – Up.K,
PERMIAN
PENNSYL-
250
Late Hercynian
Phoss
marine sed.- volc.
Sequence.
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN

SILURIAN
400
Followed by a
ORDOVICIAN
450
terrestrial clastic
500
sequence and
CAMBRIAN 550
intense sub-aereal
PRE - CAMBRIAN
600

2000
volcanic activity
0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
 Coastal
QUATERNARY
PLIOCENE
0
Cordillera Volcanics
Phases

Limestones
MIOCENE Quechua

Batholith
TERTIARY OLIGOCENE
Blanca
Coarse clastics
Incaic Phases

Batholith
EOCENE
50
PALEOCENE

UPPER
Peruvian Phose
Fine clastics
CRETACEDUS
100
Mochica Phose
LOWER

MALM 150
Apurimac
Intense, episodic
Batholith
JURASSIC DOGGER

LIAS

TRIASSIC
UPPER
LOWER
200
magmatism
PERMIAN
PENNSYL-
250
Late Hercynian
Phoss
occurred in the
Cordilleran region.
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350

Intrusives range
Phase
DEVONIAN

Pataz
400
SILURIAN

450
from deep
Batholith
ORDOVICIAN
500
batholithic to
CAMBRIAN 550
subvolcanic
600 settings
PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
QUATERNARY
PLIOCENE
0 Northern Peru Phases
Deposit
Cu-Au Porphyry Belt
Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE

Cu Porphyry
50
PALEOCENE

UPPER
Peruvian Phose
Cu-Au Porphyry
CRETACEDUS

Cu Skarn
100
Mochica Phose
LOWER

MALM 150

JURASSIC DOGGER

LIAS

200
UPPER
TRIASSIC LOWER

PERMIAN 250
Late Hercynian

Apurimac
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
350 Cu Porphyry Belt
Early Hercynian
Phase
DEVONIAN

SILURIAN
400 Paleocene
450
Southern Peru
ORDOVICIAN
Cu-Porphyry Belt
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Northern Peru Cu-Au Porphyry Belt

La Granja 800 Mt @ 0.61% Cu

Cañariaco 365 Mt @ 0.5% Cu

Cerro Corona 91Mt @1.0 g/t Au, 0.53% Cu

Minas Conga 190 Mt @ 0.3% Cu, 0.8 g/t Au,

Galeno 430 Mt @ 0.6% Cu, 0.2 g/t Au

Michiquillay 630 Mt @ 0.69% Cu

La Arena 34Mt @ 0.8 g/t Au

La Virgen 2 Mt @ 2.3 g/t Au
Paleocene Southern Peru Cu-Porphyry Belt

Cerro Verde 724 Mt @ 0.59% Cu

Cuajone 61 Mt @ 0.49% Cu (oxides)

1,212 Mt @ 0.64% Cu

Quellaveco
213 Mt @ 0.94% Cu, 0.014% Mo, 1.74 g/t Ag
761 Mt @ 0.57% Cu, 0.023% Mo, 2.31 g/t Ag

Toquepala 770 Mt @ 0.74% Cu

Eocene-Oligocene
Apurimac Cu-Porphyry-Skarn Belt

Las Chancas 200 Mt @ 1% Cu

Las Bambas +300Mt @ +1.1% Cu

Tintaya +200 Mt @ +1.5% Cu

Antapaccay 390 Mt @ 0.83% Cu

QUATERNARY
PLIOCENE
0
Phases
Deposit
Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
EOCENE Acari Incaic Phases
50
PALEOCENE
IOCG
Peruvian Phose
UPPER

CRETACEDUS
100
Mochica Phose
LOWER

MALM 150

JURASSIC DOGGER

LIAS

200
UPPER
TRIASSIC LOWER

PERMIAN 250

Marcona
Late Hercynian
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
QUATERNARY
PLIOCENE
0
Phases
Deposit
Acarí Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE
50
PALEOCENE

Tambogrande IOCG
Cu VMS
Peruvian Phose
UPPER

CRETACEDUS
100
Mochica Phose
LOWER
Cu-Zn VMS
MALM

Raúl-
150

JURASSIC DOGGER

LIAS

200
Condestable
UPPER
TRIASSIC LOWER

PERMIAN 250
Late Hercynian
PENNSYL- Phoss
CARBONI-
FEROUS
VANIAN
MISSISSIP-
PIAN
300
Marcona
Mina Justa
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Iron Oxides Cu-Au Coastal Belt

