Peruvian Gold Limited -
Third Lara drill program completed
Peruvian Gold Limited PVO
Shares issued 14,227,466 1998-08-26 close $0.42
Thursday Aug 27 1998
Mr. David Henstridge reports
The company has completed the third drill program on its Lara porphyry copper prospect in coastal Peru, 400km southeast of Lima. This program consisted of 12 holes totalling 1,183 metres of which 1,039 metres were drilled by reverse circulation and 134 metres by diamond core methods. The purpose of the program was to further delineate the zone of supergene copper enrichment (chalcocite blanket) intersected in the two drill programs undertaken in 1997. Previous drill holes ranged from 38 metres of 0.32 per cent Cu in LRC-3 to 24 metres of 1.12 per cent Cu in LRC-9.
Four holes were core drilled with three of them designed to twin existing RC holes (LRC-9, 10, 11). The hole twinned on LRC-10 had to be abandoned before reaching the target due to bad ground conditions and loss of water circulation. Holes LRC-13 and LRC-14 are twins of LRC-9 and LRC-11, which assayed 24 metres at 1.12 per cent Cu and 22 metres of 0.69 per cent Cu, respectively. The purpose of twinning the mineralized intervals with core is to see if the core samples will enhance the grade because fine sulphides, like chalcocite, are sometimes lost using the reverse circulation or percussion drilling methods.
Other than hole LRC-17 (twin of LRC-10), which was abandoned due to ground conditions, all holes were successfully drilled to target depth. The secondary enriched zone of the porphyry, which ranged in thickness from 20 to 40 metres, followed by the primary sulphide zone, were intersected below the leached cap which is up to 70 metres thick.
All drill hole samples are presently being analyzed and results will be released as soon as available.
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