Tocvan Ventures Corp. (CSE:TOC) said it has successfully completed the latest stage of drilling at its Pilar Gold-Silver project in Sonora, Mexico, with initial metallurgical testing results showing over 85% gold recovery.
Drilling focused on step-out targets along the 4-T and a newly-discovered trend between the Main Zone and 4-T. Seven drill holes totalling 1,382 meters (m) were completed and intersected target horizons.
"These initial results are encouraging and suggest the gold recovery of oxide material at Pilar has the potential to be relatively high," Tocvan CEO Brodie Sutherland said in a statement.
READ: Tocvan Ventures identifies new target area at Murcielago at El Picacho project, Mexico
"Work is underway to validate these results at a certified lab. In the meantime, we await the results of our latest stage of drilling at Pilar which aggressively targeted new areas beyond our Main Zone," he added.
Highlights of the initial metallurgical sample results include:
- Four column leach samples submitted for analysis
- Head grade range: 0.4 grams per ton (g/t) gold to 5.0 g/t gold
- Gold recovery range: 88.9% to 96.9%
The company said four samples from trenches were submitted for column leach to a strategic partner Minera Castor, a local private gold producer in Mexico, which has developed and operates its own heap-leach facilities. All four surface samples underwent column leach testing to determine the potential recovery of gold from different areas across the project. Over a 30-day testing period, all four samples returned a recovery of gold above 85%.
The company cautioned that although it has confidence in the capabilities of Minera Castor, which belongs to a well-respected group that provides contract services to major gold producers in the region, the results provided were not conducted by a certified lab facility.
Tocvan is in the process of validating and analysing samples to confirm the results. The company refers to the 2021 bottle roll sampling completed by SGS Durango as a guide to the upper potential of recovery expected.
Recap of 2021 Bottle Roll Results SGS (Durango) - Reverse Circulation Drill Hole Composites (from JES-20-32, 94.6m at 1.6 g/t gold):
- Sample 494801 - 1.15 g/t gold head grade, 91.6% recovery of gold
- Sample 494804 - 0.63 g/t gold head grade, 90.6% recovery of gold
The company also said its previously announced private placement has passed all regulatory approvals. Under the terms of the related sharing agreement, the first scheduled monthly payment will occur by July, 30, 2022.
Tocvan was created in order to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project.
Contact the author at jon.hopkins@proactiveinvestors.com