Calgary-based Antioquia Gold (AGD-V) is looking to prove Colombia can keep up with its Peruvian and Ecuadorian neighbours to the south when it comes to gold.
The company has put close to $2 million into mapping and sampling its Cisneros project, some 70 km by paved highway from the city of Medellin, and its most recent results show promise.
Using a rock saw, the company cut a sample in one of the 22 tunnels dug by artisanal miners at the site, and it returned 2.5 metres averaging 32.31 grams gold per tonne.
While it is still early days, the company believes the mineralization encountered lies at the intersection of two shear structures.
Cisneros covers roughly 56 sq. km of land, with the current focus of the company’s attention being the side of a valley that has been tunnelled by artisanals.
The project sits on a large granodiorite intrusive called the Antioquia Batholith and the geological model has been defined as a structurally controlled mesothermal lode and vein-type system.
With a broad understanding of the area’s geology, the company is now getting ready to get more specific.
“We’ve done a very good mapping and sampling program and we now have the drill targets very well outlined,” says company spokesman Jim Decker.
Decker expects a drill program to begin soon with preliminary results coming as early as the end of the third quarter.
There are 20 historic artisanal mines in the area where high-grade veins have been mined for more than 100 years.
In Toronto on May 21 — the day assays were released — Antioquia’s shares finished 4% higher at 14.5¢ on 25,000 shares traded.
The stock has traded between 20¢ and 2.5¢ over the last 52 weeks and the company has 26 million shares outstanding.
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