Genesis Minerals' (ASX:GMD) initial drilling at its Las Openas project in Argentina highlight substantial gold deposits that could potentially host bulk-tonnage operations.
First drill results from its 12 hole drilling operations have intersected wide, shallow deposits of gold, silver, lead and zinc including 115 metres at 0.58 grams per tonne of gold, 3.5 grams per tonne of silver, 0.24% lead and 0.65% zinc from 18 metres to end of hole.
It also returned 29.4 metres at 0.57grams per tonne of gold, 9.9 grams per tonne of silver, 0.29% lead and 1.1% zinc from 65 metres.
These drill results highlight intermediate sulphidation epithermal mineralisation with strong potential to host bulk-tonnage gold deposits.
Rock chip samples also point to existence of narrow, high grade veins which could potentially boost project economics of a bulk-tonnage operation. These veins will be drill tested as part of the new year's exploration program.
Genesis has agreements with Teck Argentina Ltd., a wholly owned subsidary of Teck Resources Limited (NYSE: TCK, TSE: TCK.B) to acquire 100% of Teck's right and interest in the Poncha and Las Openas epithermal gold projects in Argentina subject to an earn-back right or royalty to Teck.
Both these projects are located close to infrastructure with access to the projects gained via good paved roads from the town of Rodeo.
Previous exploration by Teck identified an extensive high grade epithermal system via mapping at Las Openas at surface over 4.5 kilometres of strike, with rock grab samples returning values including 49 grams per tonne of gold, 183 grams per tonne of gold and 6,800 grams per tonne of silver.
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