THE DRILL SERGEANT: Alicanto Minerals (ASX: AQI) has enjoyed swift success from the maiden exploration program underway in Sweden.
Alicanto Minerals announced drilling on the Oxberg and Naverberg VMS (Volcanogenic Massive Sulphide) project within the Bergslagen Mining District of Sweden has returned high-grade results.
The company said the first two drill holes of the maiden reconnaissance drill program intersected shallow massive sulphides with grades of up to 9.5 per cent copper, 16 grams per tonne gold, 285g/t silver, 3.9 per cent lead and 8.2 per cent zinc at the Lustebo prospect.
Drill hole 19-01
2.5 metres at 4.2g/t gold, 43g/t silver, 2.2 per cent copper and 1.7 per cent zinc from 151.5 m, including a massive sulphide zone of 0.8m at 13.1g/t gold, 126g/t silver, 6.43 per cent copper, 1.9 per cent lead & 4.7 per cent zinc from 152.63m;
Drill hole 19-02
2.72m at 0.3g/t gold, 43g/t silver, 1.1 per cent copper, 0.4 per cent lead and 1.1 per cent zinc from 152.68m, including a massive sulphide zone of 0.2m at 0.5g/t gold, 285g/t silver, 9.5 per cent copper, 2.6 per cent lead & 6.5 per cent zinc from 152.68m.
“The company is very excited to announce the intersection of massive sulphides with high-grade copper, gold and zinc assays from its maiden diamond drilling program at the Lustebo prospect,” Alicanto Minerals chief executive officer Peter George said in the company’s announcement to the Australian Securities Exchange.
“The exceptionally high grades encountered in the maiden drilling support the company’s belief that significant high-grade base metal deposits exist in the underexplored Oxberg project area.
“Alicanto will follow up these drilling results with down-hole electromagnetic surveys (DHEM) to help plan further drilling to define the extent of the massive sulphide body and to vector drilling to more significant widths of the mineralisation.
“Lustebo is the first prospect area the company has drilled within more than 45 kilometres of mapped prospective, mineralised horizons throughout the Oxberg-Naverberg project area.
“Multiple other prospects have been identified and are being advanced towards preliminary drill testing.
“In addition, the company has commenced an IP survey at its recently identified Wolf Mountain copper-gold prospect, nine kilometres from the Lustebo prospect to follow up on significant copper mineralisation observed on surface with rock chip results of up to 11.9 per cent copper.
“Phase two follow up drilling as well as new target drilling is anticipated to commence in the near term once permitting is completed.”
Alicanto is also currently carrying out a 12,000-metre diamond drill program at the company’s Arakaka gold project in Guyana.
“Results from the 12,000 metre diamond core drilling program at our Arakaka gold project in Guyana, fully funded by NordGold SE, are also anticipated soon,” George said.