- Los Cerros (LCL) strikes more gold at its Quinchia Project in Columbia through a diamond drilling campaign at the Ceibal porphyry target in the project area
- All six holes drilled as part of the program hit porphyry gold mineralisation, with the latest assay results including a 120-metre intersection at 0.71 g/t gold from four metres
- Los Cerros says the assay results bear a “strong resemblance” to the extensive low-grade intersections in andesite at its Tesorito Gold Porphyry target
- As such, Managing Director Jason Stirbinskis says the company is “very excited” by the new results given what it already knows about the Tesorito deposit
- Shares in Los Cerros are trading sideways following this morning’s announcement, grey at 15 cents each at 10:24 am AEDT
Junior miner Los Cerros (LCL) has struck more gold at its Quinchia Project in Columbia through a diamond drilling campaign at the Ceibal porphyry target in the project area.
The company this morning told investors all six holes in the diamond drilling program hit porphyry gold mineralisation, with average grades ranging between 0.41 grams of gold per tonne (g/t gold) and 0.52 g/t gold.
Los Cerros has previously reported assays from two holes out of the six drilled in the area.
From the latest round of Ceibal assays, Los Cerros reported results such as a 243.1-metre intersection at 0.49 g/t gold from 87.2 metres and a 120-metre intersection at 0.71 g/t gold from four metres.
Los Cerros said the assay results bore a “strong resemblance” to the extensive low-grade intersections in andesite at its Tesorito Gold Porphyry target, also part of the wider Quinchia project in Colombia’s Risaralda department.
Los Cerros Managing Director Jason Stirbinskis said the company was “very excited” by the new results given what it already knows about the Tesorito deposit.
“We believe the area drilled at Ceibal sits within the relatively demagnetised zone of a porphyry, a belief supported by the presence of sheeted veins in the core, which commonly occur on the periphery of porphyries,” Mr Stirbinskis said.
“What we have drilled at Ceibal thus far holds many similarities to the mineralised andesites reported in many drill holes within the outer regions surrounding the Tesorito Gold Porphyry high-grade zone.”
Further to the Ceibal results, Los Cerros is busy taking on an induced polarisation (IP) survey over the Ceibal and Chuscal areas in the project area. Mr Stirbinskis said the survey will help the company define specific drill targets for further drilling in the new year.
The Ceibal program
Los Cerros said it made the call to begin drilling at Ceibal based on some encouraging gold, molybdenum and copper surface geochemical anomalism in the area, which had never been investigated before.
However, though uninvestigated, the Ceibal target was believed to display similar characteristics to Tesorito.
Los Cerros found porphyry mineralisation at Ceibal but said the causative porphyry pulse has not yet been struck. The company said trends in element, mineral and vein density from the drill core suggest this causative porphyry intrusion was north of the drilled area.
Shares in Los Cerros were trading sideways following this morning’s announcement, grey at 15 cents each at 10:24 am AEDT. The company has a $95 million market cap.