XYZ Drilling Update & Postive news from Peru (2022 PDAC ) Vancouver, British Columbia--(Newsfile Corp. - June 22, 2022) - Anacortes Mining Corp. (TSXV: XYZ) (OTCQB: XYZFF) ("Anacortes" or the "Company") is pleased to provide an update on the drilling program currently underway at its Tres Cruces gold project in the prolific Quiruvilca Mining District in northern Per.
As part of the previously announced 3,000 to 4,000 initial drill program at Tres Cruces, drilling contractor, Remicsa Drilling S.A. ("Redrilsa"), has completed four drill holes totalling 860.1 meters as summarized in the table below.
Of note, hole ATC-501, designed to twin historical hole RTC 255 and test sulphides at depth, continued for a total depth of 496.3 meters, considerably deeper than any hole drilled to date on the project.
Hole NumberDepth (m)Inclination and AzimuthPurpose of Hole ATC-500150.0-55 10Delineate oxide/sulphide boundary at north end of pitATC-501496.3-85 270Confirmation twin hole RTC 255 and test sulphides at depthATC-502120.0-60 165Infill resource holeATC-50393.8-80 90Provide gold oxide samples for metallurgical testing
As discussed in previous news releases, the drilling program has been designed to support a Feasibility Study on the Tres Cruces Oxide Project as well as to test the depth potential of the underlying sulphides, where many holes drilled by previous operator Barrick, ended in promising gold and silver mineralization.
In Addition to the very positive news from Anacortes ( XYZ : TSX.V ) Peruvian Minister of Economy and Finance scar Graham announced at the 2022 PDAC :
His government will extend to 2025 the tax refund benefit to mining and oil exploration, which was scheduled to end in December 2022.
According to Graham, the decision is based on the government’s desire to guarantee the growth of the mining sector, which is responsible for 63% of the country’s exports.