Orinoco hits bonanza grades in Cascavel decline
THE DRILL SERGEANT: Orinoco Gold (ASX: OGX) has received impressive first assay results from contiguous panel sampling taken form the exploration decline at the company’s Cascavel gold project in central Brazil.
Orinoco said the results – when combined with previous drilling, underground bulk and channel sampling – provide further evidence of the potential for structurally controlled shear zone hosted gold mineralisation from very shallow depths at Cascavel, highlighting the opportunity to develop a high-grade, low-cost gold project.
Highest grade results from contiguous panel samples on the wall of the decline (along the strike of the mineralisation) to date include:
5.73 metres at 113.3 grams per tonne gold (3.6 ounces from 12.43m to 18.16 m of decline) at approx. 21m from surface and currently open to SW including:
2.46m at 239.4g/t gold (7.7 ounces from 15.m to 18.16m of decline);
The highest grade panel sample returned in this batch was 0.5m at 842g/t gold (27 ounces from 17.34m to 17.72m of decline).
Orinoco is continuing to develop the exploration decline along strike at Cascavel to further delineate additional high-grade shoots and evaluate the optimal development and mining method for Cascavel, including the potential for an open pit to extract the shallow mineralisation.
Detailed mapping and sampling is conducted after each blast while all material removed from the decline is stockpiled.
Visible gold continues to be evident past the point of the reported assays.
Orinoco Gold managing director Mark Papendieck said in the company’s announcement to the Australian Securities Exchange.
“These results, together with the information we have gained from drilling and bulk sampling support our view that Cascavel is a substantial high-grade gold systemwith outstanding near-term development potential,”
“We continue to be pleasantly surprised by the extent of the high-grade mineralisation so close to surface which may be amenable to extraction via low-cost gravity methods.
“In addition to continuing to evaluate potential underground mining scenarios possible with our existing licencing arrangements, the exploration decline is showing that there is plenty of potential for an open pit at Cascavel.
“Importantly, on a broader scale we know from our earlier drilling that the unit which hosts these high-grade mineralised quartz veins has an extensive strike.
“The fact that we can continue to discover new high-grade gold shoots in an area in which we had already conducted some drilling gives us a lot of encouragement about the potential for further coarse gold discoveries in the approximately twenty kilometre long Sertão – Cascavel corridor.”
Email: info@orinocgold.com
Website: www.orinocgold.com