- Metminco (ASX: MNC) has intersected a 350-metre wide zone of gold mineralisation, from its first diamond hole drilled into the Chuscal target
- The highest gold interval is 6.44 grams per tonne over 2 metres, while isolated silver intervals of up to 30 grams per tonne over 8 metres were also present
- The company is currently drilling the third hole and will be completed by the end of November
- Metminco is up 6.38 per cent on the market today and is trading at 10¢ apiece
Metminco, soon to be renamed Los Cerros, has intersected a 350-metre wide zone of gold mineralisation, from its first diamond hole drilled into the Chuscal target.
The Chuscal Gold target is located in the Mid-Cauca Porphyry Belt of Colombia and part of the company’s Quinchia Gold Project.
The Mid-Cauca Porphyry Belt is known to hosts several multi-million-ounce porphyry and epithermal ore bodies.
Results from the first hole drilled for the Chuscal drilling program has confirmed Chuscal to be a porphyry related system.
Most significantly, the first hole (CHDDH001) reported a 350-metre wide intersection, from the surface, grading at 0.57 grams per tonne of gold.
The highest gold interval is 6.44 grams per tonne over 2 metres, while isolated silver intervals of up to 30 grams per tonne over 8 metres were also present.
Managing Director Jason Stirbinskis is pleased with the results.
“This is a remarkably strong result on our first hole given the extent of the mineralisation encountered from surface, and it has proven very illuminating, greatly improving our understanding of the geology,” Jason said.
This first hole provides the company with critical information for understanding the broader mineralising system and supports the exploration model.
The second hole (CHDDH002) completed at 412.4 metres cut across the Guyacanes diorite and encountered considerable brecciation before ending in monzonite.
Porphyry style potassic alteration was around 260 metres and assays are currently being awaited.
“It remains early days into our drilling at Chuscal, but this first intersection has certainly provided very strong encouragement about what Chuscal could be when you consider the sheer scale of the gold anomaly at surface,” Jason told the market.
Metminco is currently drilling the third hole and will be completed by the end of November, with assay results due mid- December.
“As this is the first drilling campaign at Chuscal, our understanding is evolving dramatically with every few meters drilled,” Jason said.
Metminco is up 6.38 per cent on the market today and is trading at 10¢ apiece at 2:12 pm AEDT.