Antioquia looks for Colombian gold

Calgary-based Antioquia Gold (AGD-V) is looking to prove Colombia can keep up with its Peruvian and Ecuadorian neighbours to the south when it comes to gold.

The company has put close to $2 million into mapping and sampling its Cisneros project, some 70 km by paved highway from the city of Medellin, and its most recent results show promise.

Using a rock saw, the company cut a sample in one of the 22 tunnels dug by artisanals at the site, and it returned 2.5 meters averaging 32.31 grams of gold per tonne.

That figure is a weighted average composed of: 0.70 metres grading 76.14 gram of gold per tonne; 1.10 metres grading 21.34 grams gold; and 0.70 meters grading 5.72 grams gold.

While it is still early days the company believes the mineralization struck lies where two shear structures intersect.

Cisneros covers roughly 56 sq. km of land, with the current focus of the company’s attention being the side of a valley that has been tunneled by artisanals.

The project sits on a large granodiorite intrusive called the Antioquia Batholith and the geologic model has been defined as a structurally controlled mesothermal lode and vein type system.

With a broad understanding of the area’s geology, the company is now getting ready to get more specific.

“We’ve done a very good mapping and sampling program and we now have the drill targets very well outlined,” says company spokesman Jim Decker.

Decker expects a drill program to begin soon with preliminary results coming as early as the end of the third quarter.

There some 20 historic artisanal mines in the area where high grade veins have been mined for over 100 years.

In Toronto on May 21 the company’s shares finished 4% higher at 14.5¢ on 25,000 shares traded. Its shares have moved between 20¢ and 2.5¢ over the last 52 weeks and it has 26 million shares outstanding.