A first phase of diamond drilling by Noranda (nor-t) on the massive sulphide property known as El Gordo has encountered copper-enriched mineralization. The property, situated in Guanajuato state, Mexico, is under option from
Noranda can earn up to a 70% interest in El Gordo by spending $12 million on exploration and paying $500,000 in cash over seven years. The property centres on a 50-metre-thick showing of semi-massive-to-massive sulphides consisting mainly of pyrite. Previous sampling produced only background values, though barite and sphalerite were observed.
Grid soil sampling revealed a multi-element anomaly of copper, lead, zinc, gold, barium and silver that extends along a northwesterly strike of 1,700 metres. Stronger portions of the anomaly lie to the south and along strike of the sulphide mineralization, as well as to the northwest, where the ground is masked by younger, unaltered volcanics.
Noranda followed up with a 14-line, standard horizontal loop-electromagnetic survey over the central portion of the prospect, which outlined several anomalous trends.
While preparing drill access roads, Noranda further uncovered malachite and cuprite mineralization hosted in argillites. Channel samples taken at 2-metre intervals yielded a weighted average of 1.31% copper over a true thickness of 29 metres.
Noranda drill-tested the area with five holes, hitting a 9.3-metre-thick interval of massive sulphides grading 4.3% copper plus 33.5 grams silver and 0.35 gram gold per tonne at a downhole depth of 57 metres in hole 3. This intercept was contained in a much wider, 42-metre interval of semi-massive pyrite mineralization containing minor sphalerite and chalcopyrite at a depth of 36-78 metres. A second, smaller, 0.9-metre interval of massive pyrite was encountered from 81.7 to 82.6 metres. The true thickness is believed to be about 90% of the measured intervals. Hole 3, drilled to a depth of 384 metres, was the most northwesterly hole.
No significant values are reported for hole 2, which was collared 200 metres along strike to the southeast. The hole intersected three separate intervals of banded semi-massive sulphides ranging from 7.6 to 21.5 metres in core thickness.
Mineralization in the first two holes is hosted in an altered felsic pyroclastic that overlies argillaceous sediments. Assays are pending for hole 5, which stepped out a further 100 metres to the southeast.
Results are also awaited for hole 4, which was collared in the younger volcanics 200 metres east of hole 2.
Hole 1, drilled on the southeastern end of the soil anomaly, appears to have targeted an electromagnetic response. The hole cut directly through the younger volcanics into a granodiorite without hitting the favourable horizon.
Noranda also completed a 13-hole program in the summer in the Los Gavilanes area of Golden Temple’s Apolo property. There, drilling targeted several coincident geochemical and geophysical anomalies that were defined in the immediate area of old mine workings. Underground sampling of one adit ran 1.14% copper, 20 grams silver and 1.78 grams gold over 48 metres.
Drilling encountered semi-massive-to-massive pyritic sulphide mineralization, with seven holes returning encouraging numbers, including:
- hole 6 — 24 metres averaging 0.99% zinc, 0.18% copper and 0.06% lead, plus 16.47 grams silver and 0.29 gram gold, including a 5.4-metre massive sulphide intercept grading 3.02% zinc, 0.81% copper, 0.03% lead, 18.48 grams silver and 0.08 gram gold;
- hole 4 — 0.6 metre grading 10.35% zinc, 2.24% copper, 4.16% lead, 157 grams silver and 0.03 gram gold; and
- hole 9 — 39.6 metres averaging 0.22% zinc, 0.38% copper, 0.16% lead, 9.6 grams silver and 0.26 gram gold, including 2 metres of 2.41% zinc, 0.09% copper, 2.05% lead, 25.4 grams silver and 0.02 gram gold.
Noranda can earn up to a 70% interest in the Apolo-Venus property by spending $16 million and paying $400,000 in cash.
Meanwhile, International Mineral Development & Exploration (IMDE) has launched a legal action in the British Columbia Supreme Court against Golden Temple, seeking damages for what it claims is a breach of a finder’s-fee agreement. IMDE claims it is owed fees based on expenditures made on Golden Temple’s Venus property.
Simon Ridgway resigned as a director of Golden Temple, and Robert Wasylyshyn resigned as vice-president, in late September. The two are engaged in exploration ventures with
Balaclava recently entered into an agreement with MinQuest, a privately owned Nevada company, to review property acquisitions in the western U.S., particularly hot-springs-style gold prospects in Nevada. The principals of MinQuest are all geologists.
Radius also has its eye on hot-springs-related projects, having acquired the Salitre property in central Mexico.
The company has raised $500,000 through a non-brokered private placement of 1.2 million units priced at 40 cents each.
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