Vancouver-based Magma Energy has an exploitation permit enabling development of a 50-megawatt (MW) geothermal operation on the 4,000-hectare Laguna de Maule property in Chile.
Maule adjoins the 100,000-hectare Pellado property. Maule and Pellado encompass the Mariposa Geothermal Reservoir upon which Magma previously reported a 320MW Inferred Resource.
Mariposa slim hole drilling in 2009 resulted in discovery well MP-01.
Magma recently completed MP-02 to a depth of nearly 900 metres and encountered temperatures and zones of permeability indicating a high-quality geothermal resource.
MP-02 is located at the edge of the Mariposa Reservoir and was drilled first due to road access limitations at the time.
Drilling is about to begin at MP-03, located in the heart of the Mariposa Reservoir, with a target depth of 1,500 metres. Future drilling will take place at MP-04 and MP-05.
The Mariposa development budget is $15m and costs to date are $8.5m.
“We are fortunate to have such high quality geothermal land in Latin America coupled with an experienced team to develop projects,” says Dr. Catherine Hickson, Magma's vice president exploration and chief geologist.
“Magma is well positioned to become a leading power producer in this area.”
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