Samco Gold to Commence Drill Testing of Cerro Cubilete Prospect on Its Corina Project
08 Janeiro 2013 - 12:16PM
Marketwired Canada
Samco Gold Limited (TSX VENTURE:SGA) ("Samco Gold" or the "Company") is pleased
to announce that it has made significant progress at its Corina project where
the Cerro Cubilete prospect is now ready for preliminary drill testing.
HIGHLIGHTS
-- A ground magnetic survey was carried out in September, 2012 over an area
of approximately 16 km2. The survey shows a broad, NW striking magnetic
low feature coincident with argillic alteration within the WNW to NW
striking Cerro Mina-Cerro Cubilete structural corridor.
-- Detailed geological mapping of substantially the same area was carried
out in November and December, 2012 by consulting geologist N.J. Callan.
This mapping, covering approximately 10.5 km2, has defined the volcanic
sequence and predominant geological structures in the area mapped.
-- Together with earlier results, further chip sampling of the Cerro
Cubilete prospect has yielded a total of 116 rock chip samples of float
and outcrop, of which half the samples are above a cut-off grade of 55
g/t Ag and average approximately 460 g/t Ag.
-- There is scope for down-dip continuity of mineralization at Cerro
Cubilete both as manto-like bodies on the easterly-dipping contact
between brecciated ignimbrite and well-stratified tuff, and as steeply-
dipping bodies on an inferred fault between these two units.
-- A c.1,650m diamond drill test program will be drilled at Cerro Cubilete
on three WNW-oriented sections across the outcropping mineralization
(three holes on each of three sections spaced 50-60m apart across the
zone). Results of this initial program, to be completed this quarter,
will determine ongoing exploration.
OVERVIEW
The Company's intention to carry out geological mapping, additional sampling,
hand-dug trenching, and a ground magnetic survey at its Cerro Cubilete silver
prospect on the 5,000 hectare Corina Project in Santa Cruz province, Argentina,
was announced in the previous release on September 4, 2012. This work has now
been completed. As a result, the Company has a better understanding of the
geological controls to the mineralization, and the prospect is now ready to be
drill tested.
Cerro Cubilete lies within the Corina project (comprising the Corina, Corina 1
and Mercia tenements) held by Samco Gold, adjoining the Cerro Moro project owned
by Yamana Gold (Figure 1). Cerro de la Mina, also shown on Figures 1, 2 and 4,
is an adjacent area of small workings which expose minor barite and Mn oxide
mineralization.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/samco_gold_figure01.pdf
Rock chip sampling
To date, Au and Ag results have been received for 292 float and outcrop samples
from the Corina and Mercia tenements. Analyses for 38 other elements, including
pathfinders, have been received for 213 of these.
There are currently 116 rock chip samples of float and outcrop which correspond
to the Cerro Cubilete prospect. Some statistics of these samples are provided in
the following table:
----------------------------------------------------------------------------
Ag cut-off (g/t) No of samples % of total Av Au Av Ag Av Au equivalent
----------------------------------------------------------------------------
0 116 100 0.10 243 4.5
----------------------------------------------------------------------------
55 58 50 0.19 460 8.6
----------------------------------------------------------------------------
110 51 44 0.20 513 9.5
----------------------------------------------------------------------------
These samples were collected to define the extent of the mineralization, and
therefore cannot be regarded as representing the average grade of the zone.
However, it is encouraging that half the samples are above a cut-off grade of 55
g/t Ag and average approximately 460 g/t Ag. For a Ag:Au equivalence factor of
55:1, the average of all Cerro Cubilete samples is 4.5 g/t Au equivalent, and
half of them average 8.6 g/t Au equivalent.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/samco_gold_figure02.pdf
Geological mapping
In November and December, 2012, consulting geologist N.J. Callan was contracted
to carry out geological mapping at 1:5000 scale within the area of the existing
ground magnetic survey. This mapping, covering approximately 10.5 km2, has
defined the volcanic sequence and predominant geological structures in the area
mapped.
Figure 3 shows part of this mapping, over the Cerro Cubilete-Cerro de la Mina
area, and also shows a thematic representation of Ag grades from rock chip
samples.
