TIDMMNC
RNS Number : 2082Z
Metminco Limited
30 August 2018
ASX / AIM ANNOUNCEMENT 30 August 2018
HIGHEST GOLD GRADES DRILLED TO DATE AT TESORITO
This announcement is an abridged version of the announcement and
does not include schematics and appendices. For the full
announcement, please refer to the Company's website at
www.metminco.com.au
Highlights
-- Tesorito drill hole results from TS-DH-07 include:
o 64m @ 1.67g/t Au from 144m, within
o 253.1m @ 1.01 g/t Au from 2.9m
-- The latest drill hole results point to Tesorito being a
significant near surface porphyry gold target just 800m from the
gold Resources and Reserves defined at Metminco's Miraflores
deposit (refer Table 2 below). A second mineralised porphyry target
is located just 2km south of Tesorito at Chuscal. Metminco is
currently advancing negotiations with AngloGold Ashanti on this
target. These new targets could significantly impact on the
positive Feasibility Study announced on Miraflores, given that all
three lie within a 1.3km radius.
-- Drill hole TS-DH-07 was drilled perpendicular to and beneath
TS-DH-02 which, as previously reported, gave 384m @ 1.01g/t from
16m. TS-DH-07 demonstrates the highest grades seen to date at
Tesorito with significant width and downhole continuity to the
higher grade mineralisation (over 1.5 g/t Au).
-- Mapping and geochemistry suggest potential repetition of the
higher grade zone to the north with the higher grade mineralisation
in TS-DH-07 associated with a dilational zone within a
north-northeast (NNE) orientated 600m X 350m coincident gold and
copper soil anomaly
Executive Chairman Mr. Kevin Wilson commented:
"The confirmation of a mineralised porphyry with higher grade
gold mineralisation at Tesorito is a material step forward for the
Company.
We are very excited by the results of this drilling. It
demonstrates that there is potential for the Company's 880koz
Resource at Miraflores to be complemented by this near surface
mineralised target at the Tesorito porphyry, only 800m to the
southeast. Importantly, any near surface, higher grade gold
mineralisation delineated at Tesorito has the potential to
materially improve the economics of the Miraflores feasibility
study though an integrated development plan, sharing mine and
process infrastructure. In addition, we have additional targets at
Chuscal and Dosquebrados requiring follow-up, all within a
potential radius of operation for a centralised plant."
All references to mineralisation that pertain to the Tesorito
Target are limited in meaning to the geological processes that
result in the introduction of minerals of economic interest. For
the avoidance of doubt, there is no guarantee that the
mineralisation at Tesorito will be of sufficient concentration and
extent as well as having favourable geotechnical and metallurgical
characteristics that make it profitable to extract using modern
mining and beneficiation processes.
Summary
Metminco Limited (ASX & AIM: MNC) ("Metminco" or the
"Company") is pleased to announce the results of the assays (Table
1) received for the final two diamond drill holes (plus partial
results received for the TS-DH-05) from its Tesorito gold prospect
in the Quinchia district, Colombia. The Quinchia district occurs in
the mid Cauca Belt, host to large gold deposits such as Buritica
(10Mozs), Marmato (8.1Mozs), La Colosa (28Mozs) and Nuevo Chaquiro
(5.7Mozs Au & 3.6Mt Cu).
The Tesorito prospect occurs 800m southeast of the Company's
Miraflores deposit (0.88Moz gold Resource, see Table 2 below) and
approximately 3km southeast of the Company's Dosquebradas deposit
(0.92Moz gold Resource estimated under NI 43-101 - as disclosed in
the Company's announcement dated 7 March 2016). It is also located
approximately 2km north of the undrilled Chuscal porphyry target
(currently under negotiation).
The Company's 1,500m diamond drilling program, was designed to
confirm and expand along strike the gold mineralisation intersected
in drilling by a previous operator. Particularly, hole TS-DH-02
which reported 384m @ 1.01g/t Au from surface to end-of-hole (see
Table 1 below and refer to the Company's announcement of 7 March
2016). The program also tested a previously undrilled geophysical
anomaly located approximately 300m to the northwest of
TS-DH-02.
Next Steps at Tesorito
-- Consolidate the new drill information with historical data
including recently sourced geophysical studies.
