TIDMMNC
RNS Number : 2721W
Metminco Limited
31 July 2018
ASX / AIM ANNOUNCEMENT 31 July 2018
DRILLING AT TESORITO CONFIRMS AND EXPANDS GOLD BEARING
PORPHYRY
This announcement is an abridged version of the announcement and
does not include schematics. For the full announcement, please
refer to the Company's website at www.metminco.com.au
Highlights
-- Assays from hole TS_DH_04 include:
o 179.8m @ 0.7g/t Au from surface
o including 21.8m @ 1.03g/t Au from surface
o and 90.0m @ 0.83g/t Au from 26.8m
-- Assays from TS_DH_05 include (partial results)
o 212.7m @ 0.39 g/t Au from surface
o including 32.2m @ 0.77 g/t Au from surface
o and 15.5m @ 0.61 g/t Au from 112.6m
-- Assays expected for remainder of TS_DH_05; and 06 and 07 in August 2018.
-- This and previous drilling confirms the gold mineralisation
(over 0.5 g/t Au) is extensive in area (400m x 180m); is open
laterally to the north-northeast, east-southeast and at depth.
-- Intensive phyllic alteration intercepted in TS_DH_05, with
increasing base metal mineralisation and potassic alteration with
depth, similar trends seen in most holes reported to date, suggest
the central zone of the Tesorito porphyry system is located
primarily beneath the existing Induced Polarisation ("IP")
anomaly.
Executive Chairman Mr. Kevin Wilson said of the results "The
intensity of hydrothermal alteration seen at Tesorito together with
prolific gold mineralisation already recognised in the Quinchia
district and elsewhere in the Cauca belt suggests this to be major
mineralising system which offers great potential for exploration
success. In the classic porphyry model, the mineralisation seen at
Tesorito could be the gold cap to base metal mineralisation at
depth."
Summary
Metminco Limited (ASX & AIM: MNC) ("Metminco" or the
"Company") is pleased to announce the results of the assays
received to date for the first two diamond drill holes (partial
results received for the TS_DH_05) from its Tesorito gold prospect
in the Quinchia district, Colombia (Table 1). The Quinchia district
occurs in the mid Cauca belt, host to large gold deposits such as
La Colosa (28Mozs) and Quebradona (21Mozs) (Figure 1).
The Tesorito prospect occurs 800m south east of the Company's
Miraflores deposit (0.88Moz gold Resource) and approximately 3km
south east of the Company's Dosquebradas deposit (0.92Moz gold
Resource estimated under NI 43-101 - see announcement dated 7 March
2016). It is also located approximately 2km north of the large
undrilled Chuscal porphyry target.
The Company's current 1,500m diamond drilling program, is
designed to confirm and expand the gold mineral system intersected
in drilling by a previous operator. This included hole TS_DH_02
which reported 384m @ 1.1g/t Au from surface to end-of-hole (Table
1, refer announcement 7 March 2016). The program will also test a
previously undrilled geophysical anomaly located approximately 300m
to the northwest of TS_DH_02 (Figure 2).
Figure 1. The Cauca Belt of Colombia, with the location of
Metminco's Miraflores resource at Quinchia, which is adjacent to
Tesorito.
Although early in its exploration history, Metminco believes the
mineralisation at Tesorito represents the gold-rich cap of a deeper
base-metal rich porphyry system. This is supported by the phyllic
alteration and increasing base-metal content and igneous activity
with depth seen in several holes.
The intensity of hydrothermal alteration seen at Tesorito
together with prolific gold mineralisation already recognised in
the Quinchia district and elsewhere in the Cauca belt suggests this
to be major mineralising system which offers great potential for
exploration success.
Next Steps
-- receipt of assays from the final 2 diamond holes and remainder of TS_DH_05
-- undertake a detailed logging program on the recently acquired
drill core supported by mineralogical analysis to determine vectors
for focusing next stage exploration drilling.
Results
The program is comprised of four moderate-depth diamond drill
holes (Figures 2, 3, 4, 5 and 6) with results summarised in Table 1
below.
