Partners expand Peruvian gold project

Equal partners Pangea Goldfields (PGD-T) and Sundust Resources (SUN-M) have intersected additional mineralization at the Victoria gold project in Peru.

Pangea, which is managing the exploration effort, reported results from five holes recently drilled on the 11,000-ha property. Three of these tested the Atenea structure, while two were drilled at Zone 4 and one at the Pucamina zone. All five are part of an ongoing, 3,000-Metre phase of diamond drilling aimed at following up previous surface and geophysical results.

At Atenea, holes 16 and 18 each hit one mineralized zone, while hole 17 intersected three. The latter hole also represents the deepest hole so far drilled over the zone.

Results include:

* hole 16, which hit 3 metres (from 154 to 157 metres) grading 3.07 grams gold per tonne, 2.67 grams silver and 0.04% copper;

* hole 17, which intersected 4.6 metres (from 131.3 to 135.9 metres) grading 1.19 grams gold, 48.4 grams silver and 2.01% copper, 7.8 metres (from 162.6 to 170.4 metres) grading 2.43 grams gold, 49.65 grams silver and 1.58% copper, and 7.3 metres (from 231.8 to 239.1 metres) of 0.2 gram gold, 17.72 grams silver and 0.97% copper; and

* hole 18, which returned 4.4 metres (from 96.6 to 101 metres) of 2.48 grams gold, 2.35 grams silver and 0.04% copper.

Combining these results with previous ones, Pangea says Atenea has now been traced across an average width of 10 metres, along a strike length of 400 metres, and to a vertical depth of more than 200 metres, where mineralization remains open. The company adds that results from hole 17 confirm an increase in copper grades with depth. As well, holes 16 and 18 have confirmed the zone’s northeast limit of high-grade mineralization.

At Pucamina, hole 22 returned 24.6 metres (from 70.4 to 95 metres) averaging 3.87 grams gold and 17 grams silver, including 4.5 metres (from 76.6 to 81.1 metres) grading 11.14 grams gold and 51.7 grams silver. The hole intersected the structure at a vertical depth of 50 metres and represents the first drill hole to test the mineralization at depth. It was drilled under trenches P18 and P19, which assayed 7.2 grams gold over 8 metres and 23.17 grams gold over 3.7 metres, respectively.

Pangea is continuing to test the structure along strike, with holes being drilled to a vertical depth of 100 metres. The company will also extend trenches 18 and 19, which were confined to outcropping segments of the shear structure and which may therefore be unrepresentative of the full surface width of mineralization as implied by the new drill results.

For Zone 4, results are available from holes 19 and 20, with results from hole 21 being reported as low in gold values. Hole 19 returned 6.3 metres (from 74.5 to 80.8 metres) grading 4.51 grams gold, 51.61 grams silver and 0.49% copper and 10.2 metres (from 198.6 to 208.8 metres) grading 1.35 grams gold, 8.19 grams silver and 0.36% copper.

Hole 20 was collared 100 metres southwest of hole 10 to test a strong induced-polarization (IP) anomaly. It intersected 5.6 metres (from 40.1 to 45.7 metres) grading 3.69 grams gold, 6.53 grams silver, as well as 0.15% copper and 21.6 metres (from 200 to 221.6 metres) averaging 1.01 grams gold, 26.35 grams silver and 1.08% copper, including 5.8 metres (from 203.7 to 209.5 metres) grading 2.87 grams gold, 56.7 grams silver and 2.44% copper.

According to Pangea, results from the two holes extend the mineralization intersected in hole 10 along strike to the southwest and at depth. The company plans to carry out additional IP surveys southwest of hole 20 before continuing with drilling.