Altoro Gold Corp -
Altoro drilling results from Pedra Branca project
Altoro Gold Corp ATG
Shares issued 12,832,732 2000-01-19 close $0.24
Thursday Jan 20 2000
Mr. David O'Connor reports
Altoro Gold has received the remaining diamond drill results of the recently completed 18-hole program from the Pedra Branca property, Brazil. The initial five holes were announced in Stockwatch Jan. 12, 2000.
The results comprise the following drill holes: DD99ES01 to 08 from Esbarro, DD99TW05 to 07 from Trapia West, and DD99IP01 to 02 from Ipueiras. The significant results are summarized below. This drilling is part of a continuing program that is exploring for the near surface platinum-palladium potential of the property. Platinum-palladium mineralization is known at numerous localities throughout the property.
The drilling at Esbarro has substantially increased the strike extension and confirmed the down-dip continuation of previously drilled, near surface, high-grade mineralization. Drill hole ES08 was drilled approximately 300 metres to the west of the known mineralized zone and thereby increases the potential strike extension. Drill holes ES01, ES04 and ES05 have confirmed the down-dip continuation of the high-grade mineralization.
The Trapia West target was undrilled prior to this program and is returning potentially economic results. Drill hole TW07 returned significant results and it is located in excess of 200 metres north of TW01 to 06.
Inter-
From To val Pd+Pt Pd Pt
(m) (m) (m) g/t g/t g/t
ESBARRO ZONE
Hole No. DD99ES01
28.4 35.2 6.8 2.8 1.8 1.0
including
28.4 33.4 5.0 3.4 2.2 1.2
Hole No. DD99ES04
11.1 33.4 22.3 2.9 1.8 1.1
including
12.6 14.9 2.3 9.3 5.2 4.1
including
18.5 31.3 12.8 2.5 1.7 0.8
Hole No. DD99ES05
25.2 66.5 41.3 1.3 0.9 0.4
including
25.2 29.3 4.1 2.2 1.5 0.7
37.3 50.3 13.0 2.2 1.5 0.7
including
41.7 44.9 3.2 1.9 1.4 0.5
including
48.0 50.3 2.3 5.5 3.1 2.4
Hole No. DD99ES06
5.1 32.8 27.7 2.8 1.9 0.9
including
5.1 13.1 8.0 1.2 0.8 0.4
including
15.6 22.1 6.5 6.7 4.1 2.6
including
28.7 32.8 4.1 3.9 3.4 0.5
Hole No. DD99ES08
19.6 33.8 14.2 2.2 1.4 0.8
including
20.6 26.7 6.1 3.9 2.4 1.5
including
31.5 33.8 2.3 1.3 0.8 0.5
TRAPIA WEST ZONE
Hole No. DD99TW05
10.5 17.4 6.9 0.8 0.4 0.4
Hole No. DD99TW06
23.2 31.4 8.2 0.8 0.5 0.3
Hole No. DD99TW07
22.3 41.7 19.4 1.6 0.9 0.7
including
22.3 29.1 6.8 2.3 1.2 1.1
including
22.3 26.4 4.1 3.0 1.6 1.4
including
31.9 36.7 4.8 2.0 1.4 0.6
including
34.6 36.7 2.1 3.4 2.7 0.7
IPUEIRAS ZONE
Hole No. DD99IP02
7.8 11.2 3.4 0.9 0.5 0.4
The drilling program at Esbarro and Trapia West confirms that potentially economic intersections have been encountered. Altoro will be working to define extensions to these zones while opening up and trenching other areas that have been recognized during recent fieldwork. The Ipueiras district, an example of a newly discovered area, returned subeconomic results but is located in an area where the mineralization is poorly understood at this time. This area will be investigated as part of a district wide exploration program over the next couple of months.
The company is highly encouraged by this first round of drilling. Drilling to date represents less than 1 per cent of the potentially mineralized horizon seen at surface. Continuing fieldwork has improved the geological model and defined several target horizons within a one-to-two-kilometre thick-layered intrusive. The lithological extent or full width of the layered intrusion was not tested by this drill campaign. The platinum-palladium mineralization seen at surface and in the drilling is essentially associated with two main units (referred to as the Critical zone), a tremolite schist and an overlying serpentinite. The highest grades are associated with chromite-rich horizons within these units. Further thin section and metallurgical work is required to determine the exact spatial relationship between the chromite and the platinum group minerals.
Altoro has recently engaged an experienced metallurgist familiar with chromite rich platinum-palladium ores to determine the metallurgical recovery of the mineralization. The company has also deployed additional field staff to Pedra Branca to assist in the mapping and trenching of this very large, and as yet little explored property. Altoro intends to complete an airborne geophysical survey over the entire property and initialize additional drilling as soon as possible.
The company has not yet analyzed for rhodium at Pedra Branca but intends to submit select samples to Bondar-Clegg for platinum group element analysis over the next week. A limited number of samples sent for rhodium analysis from the Cedro prospect by Rio Tinto in 1987 returned an average value of 0.41 of a gram per tonne rhodium. The maximum value recorded was 0.55 g/t and was recovered from a chromite rich horizon. The current price of rhodium is $1,175 (U.S.) per ounce. If previous results by Rio Tinto are reproduced by the samples submitted next week, rhodium could significantly enhance the value of the mineralization at Pedra Branca.
Altoro holds an option agreement to acquire a 70-per-cent interest over approximately 150 square kilometres of the layered sequence and has a 100-per-cent right for the remainder of the complex (approximately 350 square kilometres).
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