Metminco Limited (ASX:MNC) has intersected a 350-metre-wide zone of gold mineralisation from surface in the first-ever diamond hole drilled at the Chuscal target within the Quinchia Gold Project in Colombia.
This hole ended at 452 metres and delivered encouraging gold mineralisation at the project, which is within the Mid-Cauca Porphyry Belt that hosts several multi-million-ounce porphyry and epithermal ore bodies.
The 350-metre-wide zone carried an average uncut grade of 0.57 g/t gold and there were a number of intervals with higher-grade gold and silver.
Characteristics similar to those Metminco observed in early results from other Quinchia project prospects are being received from the maiden drilling program into the large Chuscal target.
Shares in the company, which is soon to be renamed Los Cerros Limited, have been up almost 28% to an intra-day high of 12 cents, equal to the 12-month high.
Metminco’s managing director Jason Stirbinskis said: “This is a remarkably strong result on our first hole given the extent of the mineralisation encountered from surface and it has proven very illuminating, greatly improving our understanding of the geology.
“After outstanding drill success last year at the nearby Tesorito porphyry discovery, including a best result of 253.1 metres at 1.01 g/t gold from surface, including a higher grade zone of 64 metres at 1.67 g/t, and now hitting this wide interval at Chuscal, we believe we are in enviable porphyry territory.”
Location of Quinchia project relative to regional major gold discoveries.
Gold and silver results
Best results within the 350-metre intersection are:
- 6 metres at 2.52 g/t gold and 10.25 g/t silver from surface, including 2 metres at 5.56 g/t gold and 29 g/t silver from surfaces;
- 22 metres at 1.22 g/t gold from 10 metres;
- 2 metres at 3.09 g/t gold from 222 metres;
- 2 metres at 6.44 g/t gold and 87.40 g/t silver from 324 metres; and
- 8 metres at 2.82 g/t gold and 29.96 g/t silver from 342 metres.
The first hole provides critical information for understanding the broader mineralising system and supports the exploration model of a high-temperature porphyry-related gold event being locally overprinted by lower temperature epithermal (ISS) vein gold.
Stirbinskis said, “It remains early days into our drilling at Chuscal, but this first intersection has certainly provided very strong encouragement about what Chuscal could be when you consider the sheer scale of the gold anomaly at surface, the impressive widths of mineralisation encountered and its location in the heart of the Mid-Cauca belt, which is already host to several multi-million ounce porphyry and epithermal deposits.
“When compared to other global porphyry systems and recent discoveries, this early result reaffirms our view that our Quinchia project and Chuscal in particular, have great potential.”
The second hole completed at 412.4 metres cut across the Guyacanes diorite and encountered considerable brecciation before ending in monzonite, all of which contained local ISS veining to varying degrees.
Porphyry style potassic alteration was noted around 260 metres.
Third hole underway
Drilling of the third hole is expected to be completed by the end of November, with assays due in mid-December.
The MD added: “We are early days into demonstrating the real exploration potential that we believe exists within our Quinchia portfolio, and eagerly await the next instalment of assay results from our Chuscal drilling.”