The sampling was undertaken using a rock saw to cut and recover a continuous channel measuring approximately 40cm x 40cm, with sample weight averaging 4.8 kg per metre. Samples were logged, and submitted for assay with QAQC samples (blanks and standards) using the same procedure as drill core. The channel sample is analogous to a drill core sample, and it is expected that the data can be incorporated into a resource estimation in the same way as drilling results.
In light of the recent results from this program, notably the broader zones of mineralisation which appear to have been missed by the selective historical sampling, the program was extended to include channel sampling of all underground workings and exploration adits throughout the project including those located outside of the footprint of the known mineralisation.
Channel Sampling Program
The channel sampling program has been designed to allow the inclusion of the component of the historical high-grade mineralisation which is up-dip of the Company’s drilling in a resource estimate that can be reported according to JORC. This includes the majority of the mineralisation within 40 vertical metres of surface and the extensions of mineralisation up into the hills at Cerro Norte and Cerro Sur.
They are hoping to use the channel samples as drill cores for a JORC resource and if that comes off, would be the equivalent of another rig.
Currently with 5 drill rigs on site for a 20,000 program for this quarter (Q4 21). Another 3 rigs are planned to be brought in to make it 8 rigs for 30,000 metres in each of Q1, Q2 and Q3 FY22, for a total of 120,000 metres plus the channel samples. The maiden JORC resource is due in Q3 22 and a PFS hopefully in Q4 22.
The recent $42mil cap raise fully funds them to PFS and has brought the price down from 0.36c to 0.29.5c currently for a market cap of $209mil.
Should present some good trading opportunities for the rest of the year.
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