Metminco Limited has released maiden results from its Chuscal drilling program in Colombia, with its first diamond hole intersecting an impressive 350-wide zone of gold mineralisation from surface. 


The first hole provides critical information for understanding the broader mineralising system at the company’s Quinchia Gold Project and supports the exploration model of a high temperature porphyry-related gold event being locally overprinted by lower temperature epithermal vein gold.


Most significantly, the first hole has reported a 350m wide intersection, from surface, grading 0.57 g/t gold. The highest gold interval is 6.44 g/t over 2m, while isolated silver intervals of up to 30 g/t over 8m were also present. 


Metminco’s Managing Director Jason Stirbinskis said it was a remarkably strong result for its first drill given the extent of the mineralisation encountered from the surface. 


“After outstanding drill success last year at the nearby Tesorito porphyry discovery, including a best result of 253.1m @ 1.01 g/t Au from surface, including a higher grade zone of 64m @ 1.67 g/t Au4, and now hitting this wide interval at Chuscal, we believe we are in enviable porphyry territory,” he said. 


“It remains early days into our drilling at Chuscal, but this first intersection has certainly provided very strong encouragement about what Chuscal could be when you consider the sheer scale of the gold anomaly at surface, the impressive widths of mineralisation encountered and its location in the heart of the Mid-Cauca belt, which is already host to several multi-million ounce porphyry and epithermal deposits.


“When compared to other global porphyry systems and recent discoveries, this early result reaffirms our view that our Quinchia Project and Chuscal in particular, have great potential”.


The Chuscal Prospect is located within the Quinchia Gold Project, which is a mineral district hosting a cluster of porphyry stocks, breccias, and epithermal vein occurrences. 


The Chuscal target is situated in close proximity to existing Metminco discoveries, 2kms from Metminco’s 100 per cent owned Miraflores deposit where a Mineral Resource of 877,000 ounces at 2.82g/t Au5 and an Ore Reserve 457,000 Au ounces at 3.29 g/t Au5 has been defined, and a DFS completed in October 2017.


The target is also 1km from the Tesorito Prospect, where Metminco has previously reported significant wide gold intersection from surface, with a best result of 384m @ 1.01g/t Au from surface to end-of-hole, including 32.5m @ 1.34 g/t Au from 48.8m; and 156.6m @ 1.28 g/t Au from 88.3m


“As this is the first drilling campaign at Chuscal, our understanding is evolving dramatically with every few meters drilled,” Mr Stirbinskis said. 


“What we can say so far, is that we are confident we are seeing overprinting gold events that have the potential to introduce, remobilise and enrich the gold grades and, under the right conditions, could generate significant high grade zones within a much larger lower grade region. 


“The extensive gold event with a higher temperature porphyry signature is providing a large lower grade gold backdrop and, based on alteration signatures observed (potassic alteration), suggest there may be a porphyry source close by. We also see vein gold cutting though most rock units.” 


Further drilling activity at Chuscal is either completed and waiting assays, or currently underway. 


The second hole completed at 412.4m cut across the Guyacanes diorite and encountered considerable brecciation before ending in monzonite, all of which contained local ISS veining to varying degrees. Porphyry style potassic alteration was noted around 260m. Assays are awaited.


Drilling of the third hole is now in progress and expected to be completed by end of November, with assays due in mid-December.


“We are early days into demonstrating the real exploration potential that we believe exists within our Quinchia Portfolio, and eagerly await the next instalment of assay results from our Chuscal drilling,” Mr Stirbinskis said. 


“The Company will provide timely updates to the market as and when new information comes to hand.”