Two holes drilled by El Misti Gold (EMG-V) at its Santa Rosa property in southern Peru have intersected a 50-metre-wide zone of high-grade gold mineralization.
The zone is associated with epithermal quartz-rhodochrosite stockwork veining, hosted in dacitic volcanics. Rhodochrosite is a mineral usually associated with epithermal gold deposits, says President Robin Slaughter.
Hole 69 intersected 60 metres from surface grading 5.29 grams gold and 21.3 grams silver per tonne. Hole 80 returned 56 metres of 5.04 grams gold and 35 grams silver.
El Misti says these results, when combined with previously reported holes 34 (64 metres of 5.58 grams gold and 9 grams silver) and 37 (82 metres of 3 grams gold and 53.9 grams silver), reveal a 200-metre-long zone which strikes in an east-northeasterly direction.
The Vancouver-based company believes the structure could extend another 200 metres to the northeast, under historical mine workings.
To date, 7,104 metres of a planned 10,000 metres of reverse-circulation drilling have been completed on the 12,000-ha property. Seventy of 87 holes intersected near-surface gold mineralization, and stepout drilling to the south and northeast continues to test extensions of the new epithermal gold zone.
Hole 77, about 25 metres south of hole 69, returned 34 metres grading 2.39 grams gold and 29.5 grams silver. Hole 78, another 25 metres to the south, intersected 18 metres of 0.58 gram gold and 9.5 grams silver. Previously reported hole 51, drilled 25 metres north of hole 80, returned 90 metres of 0.44 gram gold and 3.2 grams silver.
All holes (except vertically drilled hole 2) were drilled due north, with a 60 dip.
The company can acquire a 100% interest in Santa Rosa from Minera Paracuay, a Peruvian company, by paying US$4.5 million over five years.
El Misti is completing a $16.4-million special warrant financing for work programs in Peru.
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