Golden Minerals Company (NYSE-A:AUMN, TSX:AUMN, ETR:7GB) has reported assay results from the first 10 holes of a 22-hole, second phase diamond drill (DD) program recently completed at its Sarita Este property in Salta Province, Argentina.
The company said it has drilled 22 DD holes totaling 1,286 metres (m), focusing on exploration drilling following up on the Sico epithermal target drilled in 2021 as part of an option agreement with Cascadero Copper Corp. (CCD).
"Initial results for the second drill campaign at the Sico epithermal deposit continue to show strong potential for a shallow economic oxide gold deposit. Assays are pending on the results from drilling to the west of the discovery hole and we are planning a follow-up drill campaign to start in mid-August to continue delineating the deposit," said Warren Rehn, president and chief executive officer of Golden Minerals in a statement.
READ: Golden Minerals releases 2Q production figures showing 3,158 gold equivalent ounces from Rodeo mine
Drill results for 2021 were reported on January 19, 2022, and the recent diamond drilling campaign was completed in late June 2022.
Highlights from the recent DD holes drilled in the Sico epithermal targets include:
- 52.5m @ 1.49 grams per ton (g/t) gold (Au) and 5.2 g/t silver (Ag) from 0m, including 3.7m @ 7.27 g/t Au and 12.1 g/t Ag
- 2.2m @ 27.47 g/t Au and 3.1 g/t Ag from 14.8m, including 0.6m @ 102.50 g/t Au and 10.6 g/t Ag
- 20.6m @ 1.37 g/t Au and 3.0 g/t Ag from 19.5m, including 10.9m @ 2.01 g/t Au and 4.1 g/t Ag
- 5.2m @ 1.65 g/t Au and 1.5 g/t Ag from 0m
The recent 2022 results confirm mineralization extends to the east, west and south of hole SE21008. The company is waiting for results of the remaining 12 holes drilled in the current program and planning a follow-up campaign which is due to begin in mid-August 2022.
Mineralization at Sico is hosted in shallow iron-oxide bearing veins, veinlets and fractures within Tertiary volcanic rocks. The prospect lies approximately 3 kilometres (km) southwest of the Taca Taca copper porphyry deposit (owned by First Quantum Minerals (TSX:FM) (TSX:FQM)) and 55 km directly north of the currently producing Lindero gold mine (owned by Fortuna Silver (TSX:FVI)).
The mineralization at the Sarita Este prospect extends south onto the Desierto I & II concessions (2,498 hectares) where Golden is a controlling shareholder.
Sarita Este is a gold-silver prospect located in the Puna region in Salta province, northwest Argentina. The property is 100% owned by Cascadero Copper Corporation (TSX-V:CCD) (CCD) through its subsidiary Salta Geothermal S.A.
Golden Minerals is conducting exploration activities at Sarita Este as a part of a 2019 option agreement whereby it can acquire 51% of the 830-hectare property by spending $2.5 million over four years and forming a joint venture with Cascadero Copper.
Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The company is primarily focused on producing gold and silver from its Rodeo Mine and advancing its Velardena Properties in Mexico and, through partner-funded exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.
Contact the author at jon.hopkins@proactiveinvestors.com