Samco Gold Limited (TSX VENTURE:SGA) ("Samco Gold" or the "Company") is pleased
to announce the early stage results of its drill program on the Herradura target
at its principal El Dorado Monserrat (EDM) project:
HIGHLIGHTS
Following a program of geological mapping and pole dipole geophysics, drilling
commenced in the first week of April, 2012, and by June 30, 27 holes had been
completed, totaling 6,571 metres. Two zones of mineralization have so far been
encountered:
(1) Quartz-pyrite breccia
-- Exploration drilling intersected a zone of intense quartz veining
overprinted and brecciated by pyritic mineralization, between
approximately 60 and 140m down-hole (HDDH001).
-- The mineralized body was intersected in HDDH007, HDDH009, HDDH010,
HDDH011, and HDDH12, with the results shown in Table 1. The best
intersection received to date comprises 31m averaging 1.5 g/t Au, 57 g/t
Ag from 163 metres (in HDDH011).
(2) East-west quartz vein
-- Four holes (HDDH013, HDDH014, HDDH015 and HDDH026) were drilled to the
west of the breccia zone.
-- HDDH013 intersected 5.5m of 11.2 g/t Au, 73 g/t Ag from 68 m.
-- HDDH015 intersected 4m averaging 2.03 g/t Au, 42 g/t Ag from 148m. (The
true width for both intersections is estimated at between 1.5m and
2.5m).
-- HDDH014 intersected 1m of 4.14 g/t Au, 17 g/t Ag at 111-112m, at
approximately 90m below the surface.
-- The vein intersections in these three holes are interpreted as a single
structure, at least 500m long.
INTRODUCTION
The La Herradura prospect is located approximately 7 km south-east of the
Monserrat target, within Samco Gold's El Dorado block of tenements. (Figure 1 -
http://media3.marketwire.com/docs/samcofig1.pdf). The prospect is a low hill,
distinctive for its red colour due to iron oxide and clay alteration.
Figure 1. El Dorado project, showing location of the Herradura target. To view
Figure 1 please visit the following link:
http://media3.marketwire.com/docs/samcofig1.pdf.
Another company explored the prospect in 1998, by geological mapping, trenching,
rock chip sampling, and five cored holes which totaled 657m. The trenching and
rock chip sampling identified a number of narrow, NW to WNW trending quartz
veins, in some of which assays above 10 g/t Au were reported. The drill-holes
were reported to have intersected several broad zones of anomalous Au-Ag
mineralization, including:
-- 29.8m of 0.27 g/t Au, 1 g/t Ag in DDH1
-- 29.2m of0.25 g/t Au, 5 g/t Ag in DDH3
-- 45.4m of 0.2 g/t Au, 2 g/t Ag in DDH5
EXPLORATION BY SAMCO GOLD
Samco Gold commissioned a pole-dipole induced polarization survey on lines 100m
apart in late 2011, compiled data from the 1998 exploration, and carried out
preliminary geological mapping. Drilling commenced in the first week of April,
2012, and by June 30, 27 holes had been completed, totaling 6,571 metres.
Concurrent with the drilling, more detailed geological mapping was carried out
over the main Herradura prospect as part of a structural study by structural
geologist Dr. David Coller.
GEOLOGICAL INTERPRETATION
The Herradura target comprises a volcanic complex comprising bedded tuffs which
overlie porphyritic dacitic volcanics, rhyolite, and minor andesite. The complex
is underlain by basaltic andesite which crops out extensively to the east of
Herradura, and forms a 'basement' to the volcanic complex. The basaltic andesite
hosts a WNW-trending vein system known as Beethoven (Figures 1 -
http://media3.marketwire.com/docs/samcofig1.pdf and 2 -
http://media3.marketwire.com/docs/samcofig2.pdf).
Relationships between the volcanic units are complex, and the geological
interpretations shown on Figures 2, 3 and 4 are provisional. Bedded volcanic
units generally dip south-west, probably due to tilting associated with
faulting, but are also locally folded. The contact between 'basement' andesite
and the overlying more felsic volcanics is thought to be (at least in part) a
low-angle graben fault which dips to the north below most of the veins (Figures
2 - http://media3.marketwire.com/docs/samcofig2.pdf, 3 -
http://media3.marketwire.com/docs/samcofig3.pdf and 4 -
http://media3.marketwire.com/docs/samcofig4.pdf). Mineralization seems to be
preferentially developed in the hangingwall of the graben fault, mostly in
dacitic units, but as shown below, does not appear to be truncated or displaced
by the fault.
RESULTS
Intersections above 1 g/t Au equivalent (g/t Au plus g/t Ag/60) are listed in
Table 1. (At Herradura, a 1 g/t lower limit has been chosen arbitrarily, so as
to include zones of low-grade mineralization, but further exploration may
indicate that a different lower limit is more appropriate).
