Vancouver – With the final drill-holes in from the Rio Grande property, 450-km west of Salta, Argentina, Antares Minerals (ANM-V, ANMFF-O) says the next step is to conduct metallurgical tests and calculate an initial resource estimate.
Antares Minerals says it and Pachamama Resources (PMA-V), which both hold 50% interests in Rio Grande, will soon form a joint-venture to map out the project’s future. Antares will remain Rio Grande’s operator.
The latest 12 drill-holes come from Antares’ 2008 drilling campaign and confirm continuity of mineralization in two zones within a 2-km diameter ring-shaped fracture zone. The two zones, North and Discovery, are respectively in the north and southeast areas of the ring.
Most holes drilled in the North zone hit multiple copper-gold-silver mineralized intercepts between about 100 metres and 500 metres below surface. In the Discovery zone multiple intercepts occurred from near-surface to a depth of about 200 metres.
In the North zone hole 66 hit as much as 111 metres grading 0.39% copper, 0.39 gram gold per tonne and 5.4 grams silver per tonne starting 275 metres down-hole. In the Discovery zone hole 77 returned 69 meters grading 0.43% copper, 0.57 gram gold and 4.2 grams silver.
The latest holes brings to 77 the total number of holes Antares has drilled at Rio Grande.
The other main zones in the 2-km ring at Rio Grande are: Sofia in the east, #7 in the west and the logically named Southwest.
Mansfield Minerals (MDR-V) discovered Rio Grande in 1999. Antares earned a 50% interest in exchange for spending US$3 million on exploration, paying US$600,000 and issuing to Mansfield 900,000 shares.
Mansfield spun-off many of its exploration properties, Rio Grande included, into Pachamama in 2008.
Antares gained 4¢ to close at $1.14 on news of the drill results. It has about 52.7 million shares outstanding.
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