Atacama Pacific Gold (AMT-V) continues to report positive results from its third phase drill program at its Cerro Maricunga gold project, 140 km northeast of Copiapo, Chile.
Situated in the Maricunga mineral belt, the 158-sq.-km project sits 20 km south of Kinross Gold’s (K-T, KGC-N) La Copia silver-gold mine and 30 km northwest of the major’s Lobo-Marte project. The belt hosts resources of more than 90 million oz. gold.
On March 9, the junior released 19 assays, with 17 hitting significant mineralization from the project’s three main zones: Crux (south), Phoenix (central) and Lynx (north).
Standout holes returned 1.02 grams gold per tonne over 144 metres from the Crux zone, including 34 metres at 2.11 grams gold; and 0.74 gram gold over 278 metres from the Lynx zone, including 46 metres at 1.29 grams gold.
The first highlight of 144 metres grading 1.02 grams came from a new higher-grade core zone at Crux. This higher-grade zone measures about 300 metres by 200 metres, and extends to depth.
Along with discovering that zone, the company widened the Crux zone a further 100 metres northeast. That zone is now over 450 metres wide and remains partially open to the northeast and open to depth.
The company’s president and CEO, Carl Hansen, said both the discovery of the high-grade zone and the widening of the Crux zone are “positive surprises.”
At the south end of the Phoenix zone, Atacama Pacific discovered a new broad zone of lower-grade mineralization adjacent and parallel to the main mineralized trend. Discovery hole intersected 116 metres grading 0.36 gram gold.
Atacama Pacific started the ongoing 42,000-metre third phase program last November, and has completed more than 27,000 metres. The program is estimated to cost US$24.5 million, and should be done by May.
An engineering scoping study is underway at the project, with completion excepted before July. Recent metallurgical tests show the deposit is amenable to heap leaching with gold recoveries of around 80%.
In the third quarter, the junior expects to upgrade its maiden resource, which currently stands at 92.8 million indicated tonnes grading 0.54 gram gold for 1.6 million oz. gold, plus 116.7 million inferred tonnes of 0.52 gram gold for 1.9 million oz.
On news of the drill results, Atacama Pacific moved up 9% to $4.10 per share during early afternoon trading, before dropping near its previous close of $3.75.
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