TNM Drill Down: New Pacific Metals reports top gold hit during Feb. 17-24

New Pacific Metals' team at the Carangas gold-silver project in Bolivia. Credit: New Pacific Metals

Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence.

TNM Drill Down Feb 17-24.

South America was responsible for producing the top two drill assays of last week. On Feb. 21, New Pacific Metals (TSX: NUAG) reported that drill hole DCAr0096 at its exploration-stage Carangas silver-gold project in Bolivia returned 523.9 metres grading 1.2 grams gold per tonne from 333.5 metres depth for a width x grade value of 650. Drill hole DCAr0096 stepped out 60 metres from hole DCAr0044 towards the northeast at the East Dome at Carangas, located in Oruro department. Starting from surface, the hole first intersected a silver horizon with a 164-metre interval, and from 192 metres, a polymetallic lead-zinc-gold zone that returned 127 metres grading 0.24 gram gold per tonne. Further down the hole, from 333 to 857 metres, the company intersected a gold zone similar to hole DCAr0044 with a 524 metre interval of 1.24 grams gold per tonne. New Pacrific says hole DCAr0096 has extended the thick gold mineralization at least 60 metres to the northeast. Based on this metal zoning and mineralization model, as well as the drill results from DCAr0096, nine deep holes are planned to step out to the east of DCAr0096 to test the potential extension of gold mineralization down dip of the interpreted orientation of the rhyolite intrusive.

Jaguar Mining (TSX: JAG) reported the second-best drill assay of the week from its Pilar mine in Brazil. On Feb. 21, the company released details of hole PPL850, which returned 13.9 metres grading 3.93 grams gold per tonne from 367.1 metres depth, for a width x grade value of 291. During the fourth quarter of 2022, the company advanced several high-priority diamond drill campaigns to identify or extend high-grade mineralization. The program seeks to identify higher-grade mineralization throughout the producing mine. Drill testing has generally targeted the projected plunge positions of fold hinges associated with the folded Banded Iron Formations and associated Schists, which typically host higher-grade mineralization in previously exploited or current mining production areas.

The week’s third-best assay result comes out of Sweden. Mandalay Resources (TSX: MND) reported that hole MU22-032 drilled at the Bjorkdal project returned 0.4 metre grading 783 grams gold per tonne from 216.9 metres for a width x grade value of 274. Drill results from the Eastern Plunge Extension program exceed expectations by producing grades comparable to the company’s high-grade Costerfield mine in Australia. The company plans to continue drill testing this area to confirm a high-grade extension in the Eastern Plunge that could positively impact the operating mine’s economics. The mine is forecast to produce 49,000-54,000 oz. gold in 2023.


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