Minera IRL drills 0.65 g/t gold over 20 metres at Corihuarmi mine, Peru
Minera IRL Ltd. [MIRL-CSE, BVL; MRLLF-OTCQB; DZX-FWB] reported assay results from the first set of drill holes completed as part of the two-phase long-hole (LH) drilling campaign started in late November, 2022, at the company’s producing Corihuarmi gold mine in central Peru. Corihuarmi is comprised of 14 concessions totaling approximately 9,830 hectares.
Highlights of the initial drill holes include drill hole LHS23-36 that intersected 20.00 metres of oxides from 5.00 metres depth assaying 0.65 g/t gold.
LHS23-35 returned 14.00 metres of oxides from 6.00 metres depth assaying 0.45 g/t gold. LHSS23-53 returned zero to 4.00 metres depth of oxides assaying 0.41 g/t gold. LHAD23-24 returned 11.00 metres of oxides from 24.00 metres depth assaying 0.39 g/t gold.
Gold mineralization at Corihuarmi is mined by open pit methods. The average grade of the mineralized material placed on the leach pads between January and December 2022 was 0.21 g/t gold with 20,938 ounces of gold shipped during 2022.
The LH drilling campaign was aimed to provide additional data to supplement the database generated from the diamond drill program executed between July and November 2022. The objectives and execution of both drilling initiatives are in line with the company’s goal to confirm the continuity of gold mineralization at Corihuarmi to ensure future operations and to update its most recent Mineral Resource Estimate.
The LH Drilling Campaign targeted specific areas reported to contain coarse gold mineralization with grades in the range of 0.13 g/t to 0.24 g/t gold. Ongoing in-house analysis supports the viability of using this material to achieve an optimized blend at the leach pads in an effort to improve gold recoveries.
A total of 53 drill holes measuring 1,853 metres have been completed, sampled, and assayed between November 2022 and March 2023, as part of Phase I of the LH drilling campaign.
The review and assessment of the assay results by our technical teams has triggered the decision to extend Phase I of the LH drilling campaign and execute 100 additional drill holes within Cayhua, Susan and Diana Pits totaling 3,483 metres. These additional drill holes are expected to be completed over a period of four months. The company plans to release further results as the drilling campaign advances, along with the proposed start date and execution of Phase II, anticipated towards the second half of 2023.
Minera IRL Limited is the holding company of Minera IRL S.A. and Compania Minera Kuri Kullu S.A., two precious metal mining companies engaged in mining exploration, development, and operations in Peru, with a primary focus on gold.
Minera operates the Corihuarmi Gold Mine located 5,000 metres above sea level in Central Peru, while assessing financing opportunities to advance its Ollachea Gold Project located in the Department of Puno, Southern Peru.