Mina Angela is located in Chubut province in southern Argentina. The property was explored by several companies between 1951 and 1978 and production recommenced in 1978. The underground mine was operated by Cerro Castillo SA until 1992 producing more than 150,000 ounces of gold. The mineralized system remains open at depth. Government records from 1983 until the mine closed in 1992 show mining production was 1.04 million tonnes for this period with average grades of: 4.0 g/t gold; 48.4 g/t silver; 2.0% lead; 0.4% copper; 4.6% zinc.
In 1996 Lonrho Mining acquired equity in Cerro Castillo and conducted a detailed exploration program in 1997 and 1998 including 3,500 meters of drilling which targeted anomalies identified using geophysics and soil geochemistry. Exploration by Lonrho in 1998 discovered a new vein system, the Sahuel Prospect. Geophysics indicates the vein has a potential strike length of 1.6km. Significant drill intercepts include 1.36m @ 40.65g/t gold and 2m @ 6.69g/t gold. Lonrho estimated the down-dip extension of ore at Mina Angela to extend for another 150m; at Mina Camila, for about 250m; and, at Sahuel, for 400m. In 1998 Lonrho withdrew from South American mineral activities.
Cardero Resource Corp. entered into an acquisition agreement in April 2004, pursuant to which, the Company could acquire a 100% interest in 44 mineral concessions in Chubut Province, Argentina, subject to a 1% NSR to the vendor, in consideration of aggregate cash payments to the vendor of USD 400,000. In 2005 Cardero entered into a Joint Venture agreement with Hochschilds Mining. Hochschild entered into a feasibility study to re-start mining and as part of this process, they paid the final $350,000 option payment to secure 100%. Hochschild withdrew in 2009 due to economic issues and not due to technical concerns.
In May 2015 Cardero Resource Corp. completed a reverse takeover of Artha Resources Corp. selling its assets (including Mina Angela) in the Argentine subsidiary, Cardero Argentina to Artha. Artha was subsequently renamed Centenera Mining Corp.
Despite past production, the property remains largely under-explored. There is high potential for extension of ore reserves along the down-dip extensions of the vein systems at Mina Angela, Mina Camila and the Sahuel Prospects. There are several additional identified targets, with the opportunity for new discoveries. The property is ideally located, with proximity to national transportation infrastructure.