Toachi Mining (TIM-V) Sept 19, '16 has released the results from the first two holes from a first-phase drilling program at its La Plata gold-rich volcanogenic massive sulphide (VMS) project in Ecuador.
Program Highlights
Hole CMLP-16-01 intersected 6.7 metres (m) of massive sulphide mineralization grading 6.42 grams per tonne (g/t) gold, 40.1 g/t silver, 2.08% copper, 1.54% lead and 8.96% zinc from 453.4 m. The intersection confirms the gold-rich nature of the La Plata VMS polymetallic deposit.
-Hole CMLP-16-01 was drilled 15 m below an historic drill hole which intersected 8.9 m grading 31.7 g/t gold, 280 g/t silver, 5.86% copper and 18.1% zinc in 2006.
-A wide lead-zinc-rich disseminated zone, which could have positive implications with respect to the ultimate deposit tonnage and future mine plan design, occurs directly below the massive sulphide zone in hole CMLP-16-01.
-The combined VMS and disseminated lead-zinc rich zone returned grades of 1.93 g/t gold, 15.2 g/t silver, 0.84% copper, 0.80% lead and 4.33% zinc across 33.6 m.
1) Core widths in CMLP-16-01 are considered true widths. Intervals in CMLP-16-02 represent the down hole core intersection width and, until more data is available about the geometry of the mineralized zone, are not considered true widths. Gold assay composites were calculated using uncut assays. Gold equivalent values were calculated using a cut-off grade of 2 g Au/tonne and based on the following metal prices: Au $1,310, Ag $18.75, Cu $2.15, Pb $0.875 and Zn $1.00 2) A complete list of all intersections are available in Table 1 below along with a plan map and cross section of CMLP-016-01 including a photograph of VMS core from CMLP-16-01
Phase One Program Results
The drill results above are from the initial two diamond drill holes which form part of a first phase, 4,000-m drill program which began in August and is designed to validate the historic drilling database at the La Plata project. The drilling program is intended to infill and expand known resources in the main La Mina VMS lens leading to the completion of a National Instrument 43-101 compliant resource estimate later next year.
Hole CMLP-16-01 intersected the main VMS portion of the deposit over a width of 6.7 m, which is typical of the range of drill intercepts in the historic data base. The high grade VMS zone overlies a much wider 26.9 m lead and zinc-rich disseminated zone grading 0.62% lead, 3.17% zinc and 0.80 g/t gold.
A narrower 0.6 m intersection within hole CMLP-16-01 grading 11.5 g/t gold, 112.0 g/t silver, 0.50% copper, 1.90% lead and 7.05% zinc was intersected 5 m higher from 448.4 m.
Hole CMLP-16-02 intersected a 2.0 m intersection grading 3.35 g/t gold, 17.3 g/t silver, 6.96% copper, 5.23% zinc with 0.27% lead from 58.7 m and a 4 m zone grading 1.42 g/t gold, 9.9 g/t silver, 3.01% copper, 0.07% lead and 0.68% zinc from 66.0 m down hole.
La Plata Deposit Geology
Gold-bearing sulphide mineralization occurs as compositional banding composed of chalcopyrite, sphalerite and pyrite laminae with barite occurring as clasts and also as thin layers.
Base and precious metal mineralization at La Plata is interpreted to have formed as part of multiple volcanic episodes that created a stacked volcanic-exhalite hydrothermal sequence which is considered favorable for hosting multiple VMS lenses.
Toachi's exploration staff have identified more than 14 discrete exploration targets across the property concessions which extend for more than 9 kilometres. For a review of the latest gravity survey reprocessing results received please see the press release dated August 29, 2016.
The La Plata Project
Toachi entered into an option agreement with a private Ecuadorean company to earn between a 60% to 75% interest in the La Plata gold-copper-silver-zinc VMS project, located 85 km south of Quito, Ecuador.
For complete terms of the transaction, please see our press release dated February 11, 2016 which is available on our website at
La Plata is a gold-rich volcanogenic massive sulphide deposit which was the subject of small scale mining from both an open pit and underground workings from 1975-1981.
From 1996 to 2000, Cambior Inc., a Canadian mining company, completed 8,628 metres of drilling and a preliminary resource estimate totaling 840,000 tonnes grading 4.8 grams gold per tonne, 4.1% copper, 54.4 grams silver per tonne and 0.7% lead and 4.2% zinc per tonne in 1999, according to a report completed by AMEC Foster Wheeler, a mining consulting firm, in March 2015.
Following a drill program by Cornerstone Capital Resources Inc., which included 5,933 metres of drilling from 2006-2007, a revised mineral resource estimate totaling 913,977 tonnes grading 8.01 grams gold per tonne, 88.3 grams silver per tonne, 5.01% copper, 6.71% zinc and 0.78% lead per tonne in the inferred category was completed.
The resource estimates described above are historical estimates as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects S.2.4 ("NI 43-101"). Toachi has not completed the work required to independently analyze and verify the results of the previous operators nor has a qualified person completed sufficient work to classify the estimates as current mineral resources or mineral reserves. With respect to the Cambior estimate, the Company is also not aware of what categories were used in the estimate. As a result, Toachi is not treating these estimates as current mineral resources or mineral reserves.
The Company believes these historic results provide an indication of the potential of the property and are relevant from an on-going exploration perspective.
QA/QC Sampling and Core Sampling Protocols
Before sampling, a centreline, representing bottom of hole (or a reference line when this is not known) is marked on the drill core. The core is cut and sampled, always sampling the right-hand side of the drill core. Samples are selected based on logged geological features, such as rock type, mineralization, alteration, veining etc. Sample length does not exceed 1.2 m nor is smaller than 20 cm. In areas of similar geological characteristics, sample length is in general 1 m.
A total of 10% of the samples submitted are certified blanks and standards and field duplicates with, as a minimum, one blank submitted at the beginning of each sample batch. Certified standards are submitted at an average of 6% of the samples submitted. Field duplicates are taken at a rate of 1 in 20 of the samples taken.
Analysis was completed by ALS Peru S.A. with sample preparation completed in Quito at the ALS prep lab. The lab is accredited with International Standards ISO/IEC 17025:2005 and ISO 9001:2015.
All major ALS Geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.
Qualified Person
Phil Fox, MAIG, a Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this press release
About Toachi Mining
Toachi Mining brings a disciplined and veteran team of project managers together with a high grade gold-copper-silver-zinc project at La Plata in Ecuador. Toachi Mining is focused on and committed to the development of advanced stage mineral projects throughout the Americas using industry best practices combined with a strong social license from local communities. Toachi Mining has 38,349,937 million shares issued and outstanding.
FOR ADDITIONAL INFORMATION PLEASE CONTACT
Nick Tintor, President and CEO
Telephone: 416 987 0855
Email: ntintor@rgmi.ca
Website: www.toachimining.com |