Raul-Condestable +30 Mt @ 1- 2.5% Cu

Cerro Lindo 42 Mt @ 5.1% Zn, 0.8% Cu, 35 g/t Ag

Marcona 1,800 Mt @ 53.3% Fe

Mina Justa 412 Mt @ 0.62% Cu

Lancones Basin VMS Cu-Zn-Au

Tambogrande
TG1 64 Mt 1.7% Cu, 1.4% Zn, 0.7 g/t Au, 31 g/t Ag
TG3 110 Mt 0.7% Cu, 1.0% Zn, 0.7 g/t Au, 17 g/t Ag
QUATERNARY
PLIOCENE
0
Phases
Deposit
Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE
50
PALEOCENE

UPPER
Peruvian Phose
MVT
CRETACEDUS
100
Mochica Phose
LOWER

MALM 150

JURASSIC DOGGER

LIAS

200
UPPER
TRIASSIC LOWER

PERMIAN 250
Late Hercynian
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS
San Vicente
MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Central & Northern Peru MVT Zn-Belts

Bongará +5 Mt @ +15% Zn

San Vicente +30 Mt @ 12 –14% Zn

QUATERNARY
PLIOCENE
0 Deposit
Antamina
Phases

Iscaycruz Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE
50
PALEOCENE

Cu Skarn
Peruvian Phose
UPPER

CRETACEDUS
100
Cu-Zn Skarn
Mochica Phose
LOWER

MALM 150

JURASSIC DOGGER

LIAS

200
UPPER
TRIASSIC
Cobriza
LOWER

PERMIAN 250
Late Hercynian
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
 San Rafael
QUATERNARY
Hualgayoc
PLIOCENE

MIOCENE
0

Quechua
Phases
Deposit
TERTIARY OLIGOCENE Types
Incaic Phases
EOCENE

PALEOCENE
50
Colquijirca Cu Skarn
Peruvian Phose

Cu-Zn Skarn
UPPER

CRETACEDUS
100
Mochica Phose
LOWER

Casapalca
Polymet Replac.
MALM

Polymet Veins
150

JURASSIC DOGGER

LIAS

200
UPPER
TRIASSIC LOWER

San Gregorio
PERMIAN 250

PENNSYL-
Huanzalá
Late Hercynian
Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

ORDOVICIAN
450
San Cristobal Cercapuquio
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
 Central Peru MVT Zn-Belt
Magistral
Antamina 500Mt @ 1.2% Cu, 1% Zn

Cerro de Pasco +120Mt @ 7.2% Zn, 2.3% Pb

Colquijirca ~25 Mt @ 7% Zn
San Gregorio +70Mt @ 7.4% Zn, 2.2% Pb

Morococha +30 Mt @ +7% Zn

+ Toromocho porphyry with
1976 Mt @ 0.69% Cu eq

Iscaycruz +5Mt @ +18% Zn

QUATERNARY
PLIOCENE
0
Cofradía Phases
Deposit
Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE
50
PALEOCENE

Epithermal
Yanacocha,
Peruvian Phose
UPPER

CRETACEDUS

LOWER
100
Pierina Mochica Phose

MALM 150

JURASSIC DOGGER

LIAS

TRIASSIC
UPPER
LOWER
200
La Arena
PERMIAN 250
Late Hercynian
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
 Yanacocha, Pierina & Southern Peru
Epithermal Gold-Silver Belts
Tantahuatay 350 Mt 0.85% Cu, 0.33 g/t Au, 9 g/t Ag, 0.18% As
+ 25 Mt @ 1.0 g/t Au (oxides)
La Zanja 20 Mt @ 0.85 g/t Au
Sipán 16Mt @ 2.0 g/t Au
Yanacocha 650 Mt @ 1.0 g/t Au
Quiruvilca +6 Mt @ 7 oz/t Ag, 5% Zn, 0.9% Cu
Pierina +100 Mt @ 2,1 g/t Au
Quicay +6 Mt @ 1,1 g/t Au
Antapite
Santa Rosa
Ares +1 Mt @ 20 g/t Au
Orcopampa
+2 Mt @ 18 g/t Au
QUATERNARY
PLIOCENE
0
Phases
Deposit
Types
MIOCENE Quechua

TERTIARY OLIGOCENE Coastal Batholith

EOCENE
50
Mesothermal Gold Incaic Phases

PALEOCENE
Belt Mesothermal Au
Peruvian Phose
UPPER

CRETACEDUS
100
Mochica Phose

Pataz Batholith
LOWER

MALM 150
Mesothermal Gold
JURASSIC
Belt
DOGGER

LIAS

200
UPPER
TRIASSIC LOWER

PERMIAN 250
Late Hercynian
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
Ananea
350
DEVONIAN
Phase
Mesothermal Gold
SILURIAN
400
Belt
450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Pataz Batholith & Coastal Batholith
Mesothermal Gold Belts
Quartz-gold
vein-systems,
Poderosa typical grades
Horizonte between 14 g/t and
20 g/t Au
Retamas

