Tenke finds more targets

An induced-polarization survey over the central portion of the Vicuna gold property in Argentina has enabled Tenke Mining (TNK-T) to identify two major resistivity anomalies.

Corresponding with the previously identified Filo del Sol gold target, the first anomaly is 1.6 km long, 200-350 metres wide and 150-230 metres thick. The target lies 25-100 metres below the surface and appears to be geologically similar to the Veladero deposit.

Mineralization at Filo del Sol is hosted in a breccia complex comprising leached opaline silica. Earlier this year, Tenke collected 39 soil samples that returned an average of 0.16 gram gold.

To the east, Tenke identified a second major resisitivity anomaly, measuring 1.6 km by 200-800 metres wide and 200 metres thick. Situated in an area of colluvial cover, it is said to be 25-100 metres below the surface. Peak resistivities are on the order of 12,500 ohm-metre, and most of the area is covered by colluvial silicified lithic tuffs. Previous soil samples in this area returned up to 2.6 grams gold per tonne.

Soil sampling by the Lukas Lundin-led company has also identified an anomalous gold zone between the Filo del Sol and Vicuna zones. Here, the diatreme is cut by a major northeasterly striking, 500-metre-wide fault system. Thirty-four samples have been collected within a 500-by-600 metre area; of these, 17 contained more than 0.25 gram gold; four contained greater than 0.9 gram, and one contained 4.9 grams gold.

To date, the junior has identified several prospective gold zones over a 12-km strike length of high-sulphidation alteration previously worked by Cypress Amax Minerals (CYM-N).

At the Vicuna target, 96 soil samples collected over a 1.6-sq.-km area returned an average grade of 0.6 gram gold. The gold anomaly is centered on a silicified zone where 24 soil samples averaged 1.11 grams gold, including a single sample that returned 7.1 grams.

The junior is completing a geophysical survey over the North Anomaly zone, where an 800-by-150-metre soil geochemical anomaly returned up to 0.16 gram gold. At the 800-by-500-metre Maranceslas zone, a geophysical survey is now under way.

The Vicuna property is in a relatively unexplored region, between the Maricunga gold belt to the north and the El Indio belt to the south. It is situated 75 km north of Homestake Mining‘s (HM-N) Veladero property, formerly worked by Argentina Gold. The area is considered prospective for “high-sulphidation style” gold mineralization. Homestake acquired Argentina Gold for US$300 million, following the junior’s discovery of a deposit that is now estimated to contain 7.8 million oz. gold and 147.4 million oz. silver. Tenke intends to advance these targets to the drill stage in the months ahead.

Tenke can earn a 100% interest in the property by spending US$4 million on exploration and issuing 2.4 million shares over four years.