Geology at Caramanta is represented by a lower sequence of Palaeogene shallow marine sedimentary rocks which are overlain by Neogene age volcaniclastic rocks. Both packages are intruded by a cluster of Upper-Miocene diorites which host gold and copper bearing quartz-magnetite veins.
From 2010-2015 Solvista Gold Corporation and in-part (under option) IAMGold Corporation, conducted exploration and drill testing of four porphyry copper-gold projects in the southern extent and just outside the southern extent of the limits to the Caramanta application.
Drilling results included 456.7 meters @ 1.01 grams per tonne gold and 0.2% copper, 323.4 meters @ 1.34 grams per tonne gold and 0.2% copper and 185.5 meters @ 1.22 grams per tonne gold and 0.24% copper from the El Retén porphyry just to the south of the application limits and 357.8 meters @ 0.46 grams per tonne gold and 0.3% copper and 38.2 meters @ 1.01 grams per tonne gold and 0.68% copper from Ajiaco sur. Solvista and IAMGold terminated their joint-venture and exploration activities at the porphyry projects in late 2015 after they failed to receive permits from the local environmental agency.
The Caramanta application area is superposed upon active titles containing three of the four porphyry bodies identified by Solvista and IAMGold but it is expected that once titles are granted, they will be cut and trimmed around most of the currently active titles in the area.