-- Design a program of drilling to both scope the known high
grade mineralisation at surface; and investigate potential
repetitions of the high grade zone within the broader intrusive
porphyry complex.
-- Investigate the depth potential of mineralised porphyry by
considering a deep drill hole to test the depth extension of the
high grade gold zone into what is thought to be higher grade base
metals at depth.
Results
The program comprised four diamond drill holes (holes TS-DH-04,
05, 06 and 07; Results of the entire program are summarised (along
with three previously drilled holes) in Table 1 below.
Drill Hole Assays (1)
TS-DH-01 Previously drilled 266.5m @ 0.46 g/t Au, 0.58 g/t Ag & 0.03%
and reported Cu from 83.5m
---------------------------------------------
TS-DH-02 Previously drilled 384.0m @ 1.01 g/t Au, 0.86 g/t Ag & 0.08%
and reported Cu from 16.0m including:
32.5m @ 1.34 g/t Au, 0.8 g/t Ag & 0.09%
Cu from 48.8m; and
156.6m @ 1.28 g/t Au, 0.9 g/t Ag & 0.09%
Cu from 88.3m.
---------------------------------------------
TS-DH-03 Previously drilled 254.9m @ 0.51 g/t Au, 0.7 g/t Ag & 0.05%
and reported Cu from 9.3m
---------------------------------------------
TS-DH-04 Recently drilled 179.8m @ 0.7 g/t Au, 0.9 g/t Ag & 0.06%
and reported (refer ASX Cu from 3m including:
release of 31 July 2018)
21.8m @ 1.03 g/t Au, 0.9 g/t Ag & 0.08%
Cu from 3m; and
88.0m @ 0.84 g/t Au, 1.0 g/t Ag & 0.08%
Cu from 26.8m.
---------------------------------------------
TS-DH-05 Recently drilled 140.3m @ 0.44 g/t Au, 0.6 g/t Ag & 0.05%
and partly reported (refer Cu from 1.7m including:
to the Company's announcement
of 31 July 2018) 16.9m @ 1.01 g/t Au, 0.34 g/t Ag & 0.07%
Cu from 1.7m; and
10.9m @ 0.56 g/t Au, 1.1 g/t Ag & 0.08%
Cu from 26.8m; and 15.5m @ 0.61 g/t Au,
0.83 g/t Ag & 0.06% Cu from 112.6m.
---------------------------------------------
38.7m @ 0.40 g/t Au, 1.25 g/t Ag & 0.05%
Cu from 179.0m including:
10.3m @ 0.50 g/t Au, 0.8 g/t Ag & 0.05%
Cu from 179m.
---------------------------------------------
75.8m @ 0.60 g/t Au, 0.71 g/t Ag & 0.04%
Cu from 259.9m including:
21.0m @ 0.76 g/t Au, 0.8 g/t Ag & 0.05%
Cu from 278.8m; and 12.9m @ 1.07 g/t Au,
0.5 g/t Ag & 0.04% Cu from 308.2m.
---------------------------------------------
TS-DH-06 Recently drilled 130.0m @ 0.31 g/t Au, 0.48 g/t Ag & 0.03%
Cu from 2.0m including:
18.0m @ 0.77 g/t Au, 1.0 g/t Ag & 0.07%
Cu from 78.0m.
---------------------------------------------
TS-DH-07 Recently drilled 253.1m @ 1.01 g/t Au, 0.87 g/t Ag & 0.07%
Cu from 2.9m including:
18.0m @ 1.23 g/t Au, 1.0 g/t Ag & 0.07%
Cu from 54.0m; and 10.0m @ 0.89 g/t Au,
1.1 g/t Ag & 0.07% Cu from 94.0m; and 10.0m
@ 1.18 g/t Au, 0.57 g/t Ag & 0.06% Cu from
126m; and 64.0m @ 1.67 g/t Au, 0.91 g/t
Ag & 0.11% Cu from 144.0m; and 10.0m @ 1.10
g/t Au, 1.2 g/t Ag & 0.06% Cu from 240.0m.
---------------------------------------------
Table 1. Summary assay results from all drill holes to date at
Tesorito.
(1) Refer to JORC Table 1 Section 2 - Data aggregation methods
(appended) for details on compositing.
