The weak gold market appears not to be dampening the spirits of Argentina Gold (ARP-V), which, despite mixed results, continues to drill holes at its Veladero project in San Juan.
The Vancouver-based junior holds a 60% interest in Veladero, which lies 400 km north of San Juan in western Argentina, near the Chilean border. The remainder is held by Barrick Gold (ABX-T).
Results from recent drilling are as follows:
* At a depth of 188 metres, hole 73 intersected 177 metres of mineralization which averaged 0.462 gram gold and 16.03 grams silver per tonne. Included in this interval was a 19-metre intercept that cut 1.23 grams gold and 20.04 grams silver, starting at a downhole depth of 286 metres.
* Results from hole 73 correlate with the top of the mineralized zone of hole 63, about 250 metres to the southeast. Argentina Gold believes the zone may extend continuously to the east and southeast towards the eastern margin of the Filo Federico diatreme.
* Hole 74 was drilled south of the NW target and 650 metres southwest of hole 73. The hole was drilled to a final depth of 379 metres, and no mineralization was encountered to a depth of 320 metres. Assay results are still pending for the last 52 metres.
* Holes 77 and 78 were collared 600 metres south of previously reported hole 76 (which averaged 1.49 grams gold and 55.09 grams silver over 193 metres) and were put down to test the edge of a coincident geochemical and geophysical anomaly. Both holes were barren of mineralization. Assays are still pending for the last 88 metres of hole 78.
An independent audit has been commissioned, which is expected to result in a resource estimate based on 15,000 metres of drilling.
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