Luna Gold (LGC-V) struck upon some promising results at its Cachoeira gold project in northeastern Brazil as it wrapped up its drill program for the year.
The Vancouver-based company with a focus on exploration projects in Brazil, announced assay results from the Tucano zone at Cachoeira. Intercepts were highlighted by:
Hole LCD-026 — 21.45 meters 5.87 grams gold including 7.95 metres at 14.96 grams gold and 11 metres grading 1.67 grams gold
Hole LCD-027 –- 1 metre at 17.3 grams gold per tonne and
Hole LCD-028 – 13.04 metres grading 1.84 grams gold.
Tucano is a multi-vein system that Luna says has the potential to support a bulk-tonnage open pit operation.
In addition the project hosts one high grade vein that could be mined by underground methods either below the open pit or as a stand-alone operation.
With its 2008 drill program now finished, the company says it will focus on modeling the three zones it has drilled thus far at Cachoeira – of which Tucano is the flagship.
The just completed program aimed at opening up the dip and plunge extent of higher grade mineralized zones to the west and southwest of the zone.
“All step out holes hit mineralized zones, several of which are very high-grade indicating that the mineralizing system is more extensive than previously defined and remains open,” said Titus Haggan, Luna’s exploration manager.
The most promising hole, LCD026, was a wide step-out hole to the southwest and mineralization was associated with quartz veins containing visible gold.
Luna says preliminary geologic modeling shows good continuity of high-grade ore between the drill holes.
Tucano is a shear zone gold deposit and mineralization is coarse grained in quartz veins that typically have a close spatial relationship with felsic dykes.
The deposit host rocks are Proterozoic volcanic units of the Chega Tudo formation.
In Toronto on Dec. 8 the company’s shares were up a penny to 10¢ on 189,000 shares traded.
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