From the results of the Tesorito drilling:
-- all seven holes drilled into Tesorito have returned gold
mineralisation from a multi-phase andesitic porphyritic intrusive
complex;
-- higher gold grades (TS-DH-02 and TS-DH-07) are continuous and
occur within a much broader mineralisation envelope of
approximately +0.5 g/t Au envelope;
-- the localised controls on higher order gold mineralisation
traversed by TS-DH-02, TS-DH-04 and TS-DH-07 are thought to be NW
orientated early phase hydrothermal pulses injected within a NNW
ellipsoid dilatational zone. At Tesorito, similarly shaped
geochemical anomalies have been interpreted from the soil
geochemistry to the north of the mineralisation identified in this
drilling potentially representing additional repetitions of similar
early phase structurally controlled pulses;
-- to date, porphyry mineralisation has been intersected down to
380m below surface (TS-DH-02). Copper and molybdenum grades are
seen to broadly increase with depth in the deeper hole
(TS-DH-02);
-- intense phyllic alteration is mapped by the significant
induced polarisation (IP) geophysical anomaly on the western edge
of the Tesorito porphyry complex and is seen in the surface
mapping, soil geochemical sampling and in the drill core (TS-DH-05
and TS-DH-06). This suggests a major hydrothermal system exists
approximately 200-300m to the northwest of the locus of the
Tesorito prospect.
Details of the Program
TS-DH-04 was collared from the same platform that was used to
drill TS-DH-02 and was drilled at a steeper angle (70 degrees) to
test the well-mineralised stockwork veining developed in
porphyritic sub-volcanic (shallow depth) dacitic and andesitic
intrusives.
TS-DH-05 was drilled to test for lateral and upward extensions
of the well-mineralised stockwork veining traversed by drill hole
TS-DH-02. In addition, TS-DH-05 was designed to test the nature and
extent of the mineralisation beneath the >100 ppb gold in soil
geochemical anomaly and the high grade (up to 2m at 6.6 g/t Au -
refer to the Company's announcement of 27 March 2018, Appendix D)
gold assays returned from sampling in trenches.
TS-DH-06 was drilled principally to test the nature and extent
of what has caused the strong IP geophysical response over a
north-northeast trending 1,000m long x 300m wide zone developed to
the northwest of the gold in soil geochemical anomaly. It was
designed to traverse the zone which was modelled to have the
strongest coincident chargeability and conductivity readings.
TS-DH-07 was designed to test the three-dimensional geometry of
the higher-grade mineralisation returned from TS-DH-02 and any
mappable controls which could assist in determining the extent and
frequency of the higher-grade zones within the porphyry
complex.
Details of the drill results
TS-DH-05 confirmed the presence of stockwork veining developed
in porphyritic sub volcanic dacitic and andesitic intrusives from 0
to 293m depth down hole, after which it passed into a less veined
but increasingly sericite-altered porphyry for the remainder of the
hole, which was terminated at 390.5 m. TS-DH-05 returned intercepts
of 140.3m @ 0.44 g/t Au, 0.58 g/t Ag and 0.05% Cu from 1.7m; 38.7m
@ 0.40 g/t Au, 1.25 g/t Ag and 0.05% Cu from 179m and 75.8m @ 0.60
g/t Au, 0.71 g/t Ag and 0.04% Cu from 259.9m.The extent and tenor
of the mineralisation, resembles the results obtained from TS-DH-01
located approximately 100m towards the northeast.
TS-DH-06 returned core exhibiting similar lithologies to those
encountered in the lower hundred metres of TS-DH-05, comprising
increasingly sericite-altered porphyritic dacitic and andesitic
intrusive rocks. The intense sericite alteration, commonly referred
to as phyllic alteration, is an important component of
porphyry-style precious and base metal systems and is considered
the likely cause of the strong IP geophysical response. The fact
that this significantly intense anomaly extends for nearly 1km
along the western limits of the porphyritic intrusive complex is
indicative of a large zone of intensive phyllic alteration likely
to be associated with a porphyry-style hydrothermal system of
significant scale and intensity. TS-DH-06 returned intercepts of
130m @ 0.31 g/t Au, 0.48 g/t Ag and 0.03% Cu from 2m including
18.0m @ 0.77 g/t Au, 0.96 g/t Ag and 0.07% Cu from 78m.
