THE BOURSE WHISPERER: Elementos Limited continues to receive god news from its Mercedes project in northern Chile.
The company has announced further results from an on-going mapping and geochemical sampling program at the project.
Twenty-one rock-chip samples of exposed mineralisation in outcrop and artisanal mine workings in the Ignacia and Mecha prospects situated within the Mercedes project, have returned high-grade copper values with anomalous silver and molybdenum.
Distribution of copper sample results across the project area. Source: Company announcement
Highlights of the rock chipping program include:
– One kilometre long mineralised trends in the Mecha and Ignacia prospects;
– Initial sampling at Ignacia assaying up to 3.5 per cent copper, 22 grams per tonne silver and 9 grams per tonne molybdenum, with ten out of eleven samples over 1 per cent copper; and
– New sampling at Mecha assaying up to 2.7 per cent copper, 35 g/t silver, with eight out of ten samples over 1 per cent copper.
Elementos said it has also identified three distinct styles of copper oxide mineralisation at the Ignacia and Mecha prospects.
“The consistently high copper values, variety of mineralisation and widespread distribution all reinforce the potential to identify significant volumes of near-surface copper oxide mineralisation across the project,” Elementos Limited said in its ASX announcement.
“The mapping and sampling programs are continuing over the near-surface high-grade targets, as well as the deeper porphyry prospects, to aid in the generation of drill targets.”
The company is now waiting to receive results from a recently completed airborne magnetometry survey.
Elementos also has ground surveys planned, which it anticipates should provide a rapid indication of the size and extension of the structures and mineralised bodies, as well as enabling it to developing geological models for drill testing.