Samco Gold Completes First Phase c.10,000m Drill Program on Main Veins Target of Its El Dorado Monserrat Project
03 Julho 2012 - 10:46AM
Marketwired Canada
Samco Gold Limited (TSX VENTURE:SGA) ("Samco Gold" or the "Company") is pleased
to announce the completion of its first phase drill program on the Monserrat
Sector of its principal El Dorado Monserrat (EDM) project:
Ines Vein confirmed as a high priority target
-- Drilling, together with structural analysis carried out by consultant
structural geologist, Dr. David Coller, has identified a series of local
dilational vein segments along the principal structures of the Main
Veins, notably Ines.
-- In total 64 diamond drill holes are now complete and assayed for a total
of 10,640m across several targets in the Monserrat Sector, principally
on the Main Veins.
-- 23 of the 38 holes completed since the last announcement are in the
Ines structure, including:
-- 4.0m at 9.5g/t Au and 65g/t Ag from 106m (MVDDH0062) and 3.5m at 8.2
g/t Au and 82g/t Ag from 73m (MVDDH0041).
-- Three ore shoots have been identified on the Ines vein with the
following characteristics (above a 5 g.m. Au equivalent cut off).
----------------------------------------------------------------------------
Shoot Max Strike Av True Av Au Av Ag Av Au No. of
(m) width (g/t) (g/t) equiv. intersections/
(m) (g/t) Max depth
----------------------------------------------------------------------------
North 200 1.5 11.8 456 19.4 4/100m
----------------------------------------------------------------------------
Central 130 1.0 12.3 286 17.1 6/140m (open)
----------------------------------------------------------------------------
South 250 2.1 6.5 135 8.8 8/115m (open)
----------------------------------------------------------------------------
-- The South and Central shoots are open at depth and may consolidate into
one structure.
-- Parallel structures have been intersected in the hanging wall of the
Ines vein including (MVDDH039):
-- 2m of 5.4 g/t Au, 42 g/t Ag from 146m; and
-- 2m of 6.1 g/t Au, 84 g/t Ag from 160m.
-- In addition to these higher grade targets, wide zones of lower grade
mineralization have been identified in the hanging wall of Ines.
-- Over 12 holes (excluding two outliers) the average grade (including
internal waste) is 2.7 g/t Au, 110 g/t Ag (4.5 g/t Au equivalent)
over 7.5 m downhole.
1. General
The first phase of drilling in the Monserrat Sector of the El Dorado Monserrat
project (Figure 1) is now complete, and comprises 64 cored holes for a total of
10,640m. A further program of c.8,000 metres is shortly to be completed in the
El Dorado sector, comprising the Herradura and Beethoven prospects, and will be
announced separately.
Assays for all the Monserrat holes have been received, and new results since the
Company's announcement on February 28, 2012, are listed in Table 1. All
drill-hole collars have been accurately surveyed by differential GPS and their
collar locations are shown on Figure 2.
2. Monserrat Main Veins
The Monserrat Main Veins target (Figure 2) is a composite structure with a
general NNE trend, and is considered to comprise two veins: The southern vein,
known as Ines, and a right-stepping offset to the north called Camila.
Approximately 1 km west of the Main Veins, the Monserrat West vein (Figure 1)
has been drilled by previous explorers. To date, the Company has drilled one
hole, MVDDH012 (see release Feb 28, 2012) in that target. A low-lying area of
poorly-explored veins and little outcrop between Monserrat West and the Main
Veins is known as Bajo Pedernales. To date the Company has drilled seven holes
in this area.
Table 1 lists intersections above a cut-off grade of 2 g/t Au equivalent
obtained in these structures during the reporting period. (Gold equivalent is
derived by adding 1/60 of the silver grade to the gold grade).
Table 1. Monserrat vein system, intersections above a 2 g/t Au equivalent
cut-off grade (Since February 28, 2012) All widths are down-hole. To view Table
1, please visit the following link:
http://media3.marketwire.com/docs/MonserratVeinSystem.pdf.
2.1. Camila vein
Recent holes mainly explored below 'historic' holes (i.e. those drilled by
previous explorers) with high grades near the southern end of the vein, and
returned generally low to moderate grades as shown in the table. A step-out
hole, MVDDH061, drilled into the structure 500m north of the nearest existing
Samco Gold hole, intersected 1m of 90 g/t Ag. There are few historic holes in
the northern part of the vein, and results in these include 2.27m of 30.25 g/t
Au, 25 g/t Ag and 1.36m of 3.18 g/t Au, 180 g/t Ag. The Company has obtained
highly anomalous values in surface samples in the area, as reported in the
February 28 announcement. The area requires additional drilling.
2.2. Ines vein
Figure 3 is a plan view of the Ines vein on the 150m level (about 80m below
surface) and Figure 4 is a longitudinal vertical projection showing contoured
values of gold equivalent grade x true width, using all Samco Gold holes drilled
to date. These figures show three ore shoots, denoted North, Central and
Southern shoots, separated by waste. The shoots broadly correspond to low
topographic rises due to increased silicification or quartz content in the
veins.