TS-DH-07 drilled through significant intervals of well-veined
porphyry similar to that encountered in TS-DH-02 and the upper
parts of TS-DH-04 and returned an intercept of 253.1m @ 1.01 g/t
Au, 0.87 g/t Ag and 0.07% Cu from 2.9m. This includes five
intervals of at least 10 meters returning over 0.9 g/t Au, with the
most significant being 64.0m @ 1.67 g/t Au, 0.91 g/t Ag and 0.11%
Cu from 144m.
The Glossary of Terms is included as Appendix D in the
Attachment Table 1 in the full Announcement on the Company
website.
Table 2 Miraflores Resources and Reserves Statement
Miraflores Project Resources and Reserves
The Miraflores Project Mineral Resource estimate has been
estimated by Metal Mining Consultants in accordance with the JORC
Code (2012 Edition) and first publicly reported on 14 March 2017.
The Miraflores Project Ore Reserve estimate has been estimated by
Ausenco in accordance with the JORC Code (2012 Edition) and first
publicly reported on 27 October 2017. No material changes have
occurred after the reporting of these resource estimates since
their first reporting.
Miraflores Mineral Resource Estimate, as at 14 March 2017
Resource Classification Tonnes ('000) Au (g/t) Ag (g/t) Contained Metal Contained
(Koz Au) Metal (Koz
Ag)
Measured 2,958 2.98 2.49 283 237
------------- -------- -------- --------------- -----------
Indicated 6,311 2.74 2.90 557 588
------------- -------- -------- --------------- -----------
Measured & Indicated 9,269 2.82 2.77 840 826
------------- -------- -------- --------------- -----------
Inferred 487 2.36 3.64 37 57
------------- -------- -------- --------------- -----------
Note:
i) Reported at a 1.2g/t gold % Cu cut-off.
ii) Mineral Resource estimated by Metal Mining Consultants Inc.
iii) First publicly released on 14 March 2017. No material
change has occurred after that date that may affect the JORC Code
(2012 Edition) Mineral Resource estimation.
iv) These Mineral Resources are inclusive of the Mineral Reserves listed below.
v) Rounding may result in minor discrepancies.
Miraflores Mineral Reserve Estimate, as at 27 November 2017
(100% basis)
Reserve Classification Tonnes (Mt) Au (g/t) Ag (g/t) Contained Metal Contained
(Koz Au) Metal (Koz
Ag)
Proved 1.70 2.75 2.20 150 120
----------- -------- --------- --------------- -----------
Probable 2.62 3.64 3.13 307 264
----------- -------- --------- --------------- -----------
Total 4.32 3.29 2.77 457 385
----------- -------- --------- --------------- -----------
Note:
vi) Rounding of numbers may result in minor computational
errors, which are not deemed to be significant.
vii) These Ore Reserves are included in the Mineral Resources listed in the Table above.
viii) First publicly released on 27 November 2017. No material
change has occurred after that date that may affect the JORC Code
(2012 Edition) Ore Reserve estimation.
ix) Source: Ausenco, 2017.
For further information, please contact:
METMINCO LIMITED
Kevin Wilson +61 409 942 355
NOMINATED ADVISOR AND JOINT BROKER
RFC Ambrian
Australia
Andrew Thomson / Alena Broesder +61 2 9250 0000
United Kingdom
Charlie Cryer +44 20 3440 6800
JOINT BROKER
Stockdale Securities
United Kingdom
Corporate Finance - Robert Finlay
/ Ed Thomas
Sales - Zoe Alexander +44 20 7601 6100
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis +44 20 3757 4997
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Metminco are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Metminco that could cause
Metminco's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Metminco does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing.
COMPETENT PERSONS STATEMENT
The technical information contained in this presentation that
relates to exploration results (excluding those pertaining to
Mineral Resources and Reserves) is based on information compiled by
Mr Gavin Daneel, who is a Member of the Australasian Institute of
Mining and Metallurgy and who is an independent Consulting
Geologist. Mr Daneel has sufficient experience which is relevant to
the style of mineralisation and type of deposit under
consideration, and to the activity which he is undertaking, to
qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and to qualify as a Qualified Person
for the purposes of the AIM Rules for Companies. Mr Daneel consents
to the inclusion in the release of the matters based on the
information he has compiled in the form and context in which it
appears.
The Company is not aware of any new information or data that
materially affects the information included in this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUROARWRAWORR
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