Drilling - twining High Grade Barrick Drill Holes
Anacortes starts drilling at Tres Cruces
2022-05-25 18:29 ET - News Release
Mr. James Currie reports
ANACORTES MINING BEGINS DRILLING AT TRES CRUCES OXIDE AND SULPHIDE GOLD DEPOSIT IN THE QUIRUVILCA MINING DISTRICT, PERU
Anacortes Mining Corp.'s wholly owned Peruvian subsidiary, Aurifera Tres Cruces SA, commenced drilling today in accordance with the approved Ficha Technical Ambiental (FTA), the environmental instrument utilized for permitting the exploration drilling program at its Tres Cruces gold project in the prolific Quiruvilca mining district in northern Peru.
The drilling contractor Remicsa Drilling SA is fully mobilized to site, and ALS Global's Peruvian subsidiary, ALS Peru SA, is prepared to carry out the assay services for the drilling campaign. ALS has committed to providing a quick turnaround on assays.
With an estimated budget of $1.6-million (U.S.) to $2.0-million (U.S.), this initial drilling program will consist of 3,000 to 4,000 metres of core drilling, which will include infill drilling of the known oxide resource, and metallurgical holes and will test previous high-grade intercepts that ended in gold and silver mineralization.
The infill drilling of the known oxide resource is intended to confirm the high-grade nature of the near-surface mineralization which hosts 630,000 ounces of leachable gold at 1.28 grams per tonne gold, making it one of the highest-grade gold oxide development deposits globally. The recently announced preliminary economic assessment (PEA) on the oxide resource demonstrated an after tax NPV5 (net present value, 5-per-cent discount rate) of $165.9-million (U.S.) at $1,700 gold. For more information on the PEA, please see the press release dated March 8, 2022.
Deeper exploration drilling will be conducted to test the depth potential of the known sulphide resource, which currently hosts 1.84 million ounces of gold in the indicated category at 1.84 grams per tonne gold and 85,000 ounces of gold in the inferred category at 1.55 g/t gold. There is exceptional potential below the known sulphide resource based on previously encountered high-grade drill intercepts, alteration patterns and breccias.
One of the early holes in the program will test hole RTC-255, where the bottom 173.0 metres of the hole from 92.0 m to 265.0 m had an average grade of 3.12 g/t Au. This hole, which ended in strong gold and silver mineralization, included 2.0 metres grading 79.7 g/t Au and 180.5 g/t Ag from 196.0 m to 198.0 m down hole. Notable holes from previous drilling that ended in mineralization are summarized in the attached table.
Qualified person
The technical content of this news release has been reviewed and validated by James Currie, PEng, a qualified person as that term is defined in National Instrument 43-101. Mr. Currie is the president and chief executive officer of Anacortes.
About Anacortes Mining Corp.
Anacortes is a new growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the Tres Cruces gold project located in Peru. Phase I of Tres Cruces will be the development of the oxide resource which was the subject of a recently released PEA indicating a robust open-pit, heap leach project. Phase II at Tres Cruces will focus on exploring the deeper sulphide resource which has considerable potential. Anacortes is well capitalized and intends to aggressively pursue its goal of becoming a mid-tier gold producer in the Americas.
We seek Safe Harbor.
© 2022 Canjex Publishing Ltd. All rights reserved.