Drill Hole Assays
TS_DH_01 Previously drilled 266.5m @ 0.46 g/t Au, 0.58 g/t Ag and 0.034%
and reported Cu from 83.5m
----------------------------------------------
TS_DH_02 Previously drilled 384.0m @ 1.01 g/t Au, 0.86 g/t Ag and 0.084%
and reported Cu from 16.0m
including 32.5m @ 1.34 g/t Au, 0.81 g/t
Ag and 0.094 % Cu from 48.8m
and 156.6m @ 1.28 g/t Au, 0.93 g/t Ag and
0.085% Cu from 88.3m
and 3.95m @ 3.43 g/t Au, 6.67 g/t Ag and
2.63% Cu from 390.8m
----------------------------------------------
TS_DH_03 Previously drilled 254.9m @ 0.51 g/t Au, 0.67 g/t Ag and 0.052%
and reported Cu from 9.3m
----------------------------------------------
TS_DH_04 179.8m @ 0.70 g/t Au, 0.91 g/t Ag and 0.064%
Cu from 3m
including 21.8m @ 1.03 g/t Au, 0.92 g/t
Ag and 0.077% Cu from 3m
and 90.0m @ 0.83 g/t Au, 1.05 g/t Ag and
0.078% Cu from 26.8m
2m @ 17.95 g/t Ag, 1.99 g/t W and >1% Zn
from 343.0m
----------------------------------------------
TS_DH_05 Full results 212.72m @ 0.39 g/t Au, 0.72 g/t Ag and
pending 0.053% Cu from 4.7m
including 32.2m @ 0.77 g/t Au, 0.61 g/t
Ag and 0.072 & Cu from 4.7m
and 15.5m @ 0.61 g/t Au, 0.83 g/t Ag and
0.063% Cu from 112.6m
and 3.95m @ 0.75 g/t Au, 3.82 g/t Ag, 0.139%
Cu, 52.7 ppm Pb, and 168.0 ppm Zn from
211.8m
----------------------------------------------
Table 1. Summary assay results from all drill holes to date at
Tesorito.
From the results received to date from Tesorito and the previous
historical drilling:
-- all 5 holes drilled into have returned gold mineralisation
from a multi-phase porphyritic intrusive complex
-- the gold mineralisation is extensive in area, and occupies at
least 400m x 180m and is open laterally to the north-northeast and
east-southeast
-- higher grade gold areas of over 1 g/t Au occur within the broader mineralisation envelope of approximately 0.5 g/t Au
-- depth of porphyry mineralisation has been seen up to 380m
below surface (TS_DH_02) and the presence of garnets in previous
and present drill core are indicative of a deep vertical plumbing
system
-- intense phyllic alteration mapped by the significant IP
anomaly located to the west of the known Tesorito porphyry and seen
in the surface mapping and sampling and the drill core, suggests a
major hydrothermal system exists approximately 200-300m to the
north west of the locus of the Tesorito prospect
-- phyllic alteration is generally indicative of the upper and
lateral zones of a porphyry system. There is a general increased
presence of A-, B-, and M-type veining down-hole in holes drilled
towards the IP anomaly. Furthermore, initial logging indicates a
general increase in the presence of potassic alteration in the same
direction along with an increasing presence of base metals with
depth. These factors are all pointing to the central zone of the
Tesorito porphyry system being located primarily beneath the IP
anomaly with porphyry-associated mineralisation extending laterally
upwards from it
-- the localised controls on higher order gold mineralisation
traversed by TS_DH_02 and TS_DH_04 require further investigation to
determine their distinct characteristics, and their likelihood of
being repeated within the porphyry complex
Figure 2. Plan of Tesorito drilling, showing location of drill
traces and IP anomaly. Section B-B' is presented as Figure 4
(below), the other sections are appended with Table 1.
Details of the Program
TS_DH_04 was collared from the same platform that was used to
drill TS_DH_02 and was drilled at a steeper angle (70 degrees) to
test the well-mineralised stockwork veining developed in
porphyritic sub-volcanic (shallow depth) dacitic and andesitic
intrusives.
TS_DH_05 was drilled to test for lateral and upward extensions
of the well-mineralised stockwork veining traversed by drill hole
TS_DH_02. In addition, TS_DH_05 was designed to test the nature and
extent of the mineralisation beneath the >100 ppb gold in soil
geochemical anomaly and the high grade (up to 2m at 6.6 g/t Au -
refer announcement 27 March 2018, Appendix D) gold assays returned
from sampling in trenches.
TS_DH_06 was drilled principally to test the nature and extent
of what has caused the strong IP geophysical response over a
north-northeast trending 1,000m long x 300m wide zone developed to
the northwest of the gold in soil geochemical anomaly. It was
designed to traverse the zone which was modelled to have the
strongest coincident chargeability and conductivity readings.
TS_DH_07 was designed to test the three-dimensional geometry of
the higher-grade mineralisation returned from TS_DH_02 and any
mappable controls which could assist in determining the extent and
frequency of the higher-grade zones within the porphyry
complex.
Details of the drill results
TS_DH_04 has confirmed the continuation at depth of the gold
mineralisation beneath TS_DH_02 over similar intervals and grade
for the first 180m, with downhole intercept of 179.8m @ 0.70 g/t
Au, 0.91 g/t Ag and 0.064% Cu, including 21.8m @ 1.03 g/t Au, 0.92
g/t Ag and 0.077% Cu and 90.0m @ 0.83 g/t Au, 1.05 g/t Ag and
0.078% Cu. The gold mineralisation is associated with stockwork
veining exhibiting A-, B- and M-type veins that typify
porphyry-style mineralisation as shown in Figure 3.
