Bocana Resources Corp. stated that it has signed a drilling contract with Leduc Drilling S.R.L. of La Paz, Bolivia for the diamond drill operations on the Escala area concession in Southwest Bolivia. The first phase of this drilling campaign is scheduled to begin on April 17th, 2023, and it is anticipated to last four to five weeks.
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NQ size core drilling will be used for the Phase I program, and a minimum of 2,000 m must be accomplished. Drilling will cease once Phase I is finished until all assay data have been obtained before planning Phase II, a scheduled 3,000 m follow-up drilling program.
Five of the nine proposed drill holes are estimated to be placed near the Cerro Galapago area of the Escala concession, which is where the majority of the diamond drilling program is anticipated to take place.
Each well’s proposed depth is going to be around 250 m. These drill hole locations will be finished in regions with high chargeability and moderate to high resistivities.
Two shallow dipping, 250-meter-long drill holes are planned for the Cerro Blanco region to test the area, and the remaining holes will be drilled along the main mine trend to the east, where there are known historical precious/base metal veins.
In a silicification/quartz veining region with significant sulfide content that has not been drill tested, a recent induced polarization geophysical survey found areas of high chargeability and resistivity anomalies. Bocana plans to test this region with two shallow-dipping, 250-meter-long drill holes.
A grant of incentive stock options to various officers and directors of the company to purchase a total of 1,600,000 common shares of Bocana, exercisable at a price of $0.10 per share for a period of five years from the issue date, was recommended by the compensation committee of the company and approved by the board of directors concurrently with the signing of the drilling contract.
The TSX Venture Exchange must approve the grant of the options, which are given in line with and subject to the provisions of Bocana’s stock option plan. The options will be subject to statutory hold periods that comply with securities regulatory requirements, as will any common shares of Bocana issued as a result of the exercise of the options.