Figure 2. Herradura prospect, showing drill-hole locations and simplified
geology. Holes pending results are shown in black. To view Figure 2 please visit
the following link: http://media3.marketwire.com/docs/samcofig2.pdf.
Two zones of mineralization have been intersected by the current drill-holes at
La Herradura:
1. Quartz-pyrite breccia
HDDH001 intersected a zone of intense quartz veining overprinted and brecciated
by pyritic mineralization, between approximately 60 and 140m down-hole.
Subsequent holes aimed to define the extent of this mineralization.
The mineralized body was intersected in HDDH007, HDDH009, HDDH010, HDDH011, and
HDDH12, with the results shown in Table 1. The best intersection is in HDDH011
(31m averaging 1.5 g/t Au, 57 g/t Ag). HDDH022 was drilled to explore this
intersection down-dip, but did not intersect appreciable mineralization. It
passed through a faulted contact between dacite and andesite between 250 and
266m (Figure 3 - http://media3.marketwire.com/docs/samcofig3.pdf), assumed to be
the NE-dipping graben fault shown on Figure 2.
Figure 3. Cross section 2250E, looking WNW, showing drill-holes, intersections
(width in m, g/t Au/g/t Ag) and interpreted geology. See Figure 2 for section
line. To view Figure 3 please visit the following link:
http://media3.marketwire.com/docs/samcofig3.pdf.
2. East-west quartz vein
HDDH013, HDDH014, HDDH015 and HDDH026 were drilled west of previous holes,
partly to test a small quartz outcrop, about 1.5m wide, as well as silicified
volcanics which form a low ridge. Assays have been received for HDDH013, HDDH014
and HDDH015 as follows:
HDDH013 intersected 5.5m of 11.2 g/t Au, 73 g/t Ag from 68 m, approximately 65m
below the surface (Figure 4). As shown below, the vein probably dips at 80
degrees S, so the intersection was at a low angle to the core, consistent with a
true width of 1.5m.
HDDH013 intersected a second zone of lower grade mineralization (3.0m of 2.9 g/t
Au, 171 g/t Ag from 170.7m) in a breccia with quartz vein clasts, above the
faulted contact between dacite and andesite. Including an adjoining zone of
intense fracturing and anomalous values below the breccia, the entire interval
from 170.7m to 177.7m averages 1.6 g/t Au, 95 g/t Ag, as shown on Figure 4. It
is not yet clear whether this intersection is associated with the fault shown on
Figure 4, or is equivalent to the quartz-pyrite breccia zone to the east
described above.
Figure 4. Cross section 2050E, looking WNW, showing drill-holes, interpreted
geology, and intersections (width in m, g/t Au/g/t Ag). See Figure 2 for
section line. To view Figure 4 please visit the following link:
http://media3.marketwire.com/docs/samcofig4.pdf.
HDDH014 intersected 1m of 4.14 g/t Au, 17 g/t Ag at 111-112m, at approximately
90m below the surface, in dacite. The intersection is 500m west of HDDH013.
HDDH015 intersected 4m averaging 2.03 g/tAu, 42 g/t Ag between 148 and 152m 200m
west of HDDH013 (Figure 5 - http://media3.marketwire.com/docs/samcofig5.pdf).
The relationship with the vein outcrop indicates a dip of 80 degrees towards the
south and a true width of about 1.5m. The intersection is at approximately 130m
below the surface.
The vein intersections in these three holes are interpreted as a single
structure, at least 500m long.
Figure 5. Cross section, 1850E, looking WNW, showing drill-holes, interpreted
geology, and intersection (width in m, g/t Au/g/t Ag. See Figure 2 for section
line. To view Figure 5 please visit the following link:
http://media3.marketwire.com/docs/samcofig5.pdf.
The fourth hole, HDDH026 is mid-way between HDDH013 and HDDH015. It also
intersected quartz veining from 111 to 118.4m in the projected position of the
vein at approximately 100m below the surface, with assays pending.
Holes HDDH024, HDDH025 and HDDH027 were drilled to test the structure down-dip
from the intersections in HDDH013, HDDH015 and HDDH026.
-- HDDH024 intersected a fractured quartz vein at 220.5-223m, in the
footwall andesite (Figure 4). The intersection is approximately 140m
down-dip from the vein in HDDH013, and 210m below the surface. It is
consistent with a dip of 80 degrees S for the vein, which would give a
true width of 0.8m in HDDH024.
-- HDDH025 intersected tuff, dacite and andesitic volcanics to its final
depth of 291m. It would not have been deep enough to intersect the
projection of the vein at the assumed dip of 80 degrees S to vertical,
so is inconclusive.
-- HDDH027 Intersected a fault zone at 218-226m, with dacite above and
andesite below. It is not clear whether this is the main graben fault,
but as with HDDH025, the hole was not deep enough to reach the vein if
it dipped south.
These results show that the Herradura target has considerable untested promise.
