Sulliden finds gold, silver in Peru

Grab sampling by Montreal-based Sulliden Exploration (SUE-M) at the Santo Toribio property in Peru’s Ancash district has led to the discovery of an epithermal gold-silver system.

The sampling was part of an initial exploration program that included geological surveying and trenching over the 934-ha property.

The highest gold and silver grades came from three areas: Silica Cap, near the western boundary; Boliche, in the mid-eastern portion of the property; and La Rubia, to the southeast.

Sulliden says the property has the same rock units as Barrick Gold‘s (ABX-T) Pierina gold mine, 3 km to the north: a sequence of Calipuy-formation volcanic and pyroclastic rocks affected by a similar argillic alteration.

In March, Sulliden negotiated an option with a Peruvian company to acquire a half-interest in the Santo Toribio property by spending US$2.5 million on exploration and paying US$1.2 million cash.