Vancouver — A five-hole drill program, targeting the Vallecito vein on the Sierra de las Minas gold project in northwest Argentina, has confirmed the continuity of mineralization around the structurally controlled high-grade shoots for operator Golden Peaks Resources (GL-V).
The latest program followed up on earlier drill results, which included 38.4 grams gold, 239.6 grams silver and 1.58% copper per tonne over a true width interval of 2 metres.
Hole VC21 tested the downdip extension of mineralization hit in hole 15 (31.33 grams gold over 7.2 metres) and returned 10.5 grams gold and 13.5 grams silver per tonne over 4.5 metres. The zone was cut higher up in the hole than expected, prompting the junior to drill hole VC23 to test for a possible fault offset. This hole cut a wide zone of alteration that returned anomalous gold mineralzation and showed evidence of a fault at the top.
Hole VC20 tested the mineralized zone 25 metres above hole 7 (26.9 grams gold over 3.8 metres) and returned 2.4 grams gold over 5.5 metres.
Hole VC22 hit 6 grams gold and 13.8 grams silver over 1.3 metres.
Hole VC24 returned only anomalous gold values.
The drill program is part of an ongoing US$500,000 exploration program covering the 400-sq.-km Sierra de las Minas and Los Dos Buhos projects in northwestern Argentina.
Japanese-based Mistsubishi and Mitsubishi Materials are earning a 30% interest in the project from equal partners Golden Peaks and Primo Resources (PRI-V) by spending US$1.5 million on exploration.
Primo has elected not to participate in the latest exploration program. Therefore, its interest in the project will be diluted in accordance with the previous joint-venture agreement.
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