Los Cerros completes first Diamond Drill Hole at Tesorito
Los Cerros Limited (ASX:LCL) has completed its first drill hole (TS-DH08) at the near-surface Tesorito gold porphyry, in a “highly encouraging start” to the company’s expanded drilling program at the Quinchia Gold Project in Colombia.
Tesorito is a near-surface porphyry and part of the larger Quinchia Gold Project, located in the Mid-Cauca Porphyry belt which hosts many multi-million ounce discoveries. Qunichia has a total combined Resource of 1.3Moz gold including a Reserve of 457,000 ounces at its Miraflores deposit.
The first diamond hole of the sustained program was successfully completed at 325m after intercepting potassic alteration with intense porphyry and epithermal veining interpreted to be the core of the Tesorito Porphyry.
Visual observations show compelling similarities with previous drilling that delivered very wide zones of strong gold mineralisation. Assay results remain on schedule for mid-September.
The diamond drill program is ahead of schedule, with the next hole set to test the undrilled northern Tesorito surface anomaly.
The rig has now relocated to test the Tesorito northern surface anomaly as planned, while a second diamond rig has been contracted, that’s set to target high grade epithermal drilling at nearby Chuscal prospect in September.
Tesorito: Drill hole TS-DH08
This first drill hole — TS-DH08 — entered saprolite, interpreted to be weathered porphyry, from 7m and fresh diorite porphyry from 22m before leaving the diorite porphyry to enter basaltic country rock at 277m downhole.
The 270m wide intersection of diorite porphyry contains a 69m zone (downhole length) of potassic alteration with porphyry style veining overprinted by zones of intense epithermal veining from 131m which is interpreted to represent the porphyry core.
TS-DH08 was sited to test for continuity of encouraging gold intersections in previously drilled holes TS-DH07 and TS-DH024:
- 384m @ 1.01g/t from 16m incl 29.3m @ 1.9g/t Au from 136.75m in TS-DH02; and
- 253.1m @ 1.01g/t Au from 2.9m incl 64m @ 1.67g/t Au from 144m in TS-DH07.
Los Cerros’ Managing Director Jason Stirbinskis said, “This is a highly encouraging start to our drilling program. Based on the preliminary visual drill log, we see consistency in the lithology, alteration and veining with what we see in previous holes TS-DH07 and TS-DH02 which were drilled 50m and 100m respectively from TS-DH08.
“The geologists have reported higher vein density than anticipated in some sections of the core, which is encouraging for gold grade in those sub-zones. These sub-zones include a 69m downhole intercept of potassic alteration from 131m to 200m, believed to be the porphyry core, which potentially correlates to a 64m wide zone of higher grade material at similar depth in TS-DH07.”
The rig is currently being relocated to the northern target 200m north of hole TS-DH08, where an undrilled zone of anomalous gold and molybdenum in soils occurs concurrent with a magnetic high.
The company’s first hole of the current drill program (TS-DH08) has further explored the southern anomalous zone. The second hole (TS-DH09) will test the northern anomalous zone, defined by strong gold and molybdenum assays in soil over a magnetic high.
Additional rig secured to target Chuscal Prospect
Ahead of the arrival of the company-owned diamond drill rig, anticipated in October 2020, Los Cerros will secure an additional contractor rig for a minimum 1,000m to 2,000m shallow diamond drilling program at the Chuscal gold target, just 1km south of the current drilling at Tesorito.
The second contractor rig is expected to arrive on site in mid-September 2020.
Subject to completion of current field work and modelling at Miraflores, the company-owned rig will be dedicated to exploration and resource drilling at Miraflores and/or the established porphyry targets at Chuscal.
Chuscal’s appeal is the presence of two styles of mineralisation: porphyry associated gold mineralisation; and higher grade mineralised epithermal (ISS) veins which overprint the porphyry mineralisation. The approaching Chuscal program will focus on near surface, high grade epithermal vein gold.
In January 2020, Los Cerros completed a four-hole maiden drilling program which revealed that the ISS veins are far more extensive than previously modelled and are associated with a regional fault structure generating gold bearing veins in a dominant E-W direction with secondary veins or splays from these major veins also carrying mineralisation.
Vein related results from the recent drilling program include:
- 2m at 8.28g/t Au from 248m in CHDDH002;
- 0.5m at 17.1g/t Au from 333m within 7m @ 2.07g/t Au from 331m in CHDDH002
- 6m @ 2.97g/t Au from 250m including a 0.4m high grade vein from 253.3m grading 31.8g/t Au in CHDDH003;
- 6m @ 2.52g/t Au and 10.25g/t Ag from 0m to 6m, including 2m @ 5.56g/t Au and 29g/t Ag from surface in CHDDH0001;
- 2m @ 6.44g/t Au and 87.40g/t Ag from 324m to 326m in CHDDH001; and
- 8m @ 2.82g/t Au and 29.96g/t Ag from 342m to 350m in CHDDH001.
The pending drill program is planned to consist of multiple shallow holes specifically targeting the strike extent of two major high grade vein sets – the Corporacion and Montana/Guyacanes veins, both of which are interpreted to be accountable for most of the above mentioned intercepts and have hosted successful artisanal miners for extended periods.
“We are in an enviable position following our recent capital raising, providing funding and optionality to pursue multiple gold targets within our Quinchia Project which in itself has the foundation of the Miraflores Feasibility Study and 0.475Moz mineral Reserve.
“We are also expecting the arrival of our own drill rig in October which could potentially add a third drill rig to the mix and provide the opportunity to chase, in addition to the ongoing programs, high grade gold targets at Miraflores as well as the porphyry targets at Chuscal and Tesorito.
“Results from the shallow Chuscal drilling will be integrated into vector targeting of the underlying Chuscal porphyry target to enable the Fathom modelling8 to be fine-tuned,” Stirbinskis said.
Los Cerros expect to provide more detail of the Chuscal program as it develops over coming weeks.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.