Anacortes Mining Corp has said drill results from the Phase 1 drill program at its Tres Cruces gold project in northern Peru indicates mineralization potential outside the existing 2.47 million ounces indicated gold resource.
The company announced the results from two of the 22 planned drill holes at the project, ATC-502 and ATC-504.
Hole ATC-502 was drilled to a final depth of 120 metres (m) and intersected three separate gold intervals with Anacortes noting that it fulfilled the objective of confirming the gold grade, mineralization limits, and geological characteristics on the outskirts of the known oxide pit.
READ: Anacortes says drill results from the first two completed diamond drill holes at Tres Cruces demonstrate near-surface high-grade continuity
Hole ATC-504 returned an intercept of 142.90m at 1.43 grams per tonne (g/t) of gold from 40.5m downhole and discovered a new hole outside the existing sulphide resource, returning 39.40m of 1.45 g/t gold from 194.20m downhole.
The lower intercept of ATC-504 is a newly discovered zone and indicates the potential for extensive mineralization outside of the existing resource estimate, the company said.
Anacortes said drilling was on hiatus but would recommence in due course and would continue throughout the fall.
The company noted that it would remain well-funded after the completion of the Phase 1 drill program.
Anacortes is a new growth-oriented gold company in the Americas, which owns a 100% interest in the Tres Cruces gold project located in Peru.
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