Unit Jv_x(wd), bx is a moderately to strongly welded and commonly brecciated
rhyodacitic ignimbritic tuff. It is overlain by well-stratified tuffaceous
volcanics and volcaniclastics coded Jv_t, vs and Jv_lt on Figure 3. The
well-stratified unit is in fault contact with a homogeneous, moderately to
strongly welded ignimbrite containing quartz, feldspar and biotite phenocrysts
(Jv_txf, wd) which lies to the north and probably extends below the (currently
dry) lake shown on Figure 3.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/samco_gold_figure03.pdf
The Cerro Cubilete mineralization occurs in a NNE-trending zone conspicuous for
the development of earthy hematite. The zone is 300m long and 75m wide at its
northern end, and tapers towards the south. It is almost orthogonal to
WNW-trending faults which appear to form the northern and southern limits of the
mineralization and which also form fault boundaries between contrasting volcanic
units.
At its northern end, the zone contains many colloform-crustiform banded quartz
veins mostly less than 30 cm but occasionally (as displaced blocks) up to a
metre wide, hosted by the brecciated rhyodacitic ignimbrite. At the southern
end, mineralization appears to be replacing a veneer of the overlying
well-stratified tuff.
Ground magnetic survey
A ground magnetic survey was carried out in September, 2012 by Quantec
Geoscience Argentina S.A. over the area shown in Figure 2, which covers
approximately 16 km2. The survey was run on E-W gridlines spaced 50m apart.
N Callan commented that 'the survey shows a broad, NW striking magnetic low
feature coincident with argillic alteration within the WNW to NW striking Cerro
Mina-Cerro Cubilete structural corridor, probably reflecting pyritization and
destruction of any magnetite in the host units within the altered corridor'.
This structural/magnetic corridor localizes many small workings for Mn and
barite in altered, brecciated rhyodacitic ignimbrite, in the Cerro de la Mina
zone, less than 1 km north-west of Cerro Cubilete. Rock-chip sampling in this
area has not returned significant Ag or Au values, but other elements which
include As, Mn, Fe, Ba, Mo, and base metals show similar anomalous values to
Cerro Cubilete (Figure 4). Additional work is required to define the
significance of the Cerro de la Mina mineralization.
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/samco_gold_figure04.pdf
Drill program
Mineralization of similar style to Cerro Cubilete has not been publicly reported
at the adjoining Cerro Moro property to the south. However the La Negra zone of
the former Mirasol Resources Joaquin property, recently acquired by Coeur
d'Alene Mines Corporation, also in the Deseado Massif,
(www.mirasolresources.com, accessed on December 29, 2012) is an example of a
silver deposit combining stratiform manto-like components and a higher-grade,
steeply-dipping feeder zone, with mineralization in the form of stockwork
veinlets and breccias in both these elements.
There is scope for down-dip continuity of mineralization at Cerro Cubilete both
as manto-like bodies on the easterly-dipping contact between brecciated
ignimbrite and well-stratified tuff, and as steeply-dipping bodies on an
inferred fault between these two units. The company will aim to test both these
possibilities with a core-drilling program in the first quarter of 2013. Holes
will be drilled on three WNW-oriented sections across the outcropping
mineralization (three holes on each of three sections spaced 50-60m apart across
the zone) for a total of approximately 1650m. Results of this initial program
will determine ongoing exploration.
Commenting on the recent results Paul Richardson, Chief Executive of Samco Gold
said:
"The early indications at Cerro Cubilete are encouraging and we look forward to
receiving further information as a result of this targeted drill program. Our
current field activity is not limited to just Corina as, elsewhere in our
portfolio, we are carrying out preliminary field work on the Ginette and
Giancarla projects in the West of the region, which have revealed some promising
targets for follow up, as well as the ongoing surface exploration program at El
Dorado Monserrat which is adding considerably to our understanding of the
project and yielding some exciting new targets for future drilling."
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 rock chip samples by Alex Stewart
Argentina S.A., using fire assay with atomic absorption finish on 50 gram pulp
samples. Sample 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.
About Samco Gold Limited
Samco Gold's principal business is the acquisition, exploration and development
of precious metals resource properties in South America. 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 including the Corina, Yasmin 1, Judite 1 and
Ginette and Giancarla projects.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Samco Gold Limited
Paul Richardson
Chief Executive Officer
+44 20 7740 5791
pr@samcogold.com
www.samcogold.com
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