Minera IRL reports new gold-silver discovery in Patagonia
Minera Irl Ltd (LON:MIRL), the Latin American focused gold mining company with stock listings in Toronto and Lima as well AIM in London, has announced a new gold/silver discovery at its Escondido Project in Patagonia. The exploration target is an extension onto the Minera IRL Escondido exploration license from the neighbouring Calandria Sur discovery, which belongs to another AIM listed miner, Mariana Resources (LON:MARL) . Minera IRL previously reported a gold and silver anomalous outcropping breccia occurrence that has been mapped on surface for some 700 meters, generally over 100 meters wide, striking south east from the Mariana southern lease boundary.
Assay results from the first pass scout drilling program into the Northern Breccia Zone at Escondido have now been received. Ten of the eleven holes into the target area have intersected substantial zones of mineralized breccia. Among the best of those was hole E-D10-02, which at 25.38 meters averaged 1.45 grams per ton of gold and 9.62 g/t of silver, including 13.75 meters grading 2.39 g/t of gold and 14.56 g/t of silver.
Courtney Chamberlain, the chairman of Minera IRL, said: “We are very excited with the results of this first round of drilling at Escondido which has demonstrated substantial, near surface intersections of gold/silver mineralization with a strike length exceeding 600 meters. This indicates the potential for a bulk tonnage development opportunity. While the Mariana team discovered this precious metal mineralized system, the Minera IRL drilling is a credit to our exploration team and represents a significant discovery on our ground. It has only been six months since work commenced on Escondido and the exploration program has advanced rapidly including geological mapping, surface geochemical sampling, geophysical investigations and scout drilling. The combined strike length of the Escondido/Calandria Sur mineralized breccia system controlled by the two companies now exceeds one kilometre.”
Planning is under way for an expanded drilling program at Escondido before the end of 2010. In addition, pathfinder metallurgical testwork will be undertaken shortly. Disseminated gold-silver breccia-hosted mineralization at Escondido is genetically related to a series of rhyolitic flow-dome feeder dykes. The rhyolite domes intrude a sequence of gently dipping volcaniclastic units which are also mineralized around the contact margins of the breccias. Exploration has begun to use recently acquired high-resolution helicopter borne magnetic-radiometric data, together with ASTER data, to identify additional areas on the property comparable to that of the explored northern breccia trend. The information is helping vector the Minera IRL Patagonia exploration team into the most potentially prospective parts of the rhyolitic dome complex developed on this tenement, for follow up geological mapping and possible geophysical IP work to define other targets for drill testing in the coming months.
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Minera IRL Limited (Minera IRL) together with its subsidiaries is a precious metals mining, development and exploration company. The Company’s 100% owned Corihuarmi Gold Mine (Corihuarmi) is located approximately 160kilometers southeast of Lima, Peru, in the Central Andes at an altitude of almost 5,000 meters. During the financial year ended December 31, 2011, Corihuarmi produced 33,255 ounces of gold. The Ollachea Gold Project is located in southern Peru, approximately 250 kilometers north of Lake Titicaca, on the eastern escarpment of the Andes Mountains. During 2011, it completed over 73,934 meters of diamond drilling in 193 holes. The Don Nicolas Project is based upon an NI43-101 compliant indicated resource of 201,000 ounces plus an Inferred resource of 158,400 ounces of gold. The Project’s most of the resource is located in two deposits, the La Paloma and Martinetas. Its Chapi-Chapi property hosts copper-gold-molybdenum skarn system within Cretaceous limestone. more »
Mariana Resources Limited is engaged in investment and exploration for minerals, mainly gold, silver and copper in Argentina and Chile. The Company operates in three segments: Argentina, which includes exploration activities in Argentina; Chile, which include exploration activities in Chile, and head office operations, which include support function provided to the Company from Guernsey and Australia, Canada, including early stage exploration opportunities. The Company’s principal property is the Las Calandrias Project located in the Deseado Massif region, Santa Cruz province in southern Argentina. Its Hochschild Joint Venture includes Amigos I and Amigos II and Hochschild’s San Augustin tenements. Sierra Blanca is Mariana’s second advancing silver-gold project , which is 100% owned. On February 24, 2012, it completed the purchase of the remaining interest in the 7,000 Ha Sierra Blanca Gold-Silver Project located in the Deseado Massif of the Santa Cruz Province. more »