North shoot: Maximum strike extent is approximately 200m, and the shoot appears
to bottom out at about 100m. One of the best Samco Gold intersections was in
MVDDH006 (1.6m of 14.2 g/t Au, 2607 g/t Ag), announced previously. A historic
hole, DDH 23ED, was reported to intersect 1.6m of 40.4 g/t Au, 871 g/t Ag, in
the same area, and is included in the data.
Central shoot: Strike extent is about 130m and the deepest intersection,
MVDDH023 (1.6m of 7.4 g/t Au, 84 g/t Ag), is at 140m depth. The shoot has a
steep northerly plunge and is open in depth.
South shoot: The south shoot occurs in an area where the dip of the vein
flattens to about 50 degrees, and also where another vein, known as Virginia,
branches off towards the south-east. The shoot seems to be about 250m long and
the deepest intersection is in MVDDH062, at about 115m depth. The vein in this
area shows consistent grades as well as good widths, as shown by MVDDH041 and
MVDDH061 in Table 1. A previously announced hole, MVDDH011, also intersected the
oreshoot with 0.9m of 15.6 g/t Au, 1304 g/t Ag. The Company has only drilled one
hole, MVDDH036, on the structure south of the shoot. That hole intersected low
grades (see Table 1), but the shoot is open in depth and the deepest
intersection, MVDDH062, also recorded the best width and grade (4m of 9.5 g/t
Au, 65 g/t Ag, Table 1, Figure 6). There is a possibility that the shoot could
join the Central Shoot below the current limits of drilling.
If the 5 g.m. contour on Figure 4 is taken as an approximation to an 'economic'
cutoff grade, the three shoots contain the average grades and widths shown in
Table 2. It is stressed that these averages are based on very few drill
intersections but serve to illustrate the need for more exploration.
Table 2. Average true widths and grades of Ines vein ore shoots
----------------------------------------------------------------------------
Max Av True Av Au No. of
Strike width Av Au Av Ag equiv. intersections/Max
Shoot (m) (m) (g/t) (g/t) (g/t) depth
----------------------------------------------------------------------------
North 200 1.5 11.8 456 19.4 4/100m
----------------------------------------------------------------------------
Central 130 1.0 12.3 286 17.1 6/140m (open)
----------------------------------------------------------------------------
South 250 2.1 6.5 135 8.8 8/115m (open)
----------------------------------------------------------------------------
2.3. Ines hanging wall
Two veins were intersected in the hanging wall of the Ines vein in MVDDH039
(Figure 5):
-- 2m of 5.4 g/t Au, 42 g/t Ag from 146m
-- 2m of 6.1 g/t Au, 84 g/t Ag from 160m.
The mineralization is open in depth and along strike. The up-dip projection of
these veins is probably represented by narrow intersections in MVDDH023 (Figure
5). These intersections are: 0.5m of 0.4 g/t Au, 88 g/t Ag from 89, and 0.4m of
0.56 g/t Au, 403 g/t Ag from 97.7m.
3. Structural study
Structural geologist Dr. David Coller carried out a structural study of the
Monserrat Main Vein system in May this year. He identified the Camila-Ines vein
system as a NNE-trending sinistral fault in which mineralization also occurs in
NW-trending extensional veins in the hanging wall. Ore shoots or wide zones of
multiple veins develop at changes in dip and strike of the main structure. The
vein kinematics are consistent with steeply north-plunging ore shoots as can be
seen on Figure 4. Deeper exploration of these shoots and the wide, multi-vein
structures is recommended.
4. Lower grade mineralization
Including the hanging wall splays of the Ines vein in the wide zones of multiple
veins identified in the Coller report, it is possible to calculate relatively
wide zones of lower grade mineralization. These are listed in Table 3, at a
general cut off grade of 1 g/t Au (but including internal waste) and a minimum
intersected width of 5m.
Table 3. Low-grade intersections, Ines vein
----------------------------------------------------------------------------
Hole Width (m) g/t Au g/t Ag g/t Au eq From
----------------------------------------------------------------------------
MVDDH006 5.00 5.1 894 20.0 82
----------------------------------------------------------------------------
MVDDH011 5.40 3.2 227 7.0 72.1
----------------------------------------------------------------------------
MVDDH017 5.20 0.9 90 2.4 241.6
----------------------------------------------------------------------------
MVDDH018 9.60 3.3 143 5.7 51.5
----------------------------------------------------------------------------
MVDDH021 6.90 3.5 23 3.9 93
----------------------------------------------------------------------------
MVDDH024 5.50 1.4 57 2.4 168
----------------------------------------------------------------------------
MVDDH039 16 1.7 20 2.0 146
----------------------------------------------------------------------------
MVDDH043 10 2.0 17 2.3 29
----------------------------------------------------------------------------
MVDDH046 9 1.8 48 2.6 127
----------------------------------------------------------------------------
MVDDH051 32.8 1.0 27 1.5 59.7
----------------------------------------------------------------------------
MVDDH051 6 1.8 67 2.9 128
----------------------------------------------------------------------------
MVDDH053 5 2.7 52 2.6 120
----------------------------------------------------------------------------
MVDDH058 5 1.4 74 2.6 41
----------------------------------------------------------------------------
MVDDH062 6.00 6.5 60 7.5 106
----------------------------------------------------------------------------
The weighted average of these intersections is 2.2 g/t Au, 88 g/t Ag (3.6 g/t Au
equivalent) over 9.1m downhole width, heavily influenced by the wide
intersection in MVDDH051. Excluding that hole and also excluding a deep isolated
intersection in MVDDH017, the average is 2.7 g/t Au, 110 g/t Ag (4.5 g/t Au
equivalent) over 7.5 m.
