Metminco Ltd (ASX:MNC) has made encouraging observations after completing the first hole in a maiden drilling program at Chuscal gold target within the Quinchia Project in Columbia to a depth of 452.5 metres.
A sequence of hydrothermal and magmatic breccias was observed starting from 212 metres and extending to 410 metres before eventually transitioning to weakly altered monzonite.
The diamond drill rig has relocated to the second drill pad about 130 metres southeast of pad 1.
This second hole is designed to test the eastern end of the large surface geochemical anomaly and pass underneath historical workings to investigate the core of the diorite zone and its potential extension to the north-northwest.
Drill hole CHDDH001 presented over an image of analytical signal derived from ground magnetic data
Managing director Jason Stirbinskis said: “The first hole intersected a zone of strongly altered monzonite and diorite from 136 metres before passing into an extensive zone of hydrothermal breccias and magmatic breccias with overprinting by epithermal veinlets from 212 metres down to 410 metres.
“We are eagerly awaiting the assay results to know which parts or if all of this 274-metre zone is related to the generation of the extensive surface gold anomaly.”
Previous sampling results
Metminco obtained results of historical channel sampling from underground workings of the Guayacanes veins within Guayacanes diorite at the Chuscal target in January 2019.
The underground sampling comprised 120 two-metre-long channel samples taken along the length of the underground working.
These delivered gold grades of up to 250 g/t with 10% of samples having grades more than 10 g/t.
The higher gold grades are associated with two or three vein systems with elevated silver and associated arsenic, antinomy, tungsten and tellurium.
In the cross-cuts between these veins, continuous lower-grade gold mineralisation between 1gpt to 3.9gpt is present.
Stirbinskis added: “We are off to a strong start at Chuscal with visual observations demonstrating better than expected geology.
“We are eagerly awaiting the first batch of assay results within the next few weeks as we press on with drilling at the second drill location.”