Denarius Metals Corp. [DSLV-TSXV] reported complete assays for 31 additional drill holes, mainly infill holes, totalling approximately 8,236 metres, from the continuing surface diamond drilling program on its 100%-owned polymetallic Lomero-Poyatos project 85 km northwest of Seville, southern Spain.
To date, Denarius has completed approximately 22,543 metres of drilling in 75 drill holes, including twinning of historical drill holes. The validation and in-fill phases, totaling 66 holes and representing 81% of the initial program, are now complete. There are three drill rigs onsite continuing with the resource expansion portion of the initial program. In addition to the diamond drilling, the company has received preliminary results from the recently completed geophysical surveys that confirm the potential to extend the known Lomero-Poyatos deposit down-dip and to find new deposits along strike to the east in two zones as previously announced based on discoveries made during field mapping.
The helicopter-borne time-domain electromagnetic and ground-based gravimetric surveys were completed in mid-April and early May, respectively.
Key take-aways from the exploration work carried out at the Lomero-Poyatos Project to date include validation and in-fill drill holes have generally confirmed the grades and widths of intersections from previous drilling campaigns, increasing the confidence in the geological understanding of the deposit and allowing proper 3D modelling in preparation for a Mineral Resource estimate update by the end of the third quarter of 2022;
Drill hole LM22053 was the highlight of the current set of drill holes intersecting 2.65 metres grading 1.69% copper, 0.8% lead, 0.5% zinc, 115.44 g/t silver and 9.56 g/t gold from 268.35 metres.
Preliminary results from the integrated interpretation of the recently completed geophysical surveys have identified significant new targets and demonstrate that conductors associated with the known deposit persist to depths well below the existing drilling. The geophysical results are robust enough to allow the planning of an exploration drill campaign aimed to test the combined TEM and gravity anomalies that occur along strike and down-dip of the main shear-zone hosting the Lomero-Poyatos deposit. A parallel shear-zone detected below the Devonian hanging-wall unit and located approximately 1 km north of the Lomero-Poyatos deposit, the Northern Shear Zone, will also be prioritized for drill testing.
Serafino Iacono, Executive Chairman and CEO, commented, “We are excited by the progress to date and particularly to be moving the exploration program into the expansion drilling phase as the preliminary results from the integrated interpretation of the recently completed geophysical surveys have expanded the prospectivity for new deposits potentially associated to the down-dip and eastern extension of the shear-zone hosting the Lomero-Poyatos deposit. We are also very encouraged to see other anomalies parallel to the main Lomero-Poyatos shear zone, increasing even further the prospectivity of Denarius’ land package in this prolific metallic belt. The ongoing drilling program has verified the reliability of the historical drill results and will allow proper 3D modelling of the deposit to prepare an updated NI 43-101 compliant Mineral Resource estimate and scoping study by the end of the third quarter of this year. We are confident that our exploration campaign at the Lomero-Poyatos Project will continue to be a key value driver for Denarius as we move forward.”