Drilling by the Peruvian subsidiary of Cominco (CLT-T) is aimed at outlining a large-tonnage gold deposit on the Minaspata property, 110 km southwest of the city of Cuzco.
Results from the ongoing, 27-hole, reverse-circulation program are pending.
Gold mineralization is associated with vuggy-silica and alunte, which, in places are exposed over a vertical distance of 150 metres.
Ownership of the 28,600-ha property is shared among Southwestern Gold (SWG-T) with 50%, Cambior (CBJ-T) with 41.5% and Cambiex (CBX-T) with 8.5%.
Cominco can earn a 50% interest by paying US$2.8 million and conducting 10,000 metres of drilling by June 1998.
Chip sampling from the Cerro Utunsa zone returned up to 40 metres grading 2.2 grams gold per tonne. The structure is defined by a broad resistivity high, indicating intense silicification to at least 250 metres in depth.
Another zone, the Quellocirca, returned equally encouraging chip sample results, including 30 metres of 3.8 grams gold, 30 metres of 1.9 grams gold, 150 metres of 1 gram gold and 20 metres of 1.2 gram gold. Like Cerro Utunsa, this zone features gold mineralization in vuggy silica.
A large epithermal gold system underlies the property, and porphyry copper-molybdenum mineralization on Southwestern’s Pistoro property extends east on to Minaspata.
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