Candelaria Mining Corp announced that it has received a drill permit for a focused infill program at its 100%-owned Pinos gold project in Mexico.
This company said the initial Phase 1 drilling program will comprise about 7,000 metres (m), while the second phase will also include resource expansion drilling at its most advanced Preliminary Economic Assessment (PEA)-level La Paila project within the region.
“Drilling is expected to commence within a few days. It is one of three strands of work at Pinos currently being undertaken,” Candelaria Mining CEO Mike Struthers said in a statement.
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“The drilling will seek to validate recently-updated structural interpretations of the distribution of higher-grade mineralization, together with some additional holes in other high-grade veins in different parts of the mineralized system,” Struthers added.
Candelaria noted the resource expansion drilling planned at La Paila should lead to a resource update and, by year end, the start of more advanced engineering studies on a potential open pit–heap leach operation.
It added that it expects to complete 14,000 to 15,000m of drilling during 2022, along with a variety of other exploration activities.
As well, the company said exploration drilling at its Caballo Blanco license area in Mexico will see the initial drill testing of all the high-priority targets in the “highly prospective” epithermal/porphyry style, gold and copper mineralized district, which will inform future exploration planning.
Candelaria is a gold-focused explorer, with its flagship project Caballo Blanco situated in the 198 square kilometers on the eastern coast of mining-friendly Mexico.
Caballo boasts an NI 43-101 indicated resource of 521,000 ounces of gold and 2.17 million ounces of silver, while the inferred category holds 95,000 ounces of gold and 590,000 ounces of silver. The project is seen as a simple open-pit heap leach operation and there is potential to increase resources via continued drilling and exploration.
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