Zaruma Resources (ZMR-T) began a drill program in mid-April, focused on the Centenario and Golfo de Oro targets, part of their San Antonio gold project in Mexico.
The 97 sq. km project area, in the San Javier Mountain Range, is situated 140 kilometres southeast of the city of Hermosillo, in Sonora state.
Gold is hosted by structurally-controlled, pyritic, carbonate-altered breccia within an area underlain by sedimentary rocks, igneous intrusions, and local volcanic rocks interbedded with sediments. Centenario and Golfo de Oro lie along the Realito structural trend.
Five holes were drilled into Centenario, resulting in intercepts in one hole of 9.7 metres grading 3.87 grams gold per tonne, including a 3-metre intercept of 6.73 grams per tonne ,.and in another hole, 25.9 metres grading 3.19 grams gold per tonne, that included 2.43 metres grading 5.98 grams per tonne.
Highlights of seven holes drilled in the Golfo de Oro area include: 4.15 metres grading 3.17 grams gold per tonne, and in the same hole, 2.6 metres grading 5.56 grams gold per tonne; .5 metres grading 24.5 grams gold per tonne; and 2.95 metres grading 3.60 grams gold per tonne.
The Golfo de Oro deposit was estimated to contain a resource of 2.8 million tonnes grading 3.40 grams gold per tonne, or 300.000 contained oz. gold. This was calculated by consulting firm Micon International in 1996, using a gold price of US$375 per ounce without allowance for mining recovery or dilution, and using a cutoff grade of 1 to 2 grams per tonne depending on the depth of the ore.
The San Antonio project also hosts the Luz del Cobre copper deposit.
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