Anacortes Mining Corp reported positive progress in its drilling program at the Tres Cruces gold project in Peru.
The junior explorer said that drilling contractor, Remicsa Drilling SA has completed four drill holes totalling 860.1 meters, including the deepest hole drilled to date on the property.
Hole ATC-501 was designed to twin a historical hole and test sulphides at depth. It continued for a total depth of 496.3 meters — considerably deeper than any hole drilled to date on the project, Anacortes told shareholders.
READ: Anacortes Mining begins Phase 1 drilling campaign at its Tres Cruces gold property in northern Peru
Anacortes is drilling to support a feasibility study on Tres Cruces as well as to test the depth potential of the underlying sulphides. Many holes drilled by previous operator Barrick ended in “promising” gold and silver mineralization, the company said in a statement.
The firm said it expects to receive assays from these initial holes in the coming weeks.
Anacortes owns a 100% interest in Tres Cruces.
Phase I of Tres Cruces will be the development of the oxide resource, which was the subject of a recently released preliminary economic assessment that highlighted a robust open-pit, heap leach project. Phase II at Tres Cruces will focus on exploring the deeper sulphide resource, which the company believes has considerable potential.
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