Sunward Resources (SWD-T) believes it could be sitting on top of Colombia’s next gold district and its latest resource estimate lends some credit to the notion.
Its flagship wholly-owned Titiribi gold-copper project is located in Antioquia department, 70 km southwest of Medellin.
Using a cut-off grade of 0.3 gram gold per tonne — the same cut-off used in a previous report — Titiribi now hosts 275.4 million tonnes of measured and indicated resources averaging 0.52 gram gold per tonne for 4.58 million oz. gold. Included in the 275.4-million-tonne figure are 167 million tonnes in the Cerro Vetas zone grading around 0.5 gram gold and 0.17% copper that add 279,131 tonnes (615 million lb.) contained copper.
Cerro Vetas is one of two principal zones being focused on at Titiribi. The other is Chisperos.
The increase in tonnage over the previous estimate didn’t come at the expense of lower grades: the 0.52-gram-gold grade is an 8.3% increase over the previous estimate’s average grade.
Last September the project’s resources stood at 142.9 million tonnes grading 0.48 gram gold per tonne and 0.15% copper, for 2.20 million oz. gold and 3.5 million equivalent oz. gold.
Total inferred resources got a boost as well, and now stand at 359.6 million tonnes grading 0.56 gram gold for 6.44 million oz. gold. The previous estimate outlined 6.08 million inferred oz. gold.
Some of the ounces in the latest calculation came out of a higher-grade zone of breccia-hosted, gold-dominant mineralization in the northwest sector of the Cerro Vetas porphyry.
This higher-grade NW Breccia zone hosts measured and indicated resources of 44.3 million tonnes grading 0.58 gram per tonne gold for 0.83 million contained oz. gold, along with inferred resources of 51.7 million tonnes grading 0.78 gram gold per tonne for 1.31 million oz.
The update is based on 42 drill holes and 27,800 metres of diamond drilling, bringing the total to 120 drill holes in the two zones for 73,400 metres.
Since the cut-off date for the current resource, Sunward has drilled another 32 holes for 19,700 metres.
Cerro Vetas and Chisperos in the northeast are two of seven mineralized zones that have been identified on the property.
The recently discovered mineralization at the Junta, Candela and Porvenir zones do not have resource estimates yet.
On June 4 on the news, the company’s shares were off 6% or 9¢ to $1.38, on 155,000 shares traded.
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