Next Steps
During the winter break, work will continue at EDM on the re-logging of
historical (non-Samco Gold) core as well as the mapping and sampling of other
targets identified in the Monserrat Zone.
Commenting on the recent results Paul Richardson, Chief Executive of Samco Gold
said:
"The results of our first stage program on the Main Veins target are very
encouraging and we have some exciting targets to follow up, particularly at
Ines. Dave Coller's work has been very helpful in identifying key structural
themes which underlie our strategy for future phases of drilling on this
important target."
The exploration program is directed by Samco Gold's Senior Geologist, Lic.
Eduardo Falloni advised by Mr. David Shatwell who is a Fellow of the Australian
Institute of Geoscientists. Sr. Falloni has over 30 years' experience of
exploration geology throughout Argentina including significant experience within
the Deseado Massif. Mr. Shatwell is a Qualified Person within the meaning of
Canadian National Instrument 43-101 and has reviewed and approved the above
technical disclosure.
The above Au and Ag assays were performed on half-core by Alex Stewart Argentina
S.A., using fire assay with atomic absorption finish on 50 gram pulp samples.
Drill-hole locations are in Gauss-Kruger coordinates, using the Campo Inchauspe
datum, and were acquired by hand-held GPS with an estimated accuracy of
approximately 5m. Unless otherwise stated, intersections quoted in this release
are down-hole widths, and are greater than true widths depending on vein and
drill-hole geometries.
About Samco Gold Limited
Samco Gold's principal business is the acquisition, exploration and development
of precious metals resource properties in Argentina. The Company's principal
mineral property is the El Dorado Monserrat epithermal gold project, located in
the Deseado Massif region of Santa Cruz Province, Argentina. The Company's goal
is to become a producer of gold through the exploration and development of El
Dorado Monserrat. Samco Gold also owns a portfolio of other mineral exploration
properties in the Deseado Massif.
Additional details on the Company are available on SEDAR (www.sedar.com).
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements which can be identified
by the use of words "commenced", "scheduled", "expect", "goal", and phrases or
statements that certain actions, events or results "may", "would", or "will" be
taken, occur or be achieved. Information concerning the interpretation of drill
and other exploration results may also be considered forward-looking statements
as such information constitutes a prediction of what mineralization might be
found to be present if and when a project is actually developed.
Forward-looking statements involve known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
the results of due diligence activities, the interpretation and actual results
of current exploration activities; changes in project parameters as plans
continue to be refined; future prices of gold; possible variations in grade or
recovery rates; failure of equipment or processes to operate as anticipated;
labour disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of exploration, as well
as those factors disclosed in Samco Gold's Prospectus dated June 27, 2011 filed
and publicly available under the Company's profile on the SEDAR website at
www.sedar.com. Although Samco Gold has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company does not intend, and
does not assume any obligations, to update forward-looking statements, whether
as a result of new information, future events or otherwise, unless otherwise
required by applicable securities laws.
FIGURES
To view Figure 1. El Dorado Monserrat project, location of principal targets,
please visit the following link:
http://media3.marketwire.com/docs/ElDoradoMonserratProject.pdf.
To view Figure 2. Monserrat area - Drill hole locations, please visit the
following link: http://media3.marketwire.com/docs/MonserratArea.pdf.
To view Figure 3. Monserrat Main Vein system at 150m level (approx 80m below
surface), please visit the following link:
http://media3.marketwire.com/docs/MonserratVeinSystemLevel150m.pdf. See Figures
5 and 6 for cross sections.
To view Figure 4. Ines vein, longitudinal vertical projection looking west,
showing Au equivalent x true width values and contours, please visit the
following link: http://media3.marketwire.com/docs/InesVein.pdf. (Au equivalent =
g/t Au +g/t Ag/60).
To veiw Figure 5. Cross section 7950N, Ines vein, looking north, please visit
the following link: http://media3.marketwire.com/docs/CrossSection7950N.pdf.
Drill-holes are projected max 12.5m onto section.
To view Figure 6. Cross section 7750N, looking north, please visit the following
link: http://media3.marketwire.com/docs/CrossSection7950N-HoleDM21.pdf. (Hole
DM21 was drilled by a previous explorer).
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