Mining Group encounters high-grade copper and gold

THE DRILL SERGEANT: Mining Group (ASX: MNE) has taken delivery of results from the first four holes drilled on the Descubridora vein at the company’s El Roble copper project in Chile.

According to Mining Group three of the four holes drilled intersected high-grade copper and gold mineralisation associated with silver, molybdenum, cobalt and iron.

 

Project overview showing location of the first drill targets,
Descubridora, Veta Gruesa, Bellavista and Panga in white circles and the
large scale nature of the El Roble copper system. Source: Company
announcement

 

“These results are exceptional and provide the best evidence yet that the El Roble copper-gold vein system has the potential to contain numerous high-grade ore bodies,” Mining Group managing director Zeffron Reeves said in the company’s announcement to the Australian Securities Exchange.

“The four holes targeted down dip and along strike of the currently operating Descubridora mine and demonstrate at least 100 metres of continuity in all directions of the high-grade mineralisation, which remains open in all directions.

“We are also encouraged by the wide, mineralised alteration zone we have intercepted around the veins, particularly in drill hole RCPDH00002, where we hit nearly one ounce per tonne gold over a metre.

“These first four holes have only tested 100 metres of strike and 100 metres down dip and with over 20 kilometres cumulative strike of mapped veins to explore we are really excited about the total potential of the project.”

Mining Group reported drill hole RCPDH00002 intercepted a wide zone of intense potassic alteration and associated mineralisation grading:

15.9 metres at 0.79 per cent copper, 2.14 grams per tonne gold, 2.17g/t silver, 95.91ppm molybdenum and 281.13ppm cobalt from 128m.

Within this wide alteration zone, two high-grade ore shoots were encountered:

Upper ore shoot – 2.9m at 2.43 per cent copper, 0.34g/t gold, 4.14g/t silver, 324.14ppm molybdenum, 762.07ppm cobalt from 133m, including 1m at 4.74 per cent copper, 0.73g/t gold, 5g/t silver, 830ppm molybdenum, 1510ppm cobalt from 133.9m.

Lower ore shoot- consists of a gold rich zone which returned 4m at 0.6 per cent copper, 7.96g/t gold, 2.75g/t silver, 70ppm molybdenum, 290ppm cobalt from 139.9m, including 1m at 0.1 per cent copper, 30g/t gold, 4g/t silver, 10ppm molybdenum, 500ppm cobalt from 141.9m.

RCPDH00001 intersected the crosscutting dyke between 66.83m and 84.2m, which Mining Group has interpreted to coincide with the interpreted projection of the mineralised vein below the Descubridora mine.

A narrow weakly mineralised secondary structure was intercepted between 125.55m and 132.m.

The company indicated a review of its initial interpretation of hole RCPDH00003 hole determined it may have been terminated before the intended vein target.

RCPDH00004 also intercepted a well-developed zone of mineralised potassic alteration around the main high-grade vein returning:

7.6m at 1.47 per cent copper, 0.14g/t gold, 7.44g/t silver, 17.5ppm molybdenum, 233.75ppm cobalt from 145.4m.

This included 2.55m at 3.64 per cent copper, 0.37g/t gold, 20.12g/t silver, 26.08ppm molybdenum, 275.69ppm cobalt from 145.5m; and

0.95m at 6.24 per cent copper, 0.79g/t gold, 39g/t silver, 475ppm molybdenum, 330ppm cobalt.

Descubridora is the first of four targets to be drilled in the current drilling program. The other drill targets include Veta Gruesa, Bellavista and the Panga mine area.

Drilling is scheduled to be completed by the end of the year.

“Given these initial results, we are very excited about our future drill targets,” Reeves said.

“The fact that we have achieved success so early in our exploration campaign confirms the potential of El Roble, and considering there is so much of the property unexplored, we are looking forward to completing more work on the ground to unlock El Roble’s potential.”

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