The drill hole then passed through an alternating sequence of
basement blocks separated by relatively narrow intrusive
porphyritic dacitic and andesitic dykes and was terminated in
basement rocks at 400m. The basement blocks comprised contact
metamorphosed arkosic sandstones likely to be part of the
Tertiary-aged Amaga Formation and deformed fine-grained basaltic
lavas of the Cretaceous Barroso Formation.
Of further interest, TS_DH_04 intercepted a zone of high strain
within basement (basalt) from 343m to 345m that returned assays of
17.95 g/t Ag, 1.99 g/t W and >1% Zn. A discreet, narrow
high-grade intercept returned 3.43 g/t Au, 6.67 g/t Ag and 2.63% Cu
from a 3.95m sample intercepted from near the base (390.8m to
391.5m depth) of hole TS_DH_02 within porphyritic dacite. Further
work is warranted to better understand the significance, nature and
extent of these high-grade polymetallic mineralised intercepts in
the context of the porphyry system.
TS_DH_05 has confirmed the presence of stockwork veining
developed in porphyritic sub volcanic dacitic and andesitic
intrusives from 0 to 293m depth down hole, after which it passed
into a less veined but increasingly sericite-altered porphyry for
the remainder of the hole, which was terminated at 390.5 m.
TS_DH_05 returned mineralised intercepts of 212.7m @ 0.39 g/t Au,
0.72 g/t Ag and 0.053% Cu from 4.7m, with the assay results still
pending for the remaining 174m to end of hole. The extent and tenor
of the mineralisation, as determined from assay results received to
date, closely resembles the results obtained from TS_DH_01 located
some approximately 100m towards the north east.
Figure 3: Core photographs showing porphyry with veinlet
styles.
1. TS_DH_04 (80.7m) Medium grained andesite porphyry, with A quartz veins and potassic feldspar halos.
2. TS_DH_04 (87.2m) Medium and coarse-grained andesite porphyry, with intrusive breccia and A vein.
3. TS_DH_07 (153.5m) Fine grained andesite porphyry, with B quartz veins.
4. TS_DH_07 (200.3m) Medium grained andesite porphyry, with
intrusive breccia
Figure 4. Cross section B-B' from Figure 2 showing TS_DH_04;
TS_DH_05; TS_DH_07 (in progress) and the IP chargeability
anomaly.
The last two samples for which results have been received from
TS_DH_05 returned assays of 3.95m at 0.75 g/t Au, 3.82 g/t Ag,
0.139% Cu, 52.7 ppm Pb, and 168.0 ppm Zn from 211.8m to 215.5m.
This suggests an elevated base metal assemblage which supports the
observation from holes TS_DH_02 and TS_DH_04 of an increase in base
metals with depth and closer proximity to the IP geophysical
anomaly.
TS_DH_06 returned core exhibiting similar lithologies to those
encountered in the lower hundred metres of TS_DH_05, comprising
increasingly sericite-altered porphyritic dacitic and andesitic
intrusive rocks. The intense sericite alteration, commonly referred
to as phyllic alteration, is an important component of
porphyry-style precious and base metal systems and is considered
the likely cause of the strong IP geophysical response. The fact
that this significantly intense anomaly extends for nearly 1km
along the western limits of the porphyritic intrusive complex is
indicative of a large zone of intensive phyllic alteration likely
to be associated with a porphyry-style hydrothermal system of
significant scale and intensity. Assay results from TS_DH_06 have
not been received at the time of this release.
TS_DH_07 is in the process of being completed at the time of
this release and samples are being prepared for submission to the
laboratory. The rocks encountered are logged as well-veined
porphyry similar to that encountered in TS_DH_02 and the upper
parts of TS_DH_04 (Figure 2).
Results from the deeper part of TS_DH_05 as well as 06 and 07
are expected during August 2018.
For further enquiries contact:
Kevin Wilson
Executive Chairman Metminco Limited;
kwilson@metminco.com.au ;
+61 409 942 355
The Glossary of Terms is included as Appendix F in the
Attachment Table 1.
For further information, please contact:
METMINCO LIMITED
Kevin Wilson +61 409 942 355
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Andrew Thomson / Alena Broesder Office: + 61 2 9250 0000
United Kingdom
Charlie Cryer Office: + 44 20 3440 6800
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis Office: + 44 20 3757 4997
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Metminco are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Metminco that could cause
Metminco's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Metminco does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing.
COMPETENT PERSONS STATEMENT
The technical information contained in this presentation that
relates to exploration results (excluding those pertaining to
Mineral Resources and Reserves) is based on information compiled by
Mr Gavin Daneel, who is a Member of the Australasian Institute of
Mining and Metallurgy and who is an independent Consulting
Geologist. Mr Daneel has sufficient experience which is relevant to
the style of mineralisation and type of deposit under
consideration, and to the activity which he is undertaking, to
qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and to qualify as a Qualified Person
for the purposes of the AIM Rules for Companies. Mr Daneel consents
to the inclusion in the release of the matters based on the
information he has compiled in the form and context in which it
appears.
The Company is not aware of any new information or data that
materially affects the information included in this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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