American-based Yamana Resources (YRI-T) has completed a 10-hole drilling program on the Martinetas gold property in the southern Argentine province of Santa Cruz.
The 978-metre program tested a large epithermal gold system in volcanic rocks. Previous drilling intercepted high-grade gold mineralization.
To date, 23 reverse-circulation and three diamond-core holes have been completed. Of these, all but two were mineralized, with half intercepting strong mineralization of between 1 and 4 grams over at least 6 metres. The best intercept to date was 20 metres (true thickness) grading 29.2 grams gold per tonne, including 2 metres of 247 grams. Drill results from the new holes are expected shortly.
Yamana is engaged in discussions with several companies that have expressed an interest in the project, which is situated in the Vanguardia district.
Meanwhile, drilling is under way at the company’s Picua prospect in Paraguay, where the junior has completed the first two holes at the Picua prospect.
Visible gold was noted in a 1.5-metre core section from the first hole.
This program is testing a series of breccia-filled volcanic pipes in an alkalic intrusive complex. The target is described as being geologically, geochemically and geophysically similar to the diatreme-hosted Cripple Creek gold deposits in Colorado state. Assays are expected in November.
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