Anacortes Mining Corp has announced drill results from the first two completed diamond drill holes at Tres Cruces in Peru, with both holes demonstrating the near-surface high-grade continuity of the deposit.
The company said the holes represent the first two of 22 planned drill holes currently underway in the prolific Quiruvilca Mining District in northern Perú.
In a statement, Jim Currie, CEO of Anacortes Mining commented: "These first two holes confirm the excellent continuity of near-surface high grade gold within the oxides while the deeper drilling and associated grades suggest excellent potential remains at depth within the sulphides. Assays for the next five holes will be released when they are available in the coming weeks. In the meantime, drilling is on hiatus until early-August to allow the drill crews to have a rest break and enable our exploration team to catch up on logging and storage of the core".
READ: Anacortes says it is making good progress with Tres Cruces drilling program, including deepest hole drilled to date on the property
Hole ATC-500 intersected two significant near-surface gold intervals within the proposed oxide pit:
- 35.9 meters (m) grading 0.64 grams per ton (g/t) gold (Au) from 8.0m downhole;
- 23.8m grading 1.75 g/t gold from 49.20m downhole.
Hole ATC-501 intersected two significant gold intervals within a broad 210m intercept of 1.88 g/t gold:
- 82.55m grading 1.62 g/t gold from 28.35m downhole;
- 123.10m grading 2.11 g/t gold from 115m downhole;
- Highly anomalous gold and silver (Ag) mineralization (0.15 g/t Au and 5.9 g/t Ag) from 239m to EOH at 496.3m.
ATC-500 is an infill hole with the objective of confirming gold grade, lithology, alteration, and metallurgical material type from the surrounding reverse circulation drill holes (RTC-003, RTC-222, and RTC-238) and core hole DTC-222. ATC-500 was drilled to a final depth of 150m and intersected three significant intervals. ATC-500 fulfilled the objective confirming the gold grade and other geologic characteristics.
ATC-501 is a twin hole to confirm gold grade, lithology, alteration, and metallurgical material type reported in reverse circulation drill hole RTC-255. The hole was drilled to a final depth of 496.30m.
Anacortes is a new growth-oriented gold company in the Americas, which owns a 100% interest in the Tres Cruces project, one of the highest-grade oxide deposits globally and hosts oxide plus sulphide indicated resources of 2,474,000 ounces (oz) at 1.65 g/t gold, inclusive of 630,000 oz of high-grade leachable gold at 1.28 g/t gold and inferred resources of 104,000 oz at 1.26 g/t gold.
A recently released PEA on the leachable resource at Tres Cruces indicates a robust open-pit, heap leach project. Anacortes is well capitalized and intends to aggressively advance the Tres Cruces Oxide Project through feasibility, permitting and to production as quickly as possible.
Additionally, Anacortes is continuing to seek further growth opportunities in the Americas, with the goal of creating the next mid-tier multi-asset gold producer.
Contact the author at jon.hopkins@proactiveinvestors.com