Luna Gold reports intercepts at Aurizona gold project in Brazil

New assay results from Luna Gold‘s (LGC-V) Tatajuba satellite deposit in the Aurizona gold camp of northeastern Brazil suggest the region “has been underestimated in the past,” the company said today.

The Tatajuba satellite deposit in the Aurizona gold camp returned strong assay results from ten of eleven holes (1,326 metres) drilled.

Highlights of results from the central and eastern portions of the deposit include the following intercepts:

Hole 2412.06 grams per tonne gold over 17 metres

Hole 2424.06 grams per tonne gold over 12 metres

Hole 2471.15 grams per tonne gold over 48 metres, including 18 metres at 2.32 grams per tonne

Hole 25014.54 grams per tonne gold over 33 metres (including 9 metres at 30.90 grams per tonne) and 59.66 grams per tonne gold over 2.63 metres

Tatajuba is the principal satellite deposit within the main gold camp of Aurizona, 1.8 km west of the Piaba deposit. Aurizona is in the northern corner of Brazil’s Maranhao state near the Atlantic coast.

“Drilling has defined a continuous, sub-vertical to north-dipping, mineralized zone of over 550 metres strike extent which remains open along strike and at depth,” Luna’s exploration manager, Titus Haggan, said.

Jesuit settlers were the first to explore for gold in the Aurizona area during the 17th century. In the 1800s, experienced miners were brought to the area from Minas Gerais. During the last century and the early part of the 20th century, several companies have undertaken work in the area.

The project is in the eastern part of the Guyana Shield, or So Luis Craton, which contains a number of greenstone belts and felsic to mafic intrusives, the company said.

Both greenstone belts and intrusive bodies host many gold occurrences from Venezuela in the west to northern Brazil in the east.

The company noted that the So Luis Craton is often compared with West Africa, especially the Ashanti Belt of Ghana, where prominent shear zones cutting through Proterozoic rocks host various multimillion-ounce gold deposits.

Luna Gold currently trades at about $1.29 per share. The junior explorer has a 52-week trading range of 48 to $1.69 and has 56.4 million shares outstanding.