Assay results from Luna Gold’s (LGC-V, LGCU-O)Tatajuba satellite deposit, in the Aurizona gold camp of northeastern Brazil, suggest the region’s potential has been underestimated in the past, the company says.
The deposit returned strong assay results from 10 of 11 recently drilled holes totalling 1,326 metres.
Highlights of results from the central and eastern portions of the deposit include the following intercepts:
• 17 metres grading 2.06 grams gold per tonne in hole 241;
• 12 metres of 4.06 grams gold in hole 242;
• 48 metres of 1.15 grams gold, including 18 metres at 2.32 grams gold in hole 247; and
• 33 metres of 14.54 grams gold (including 9 metres at 30.9 grams gold) in hole 250, plus 2.63 metres of 59.66 grams gold.
Tatajuba is the principal satellite deposit in 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 in a statement.
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 Guiana shield, or Sao Luis craton, which contains a number of greenstone belts and felsic to mafic intrusives, the company says.
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 Sao 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-$1.69 and has 56.4 million shares outstanding.
Be the first to comment on "Luna hits Aurizona gold"