Arirahua

San Juan de Chorunga

Ishihuinca
Gold and Polymetallic Mineralization
in Southeastern Peru

San Rafael +15 Mt @ 5.3% Sn, 0.2% Cu

Ana María
very high grade, narrow veins
Peru has a great
variety of mineral
deposits

in terms of:
Deposit types and their
geological framework
QUATERNARY
PLIOCENE
0
Phases
Deposit
Types
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE

Cu Porphyry
50
PALEOCENE

UPPER
Peruvian Phose
Cu-Au Porphyry
CRETACEDUS

IOCG
100
Mochica Phose
LOWER

MALM 150
MVT
JURASSIC
Cu VMS
DOGGER

LIAS

200
UPPER
TRIASSIC LOWER
Cu-Zn VMS
PERMIAN 250

PENNSYL-
300
Late Hercynian
Phoss Cu Skarn
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
350
Early Hercynian
Phase
Cu-Zn Skarn
DEVONIAN

SILURIAN
400
Polymet Replac.
450

ORDOVICIAN
Polymet Veins
500

Epithermal
CAMBRIAN 550

600 Mesothermal Au
PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Commodity mix
QUATERNARY
PLIOCENE
0
Phases
Main
Commodities
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE
50
PALEOCENE

Iron.
Peruvian Phose
UPPER

CRETACEDUS
100
Copper
Mochica Phose
LOWER
Copper-Gold
MALM

Copper-Zinc
150

JURASSIC DOGGER

LIAS

TRIASSIC
UPPER
200 Zinc
LOWER

PERMIAN 250
Late Hercynian
Polymetallic
PENNSYL- Phoss

Gold-Silver
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350

Tin + Other
Phase
DEVONIAN
400
SILURIAN
Tungsten + Other
450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Mineralization age
QUATERNARY
PLIOCENE
0
Phases
Mineralization
Age
MIOCENE Quechua

OLIGOCENE
TERTIARY
Incaic Phases
EOCENE
50
PALEOCENE

CRETACEDUS
UPPER
Peruvian Phose
U.Tertiary
LOWER
100
Mochica Phose Eocene-Olig.
MALM 150
Paleocene
Cretaceous
JURASSIC DOGGER

LIAS

Jurassic
200
UPPER
TRIASSIC LOWER

PERMIAN
Paleozoic
250
Late Hercynian
PENNSYL- Phoss
300
CARBONI- VANIAN
FEROUS MISSISSIP-
PIAN
Early Hercynian
350
Phase
DEVONIAN
400
SILURIAN

450

ORDOVICIAN
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
Mineral provinces and
belts
 Northern Peru
MINERALIZED BELTS Cu-Au Porphyry Belt

Lancones Basin
VMS Cu-Zn-Au Northern Peru
MVT Zn Belt

Yanacocha Epithermal
Gold Belt Pataz Batholith
Mesothermal Gold Belt

Pierina Epithermal Central Peru MVT

Gold Belt Zn-Belt

Central Peru Eocene-Oligocene

Polymetallic Skarn & Apurimac
Replacement Belt Cu-Porphyry-Skarn Belt

Iron Oxides
Cu-Au Coastal Ananea
Belt Mesothermal
Gold Belt

Coastal Batholith
Mesothermal Paleocene Southern
Peru Southern Peru
Gold Belt Epithermal Au-Ag Belt
Cu-Porphyry Belt
Size and geometry
World-class ore deposits in Peru
• High-Sulphidation Epithermal Gold
– Yanacocha: + 60 million oz of gold
– Pierina: +8 million oz of gold
– Alto Chicama: +9 million oz of gold

• Cu-Zn Skarn Deposits

– Antamina: 500Mt @ 1.3% Cu, 1% Zn

• Polymetallic Replacement Deposits

– Cerro de Pasco: +120Mt @ 7.2% Zn, 2.3% Pb
– San Gregorio: +70Mt @ 7.4% Zn, 2.2% Pb
World-class ore deposits in Peru
• Copper Porphyries
– Cuajone: 1,200Mt@ 0.64% Cu
– Toquepala: 770Mt @ 0.74% Cu

• IOCG
– Mina Justa: 412Mt @ 0.62%

• Iron ore deposits

– Marcona: 1,800Mt @ 53.3% Fe
and ………

Peru is under-explored
 Peru:
Current Production & Resources
(as a Percentage of Global Figures)

Commodity Production Resources

Gold 8.4% 4.6%
Copper 6.7% 6.4%
Zinc 12.9% 4.3%
Silver 15.1% 6.5%
Tin 15.0% 9.0%

Calculated from USGS published figures for year 2005

Resources: Measured + Indicated
PERU: A MINING COUNTRY