Tocvan Ventures Corp. (CSE:TOC) said it has entered into an agreement with a neighboring private mining company for the completion of the first bulk sample from the Pilar Gold-Silver Project in Sonora, Mexico.
Bulk sample material will be prepared early in 2023 for heap-leach processing at a private mining operation less than 25 kilometers (km) to the west of Pilar, the company said. Up to 1,000 tonnes of material will be processed for the bulk sample, which will aim to provide a more detailed account of expected head-grade and recovery percentage of gold.
"A bulk sample at Pilar is an important next step in showcasing the head-grade and recovery of gold,” Tocvan CEO Brodie Sutherland said in a statement. “We are very fortunate to have access to a local facility with all the needed equipment and support staff to conduct the sample.”
READ: Tocvan Ventures says ongoing drilling at El Picacho Gold-Silver Project returns high grade gold with silver mineralization
Tocvan said the total duration of the processing and analysis of the bulk sample is expected to span three to four months. The information provided from the sample will be used for planning in coordination for permitting of full-scale mine and process facilities on-site at Pilar.
“Results from this sample will be used for permitting a full-scale facility at Pilar, expected to be filed early in 2023,” Sutherland added.
The company noted that the Pilar Gold-Silver property has recently returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, it said Pilar is primed to be a potential near-term producer.
Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Three primary zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T.
The Main Zone and 4-T trends are open to the southeast and new parallel zones have been recently discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2 kilometre (km) trend, only half of that trend has been drill tested so far.
Pilar Project Summary:
- Over 22,000 metres (m) drilled to date
- Gold-silver mineralization defined from surface along a 600m trend and expanding
- Drilling Highlighted by 116.9m of 1.2 grams per ton (g/t) gold, including 10.2m of 12 g/t gold and 23 g/t silver
- Preliminary gold recovery from bottle-roll and column leach above 85%
Next Steps:
- Bulk sampling
- Continued drilling (southeast extensions and infill)
- Updated reporting and maiden resource estimate
- Permitting for full-scale on-site mine facilities and processing
Tocvan said its El Picacho Gold-Silver property also provides an excellent opportunity for discovery of a muti-million ounce district. The property, also in Sonora, is interpreted as an orogenic gold system within the regional Caborca Orogenic Gold Belt known for producing gold mines that include La Herradura and San Francisco. The project total 24 square kilometers and is 140 km north of Hermosillo and only 18 km southwest of the producing San Francisco mine.
Five primary zones of mineralization have been identified across the property totalling over 6 km of prospective trends. Surface sampling and historic workings have identified high-grade gold and silver values. The project has only seen widely spaced reconnaissance drilling with no follow-up, Tocvan said.
“The next year is shaping up to be our most important and exciting yet as we continue to advance both our projects in Sonora,” Sutherland concluded. “We wish all our shareholders a Merry Christmas and a happy and successful New Year and we’ll be back in early January with more good things to come.”
Tocvan, an exploration development company, was created to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. The company is earning 100% from two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project.
Contact the author at stephen.gunnion@proactiveinvestors.com