Tocvan Ventures Corp. (CSE:TOC) has announced that results from surface channel sampling have "exceeded expectations" and the areas are being prepared for the excavation of material for a bulk sample at its Pilar Gold-Silver Project in Sonora, Mexico.
Channel sampling was completed every five meters perpendicular to exposed mineralization and alteration at surface along the Main Zone and 4-T trends at Pilar, the company said, and eight locations were sampled to test varying levels of exposed mineralization, with all eight trench locations returning anomalous gold and silver values.
"The results from channel sampling at Pilar are extremely encouraging, exceeding our expectations and showcasing the potential for consistent high-grade gold with silver values for our bulk sampling,” said Brodie Sutherland, Tocvan CEO in a statement.
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“As we get set for our first bulk sample at Pilar this provides us with confidence in extracting significant grade over the already exposed portions of the mineralization not only at our established Main Zone but also along the 4-T trend,” he added.
At the Main Zone, trench TR-2023-01, seven samples over a 35-meter (m) trend returned an average grade of 2.2 grams per ton (g/t) gold (Au) and 14.2 g/t silver (Ag), ranging from 8.3 g/t to 0.1 g/t Au.
Along trench TR-2023-02, five samples over a 20m trend returned an average grade of 2.8 g/t Au and 9.5 g/t Ag, ranging from 7.1 to 0.7 g/t Au .
Trench TR-2023-07 consisted of five samples along a 25m trend which returned an average grade of 2.2 g/t Au and 30.5 g/t Ag, ranging from 7.3 g/t to 0.1 g/t Au.
Along the Main Zone south trend anomalous values of gold and silver were returned at surface where mineralization is known to be more pronounced at depth confirmed by drill hole JES-22-62, which returned 108.6m of 0.8 g/t Au. In total, 37 channel samples were collected across the property; 22 samples returned values above 0.15 g/t Au, including 12 samples above 1.0 g/t Au.
Up to 1,000 tonnes of oxide-gold material will be extracted from select areas exposed at surface across the project area, focusing on the Main Zone and 4-T Trends where preliminary column leach studies have returned promising head-grade and recovery results.
Bulk Sample material will be extracted and prepared for processing by heap-leach method at a private mining operation less than 25 kilometers to the west of Pilar. Information from the sample will aim to provide a more detailed account of expected head-grade and recovery percentage of gold along with providing key information to optimize future production facilities.
In coordination with the Bulk Sample, additional metallurgical sampling will be completed to identify gold characteristics to further improve gold extraction techniques. The process will be managed by an independent qualified professional specializing in the metallurgy of oxide-gold deposits.
Total duration of the processing and analysis of the bulk sample is expected to span three to four months depending on the rate of precious metals actively recovered through the heap-leach process. 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.
Share Issuance
Tocvan also announced that, as part of the production and broadcasting media agreement entered into with New to The Street Group LLC, it is obligated to issue 218,000 common shares to New Street at a deemed issue price of $0.50 per common share. The common shares are subject to a statutory four-month hold period from the date of issuance.
Tocvan was created in order 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% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project.
Contact the author at jon.hopkins@proactiveinvestors.com