Concerns that gold-bearing fines are being lost during diamond drilling at the Gualcamayo project in Argentina have prompted
Prior to the Christmas break, the company drilled 14 core holes, totalling 2,600 metres, on the Quebrada del Diablo gold prospect in San Juan province. The steep, rugged terrain was a limiting factor in selecting drill sites, and the results were generally lower in grade than those previously reported from surface sampling.
Company officials suspect that gold-bearing fines are being lost from the matrix and oxidized fractures of the breccia as a result of washing of the core during drilling.
To date, 21 previously assayed intervals from holes QD-5, 6 and 7 were re-sampled by collecting fines from the drill core. The average grade of the original samples was 1.5 grams gold per tonne, while the fines averaged 3.26 grams, with only one sample returning a lower grade.
Similarly, sludge samples collected over an interval of 3-17.6 metres in hole QD-12 averaged 5.57 grams, versus 3.76 grams in drill core samples over a comparable interval (3.25-18 metres).
In addition, surface outcrops were analyzed to determine the distribution of gold between the matrix fines and the harder breccia clasts. Thirteen sample sites along the access road into Quebrada were re-sampled. The average grade in the clasts was 0.55 gram, whereas the average grade of the matrix was 2.67 grams.
The company recently reported drill results for holes QD-8 through to QD-13. Assay results from hole QD-14 remain pending. Of particular note is hole QD-12, which intersected, near the surface, 56 metres averaging 2.18 grams, starting at a down-hole depth of 4 metres. The upper 22 metres of the interval averaged 4.01 grams.
Hole 12 was collared 500 metres east of the Quebrada del Diablo zone in an area of mineralized outcrop. The hole was directed to the north at an angle of minus 60 and completed to a depth of 277.6 metres. Viceroy says the surface mineralization in this area extends along strike and up-slope.
Holes QD-8 and 10 further tested the Quebrada del Diablo area. Hole 8 was drilled into the canyon wall along a west-bearing azimuth at an angle of minus 30, about 50 metres southeast of previously reported hole QD-1 (136 metres averaging 0.94 gram, including 50 metres of 1.07 grams). Hole 8 intersected 143 metres averaging 0.63 gram right from surface.
Hole QD-10 was drilled near hole 1 to the northeast at an angle of minus 45. The hole averaged 1.32 grams over its entire length of 47.2 metres.
Holes QD-9 and 11 were collared from the same pad site west of the Quebrada area. Hole 9 was aimed to the northeast at an angle of minus 63.5 for a total length of 307.13 metres. At a downhole depth of 260 metres, the hole encountered a 22-metre intercept averaging 1.08 grams.
Hole 11 was swung to the northwest at minus-60 for a total length of 275 metres. The hole was lost in mineralization at the bottom of the hole yielding 2 metres of 2.4 grams.
Viceroy can earn a 60% interest in the 50,000-ha project from Mincorp Exploraciones by spending US$5 million on exploration over five years. Mincorp is a joint venture between
The second phase of an aggressive diamond drilling program is to begin in early February.
In related news, Viceroy has implemented a shareholders rights protection plan designed to encourage the fair treatment of its shareholders in connection with any takeover bid. The rights plan is subject to regulatory and shareholder approval, which will be sought at the company’s next annual general meeting.
A summary of the most recent drill results are as follows:
HoleAngleDepthFromToIntervalGrade
(degrees)(m)(m)(m)(m)(g/t)
QD-8-30143.250.0143.0143.00.63
QD-9-63.5307.13260.0282.022.01.08
QD-10-4547.530.347.547.21.32
QD-11-60275.0272.0274.02.02.4
QD-12-60277.64.060.056.02.18
incl.—-4.026.022.04.01
QD-14-60286.11——Pending
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