COAL, URANIUM & OIL SANDS — Maracote buoyed by Peruvian assays

Maracote International Resources (MCE-V) has released encouraging drill results from four holes put down on its Halley property in south-central Peru.

The junior has an option to acquire a 65% interest in the property from Denver-based Auric Resources (ARU-V) (formerly Ulysses International Resources).

The company’s primary target is the Quilca breccia, which represents one of a series of extensive breccia bodies that trend in a northeasterly direction along a linear structural zone. At last count, six breccia zones had been discovered in addition to the Quilca breccia. They are: Quilca Oeste, Quilca Norte, Angasmarca, Laqui, Pachapata and Llamakensa. The Llamakensa and Pachapata breccias are in a river valley 2 km southeast of the main group.

Three of the four holes were drilled at the Quilca Breccia portion of the Quilca trend. The fourth hole tested the Llamakensa target. Drill results are still pending for five additional drill holes — one at Quilca and four at Llamakensa.

Highlights from the program are as follows:

• Hole 6 intersected 12.2 metres averaging 1.59 grams gold and 4.2 grams silver starting at a down-hole depth of 18.9 metres. This was followed by a 4.6-metre interval grading 2.64 grams gold and 0.3 gram silver starting at 85.9 metres down-hole. Another interval, measuring 3.6 metres, averaged 2.46 grams gold and 2.6 grams silver, starting at 108.8 metres down-hole.
• Hole 7 cut 18.3 metres averaging 1.56 grams gold and 3.9 grams silver starting at 6.7 metres down-hole, followed by a 3.1-metre section of 3.45 grams gold and 2.3 grams silver starting at 57 metres down-hole. At a down-hole depth of 90 metres, a 4-metre interval averaged 2.34 grams gold and 5.9 grams silver.

  Both drill holes were collared from the same drill pad as previously reported hole 5 (63.6 metres of 1.5 grams gold and 3.9 grams silver) and were drilled toward the west at angels of minus 55, in the case of hole 6, and minus 75, in the case of hole 7.

  Maracote says these drill results confirm its interpretation that the mineralized zone dips shallowly toward the northeast. The mineralization is said to show excellent hole-to-hole continuity.

• Hole 8 was collared 125 metres north of previously reported hole 1 (67.5 metres averaging 2 grams gold and 3.7 grams silver per tonne) and was drilled toward the south at minus 80. Assay results returned 22.9 metres averaging 1.22 grams gold and 2.8 grams silver starting at 6.1 metres down-hole. This included a 5.8-metre section of 3.12 grams gold and 7.1 grams silver. At a depth of 74.7 metres down-hole, a 3-metre interval averaged 1 gram gold and 4.4 grams silver, while, at a depth of 189.2 metres, an 18.1-metre section returned 1 gram gold and 0.7 gram silver.
• Hole 9 was collared on the Llamakensa breccia body and is the first of a series of holes designed to test its lower stratigraphy. The hole was oriented toward the southwest and drilled at minus 42. Assays returned a 12.3-metre interval of 5.86 grams gold and 0.5 gram silver starting at a down-hole depth of 15.5 metres, including 4.6 metres of 9.8 grams gold and 0.5 gram silver. Some minor visible gold was reported in this high-grade interval; however, the intercept also cut through a 1.5-metre historic adit.

Maracote is continuing its program of prospecting, sampling and geologic mapping of both the Quilca and Llamakensa trends. Sampling to date indicates that the Quilca trend extends for about 2.5 km. Sampling at the Chiripata area, 800 metres northwest of the initial Quilca drill holes, has aided in the identification of new drill targets. Prospecting and sampling are also under way in the Angasmarca region of the Quilca trend and the Pajchapata portion of the Llamakensa trend.

Maracote plans to drill-test the Angasmarca and Chiripata areas of the Quilca trend, as well as continue work on the Quilca breccia and the upper stratigraphic portion of the Llamakensa breccia.