Tocvan Ventures Corp. (CSE:TOC) told investors it has identified, from surface sampling, a new undrilled target called the Murcielago prospect at its El Picacho project in Sonora state, Mexico.
The sampling at the gold-silver project has been going on since April this year with 65 samples taken from the Murcielago prospect, with 14 of them returning greater than 0.1 grams per tonne (g/t) gold.
The Murcielago prospect has been expanded with gold-silver values (7.2 g/t gold and 36 g/t silver) hosted within a limestone unit along a 450-meter (m) west-southwest trend, said Tocvan, while "significant" lead and zinc mineralization was noted to occur along with the gold and silver.
"The results from our recent surface exploration program have confirmed another untested drill target at El Picacho," CEO Brodie Sutherland explained in a statement.
READ: Tocvan Ventures recommences drilling at Pilar gold-silver project in Sonora, Mexico
"The Murcielago prospect is one of six key target areas at El Picacho that has seen little to no drilling. The consistent mineralization seen across a 450-meter trend coupled with high-grade historic results along old shafts, makes Murcielago an additional compelling drill target as we look to unlock the potential of the project.
"Sonora is well known for cost-effective mines that can operate open pits with grades below 0.5 g/t Au with very favourable production costs.
"Seeing this broad low-grade mineralization and higher-grade within gives us a lot of confidence in the potential we have here," he added.
Highlight sampling results from Murcielago also included 4.5 g/t gold, 197 g/t silver, 4.8% lead and 7.1% zinc in one rock sample, and 2.7 g/t gold, 25 g/t silver and 1.9% zinc in another.
Also in the statement, the company updated on the ongoing Phase III drill program at its Pilar gold-silver project, also in Sonora, where four reverse circulation (RC) holes have been completed since the program restarted on June 22.
Samples for the first two drill holes have been submitted to the lab, while those for the other two completed holes will be submitted later this week.
Results are pending and follow-up drilling on the new Discovery Trend is planned next, said Tocvan.
The company's El Picacho property is thought to be an orogenic gold system within the regional Caborca Orogenic Gold Belt known for producing mines including La Herradura and San Francisco.
It is 140 kilometers (km) north of Hermosillo and totals 2,414 hectares (Ha). Mineralization has been identified across the property totalling more than 6km of prospective trends.
Contact the writer at giles@proactiveinvestors.com