Anacortes Mining Corp. [XYZ-TSXV; XYZFF-OTCQB] reported drill results for drill holes ATC-502 and ATC-504 from the Tres Cruces phase 1 drill program. These represent the next two of 22 planned drill holes at its Tres Cruces gold project in the prolific Quiruvilca mining district in northern Peru.
This new gold discovery in lower zone indicates mineralization potential outside of existing 2.47 million-ounce indicated gold resource.
Hole ATC-502 was a definition hole drilled with the objective of defining limits of gold mineralization on the outskirts of the known oxide pit, confirming lithology, alteration and metallurgical material type from the surrounding reverse circulation drill holes. ATC-502 was drilled to a final depth of 120 metres and intersected three separate gold intervals tabulated in the drill results table below. AC-502 successfully fulfilled the objective confirming the gold grade, mineralization limits and geologic characteristics.
Drill hole ATC-504 returned 142.9 metres of 1.43 g/t gold from 40.5 metres downhole and discovered a new zone outside the existing sulphide resource, returning 39.4 meters of 1.45 g/t gold from 194.2 metres downhole.
ATC-504 (located approximately 400 m south of hole ATC-501) was drilled to confirm gold grade, lithology, alteration and metallurgical material type reported in diamond core drill hole DTC-267. Notably, the upper zone of ATC-504 (142.9 metres of 1.43 g/t gold from 40.5 metres downhole) significantly exceeded both the grade and intercept thickness previously reported in DTC-267 (98.2 metres grading 0.89 g/t gold).
The lower intercept of ATC-504 (39.4 metres of 1.45 g/t gold from 194.2 metres downhole) is a newly discovered zone and indicates the potential for extensive mineralization outside of the existing resource estimate.
Drilling is on hiatus at the moment, but will resume in due course and will continue throughout the fall. The company will remain well funded after the completion of the Phase 1 drill program.
Anacortes is a new growth-oriented gold company in the Americas, which owns a 100% interest in the Tres Cruces gold project. Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide indicated resources of 2,474,000 oz at 1.65 g/t gold, inclusive of 630,000 oz of high-grade leachable gold at 1.28 g/t gold and inferred resources of 104,000 oz at 1.26 g/t gold.
The recently released PEA on the leachable resource at Tres Cruces indicates a robust open-pit, heap leach project. Anacortes is well capitalized and intends to aggressively advance the Tres Cruces Oxide Project through feasibility, permitting and to production as quickly as possible