The east-west vein has been intersected over a length of 500m in five holes, and
pending assays, especially from HDDH024 and HDDH026, will help to determine its
potential. A good understanding of the complex geology of this prospect is a key
element of continued exploration. The Company intends to extend the detailed
geological mapping already commenced, after the winter break.
Commenting on the recent results Paul Richardson, Chief Executive of Samco Gold
said:
"We are very pleased with these initial results from the Herradura target which,
as with other targets on our highly prospective EDM property, is demonstrating
great potential. We look forward to continuing to test these potentially
significant structures in future drilling campaigns."
Table 1. Collar details of holes drilled at Herradura and results received
----------------------------------------------------------------------------
Hole E N Azimuth Angle Depth g/t Au g/t Ag Width From
----------------------------------------------------------------------------
HDDH001 2532304 4632920 197 -60 296 1.04 27 3.0 128
----------------------------------------------------------------------------
HDDH002 2532267 4632783 197 -60 191.9 NSV
----------------------------------------------------------------------------
HDDH003 2532730 4632654 197 -60 258 NSV
----------------------------------------------------------------------------
HDDH004 2532414 4632615 197 -60 305 NSV
----------------------------------------------------------------------------
HDDH005 2532329 4632660 197 -60 276 NSV
----------------------------------------------------------------------------
HDDH006 2532360 4632756 197 -60 285 NSV
----------------------------------------------------------------------------
HDDH007 2532491 4632869 197 -60 270 2.7 15 3.0 83
----------------------------------------------------------------------------
HDDH008 2532455 4632729 197 -60 105 NSV
----------------------------------------------------------------------------
HDDH009 2532404 4632898 197 -60 195 1.8 29 2.0 93
----------------------------------------------------------------------------
HDDH010 2532418 4632944 197 -60 273 1.8 5 2.0 127
--------------------------
0.5 67 3.0 172
----------------------------------------------------------------------------
197 -60
HDDH011 2532330 4632964 291 2.8 49 3.3 126.5
--------------------------
1.3 86 5.0 147.7
--------------------------
1.5 57 31.1 163
----------------------------------------------------------------------------
HDDH012 2532224 4632940 197 -60 240 NSV
----------------------------------------------------------------------------
HDDH013 2532132 4632993 197 -60 234 11.2 73 5.5 68
--------------------------
1.5 18 2.0 84.5
--------------------------
2.9 171 3.0 170.7
----------------------------------------------------------------------------
HDDH014 2531629 4632962 197 -60 234 4.1 17 1 111
----------------------------------------------------------------------------
HDDH015 2531928 4632994 197 -60 216 2.0 42 4 148
----------------------------------------------------------------------------
HDDH016 2532593 4632350 197 -50 36 Pending
----------------------------------------------------------------------------
HDDH017 2532785 4632834 197 -50 186 NSV
----------------------------------------------------------------------------
HDDH018 2532352 4632376 197 -50 231 NSV
----------------------------------------------------------------------------
HDDH019 2532275 4632461 197 -60 222 Pending
----------------------------------------------------------------------------
HDDH020 2532303 4632538 197 -60 201 Pending
----------------------------------------------------------------------------
HDDH021 2532020 4632630 197 -60 198 Pending
----------------------------------------------------------------------------
HDDH022 2532344 4633012 197 -60 336 Pending
----------------------------------------------------------------------------
HDDH023 2532444 4633018 197 -60 312 Pending
----------------------------------------------------------------------------
HDDH024 2532147 4633043 197 -60 321 Pending
----------------------------------------------------------------------------
HDDH025 2531947 4633074 197 -60 291 Pending
----------------------------------------------------------------------------
HDDH026 2532029 4632990 197 -60 264 Pending
----------------------------------------------------------------------------
HDDH027 2532051 4633066 197 -60 303 Pending
----------------------------------------------------------------------------
NSV: No results greater than 1 g/t Au equivalent.
Note : Coordinates in italics with elevations are final (by differential GPS),
others are provisional.
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.
To view the figures associated with this press release, please visit the
following links:
Figure 1. El Dorado project, showing location of the Herradura target:
http://media3.marketwire.com/docs/samcofig1.pdf.
Figure 2. Herradura prospect, showing drill-hole locations and simplified
geology. Holes pending results are shown in black:
http://media3.marketwire.com/docs/samcofig2.pdf.
Figure 3. Cross section 2250E, looking WNW, showing drill-holes, intersections
(width in m, g/t Au/g/t Ag) and interpreted geology. See Figure 2 for section
line: http://media3.marketwire.com/docs/samcofig3.pdf.
Figure 4. Cross section 2050E, looking WNW, showing drill-holes, interpreted
geology, and intersections (width in m, g/t Au/g/t Ag). See Figure 2 for
section line: http://media3.marketwire.com/docs/samcofig4.pdf.
Figure 5. Cross section, 1850E, looking WNW, showing drill-holes, interpreted
geology, and intersection (width in m, g/t Au/g/t Ag. See Figure 2 for section
line: http://media3.marketwire.com/docs/samcofig5.pdf.
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