Viceroy bullish on Gualcamayo results

Vancouver — A 16-hole program of reverse-circulation drilling by Viceroy Resource (VOY-T) has returned significant low-grade gold mineralization outside the known resource area on the Gualcamayo property in Argentina.

Drilling targeted the Quebrada del Diablo and Amelia Ines zones (37.2 million tonnes averaging 1.13 grams gold per tonne). The mineral inventory for the two zones consists of 12.1 million tonnes grading 1.1 grams gold in the measured and indicated category, and 25.1 million tonnes grading 1.15 grams gold in the inferred category.

Last year, systematic sampling and mapping over the 1-km interval separating the zones indicated continuity of mineralized structures.

The most encouraging results came from hole 46, which was collared outside the known Cerro Diablo resource. A 110-metre intersection carried an average grade of 1.2 grams gold per tonne.

Similarly, hole 56 confirmed the continuity of mineralization 100 metres from the known skarn zone at Amelia Ines. A 46-metre interval graded an average of 2.9 grams gold per tonne.

Holes 51, 52 and 53, drilled south of the surface trace of a zone of carbonate-hosted gold mineralization, cut 4-metre zones grading from 1.9 to 3.1 grams gold. Five of seven holes south of the main carbonate-hosted zone of Cerro Diablo intersected relatively wide mineralization. Apart from the 110 metres in hole 46, other holes showed grades ranging from a fraction of a gram to just over a gram in intervals 30-126 metres long.

To date, surface exploration has extended the mineralized system to a total length of about 3 km. Assay results from 518 bedrock chip samples collected over the entire length of the mineralized system averaged 1.95 grams gold.

Based on the latest results, the company plans to table an updated resource estimate.

The current estimate, based on limited core and reverse-circulation drilling, is 1.3 million oz. gold

The project is in San Juan province. Viceroy acquired the remaining 40% interest from Mincorp Exploraciones last July for US$3 million.

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