Tocvan Ventures Corp (CSE:TOC) has updated on Phase III of the drilling at its Pilar gold-silver project and revealed it is planning the next step at its multi-million ounce potential El Picacho asset - also in Mexico.
The company is currently awaiting lab assays after 1,500 meters (m) of Phase III drilling has been completed at Pilar in nine holes across the Main Zone and 4-T Trend.
"As we prepare to receive the drill results from the start of Phase III drilling, we look forward to the next stage of planning and drilling at Pilar," Brodie Sutherland, CEO of Tocvan said in a statement. "Results have taken longer to process due to the changing COVID-19 environment, but we are thankful to see that (it is) improving in Mexico and thank our shareholders for their patience."
"Metallurgical results are also anticipated to be analyzed and released over the next two months and will provide us with further insight on gold and silver recoveries at Pilar," he added.
READ: Tocvan Ventures says drill results at Pilar project in Mexico are pending
Tocvan noted it has submitted five samples from Pilar for column leach study, and received results for the first sample (weighing 321.6 kilograms (kg), which showed a head grade of 0.95 grams per ton (g/t) gold and 9.5 g/t silver.
Meanwhile, at the El Picacho gold-silver asset, site visits and planning are underway to determine the "best use of exploration funds in the near-term", said the company.
Currently, permitting is in place for up to 15 kilometers of drilling and two kilometers of trenching and it said drilling will start after an assessment of key target areas by mapping, geochemistry and geophysics.
El Picacho spans 24 square kilometres (sq km) to explore with 6km of prospective trend defined so far. It is road accessible and 18km from the producing San Francisco gold mine.
Tocvan is earning 100% from the Pilar asset and the El Picacho gold-silver project, which it says represents tremendous opportunity to create shareholder value.
Contact the author at giles@proactiveinvestors.com