Flagship drill data review highlights Chilean gold scale potential
Flagship Minerals' drill data review highlights the immense scale potential for additional gold mineralisation at the company's Pantanillo gold project in the renowned Maricunga gold belt in northern Chile.
The full-scale review of 20,531 metres of diamond and reverse circulation drilling confirms the strong potential for extensions to gold intersected near the company's outlined 2010 pit shell and up-dip of mineralised gold hits.
Pantanillo's mineralisation is open along strike and down dip. Management plans to drill test to its full potential to add significant scale to the project, which currently hosts a non-JORC qualifying foreign estimate resource of 47.4 million tonnes grading 0.69 grams per tonne (g/t) gold for 1.05M ounces.
The current foreign estimate resource is constrained by the pit shell reported in 2010, which focussed on mining oxide and transitional material.
Flagship aims to include new drill results into the project's resource, aiming to upgrade the qualifying foreign estimate into a JORC-compliant resource.
'Pantanillo presents a compelling opportunity, the project is de-risked on a number of levels, including geology, geography, jurisdiction, metallurgy and permitting precedents.'
Flagship Minerals managing director Paul Lock
The company plans to target mineralisation at depth, along strike and up-dip in the deposit's northwestern section. A zone of potential near-surface mineralised ground sits northwest of the pit shell and close to previous drill intersections that encountered gold, however, most results were not included in the foreign resource estimate.
Management believes there is tremendous potential for further mineralisation up-dip and north of the northernmost hole drilled at the deposit and along strike to the west. It is also aware of previous shallow drilling in the area and is in discussions to secure the results from that program.
Notably, the deepest gold found at site was discovered in an astonishingly long 440m interval going 0.49g/t from 260m to the end of the hole, which remains open up and down-dip. The interval included a higher-grade section running for 160m at 0.7g/t from 524m.
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