Dec 16 2010
Ventana Gold Corp. (TSX: VEN) has announced results from seven additional exploration holes drilled on multiple zones within the La Mascota Southwest extension at the La Bodega gold project in Colombia.
Highlights
- A newly recognized, silver-rich oxide zone has been discovered in the La Mascota Southwest Extension where hole 320 returned 34.9 metres of 278.23 g/t silver and 1.04 g/t gold. This area is characterized by elevated silver grades contained in a flat-lying and near-surface zone.
- Hole 320 returned 24.8 metres of 10.15 g/t gold 100 metres south of the La Mascota trend and in line with the Las Mercedes zone defining a potential significant extension of this mineralization. Additionally, hole 359 returned 4.2 metres of 5.62 g/t gold further confirming that the Las Mercedes mineralized zone continues to the southwest.
- La Baja hole 328 returned 29.1 metres of 4.58 g/t gold and hole 340 returned 36 metres of 5.65 g/t gold.
Details
Hole 320, on section 8950-2 in the La Mascota Southwest Extension is the first exploration hole drilled from a location approximately 100 metres south of the projected La Mascota trend. A low-angle, silicified horizon was intercepted starting at 79.1 metres drilled depth (40 metres vertical depth) which returned 34.9 metres of 278.23 grams per tonne silver and 1.04 grams per tonne gold. The silver mineralization overlaps but does not correlate with gold. In conjunction with previous exploration results in this area, Ventana now believes it may be defining a separate mineralizing event. This same horizon was encountered in other holes in the vicinity including hole 219 on section 8900, which intersected 25.5 metres of 285 grams per tonne silver and 0.76 grams per tonne gold starting at 89.5 metres drilled depth and hole 285 on section 8850 which intersected 12.6 metres of 150 grams per tonne silver and 0.82 grams per tonne gold starting at 82 metres drilled depth. This newly recognized type of silver-dominant mineralization appears to occur beneath a sub-horizontal intrusive sill, is predominantly oxidized and represents a new manto style of mineralization.
Two holes intercepted mineralization that appears to be extending the Las Mercedes trend to the southwest. Hole 359 on section 9900-1 intersected 4.2 metres of 5.62 grams per tonne gold. Hole 320 that intercepted the silver-rich horizon, also intersected 24.8 metres of 10.15 grams per tonne gold. This area of mineralization is in line with the Las Mercedes trend and appears to be a significant southwest extension of this zone. Subject to further drilling, the Las Mercedes zone could potentially now extend for 1,000 metres along strike. Like La Mascota, Las Mercedes remains open along strike and at depth.
Hole 341 on section 8650-2 returned several good intercepts, including 52 metres of 1.77 grams per tonne gold, and was drilled down-dip from the previously reported hole 330, which returned 91.2 metres of 1.31 grams per tonne gold. Also notable is hole 353 on section 8650-2 which intersected 6.0 metres of 6.03 grams per tonne gold.
Drilling at La Baja continues to intercept better than average grade mineralization and continues to confirm continuity of the La Mascota zone to the southwest. Hole 328 on section 9150-2 intersected 29.1 metres of 4.58 grams per tonne gold and was lost before target depth but was re-drilled as hole 340. Hole 340 deviated and intercepted the zone 20 metres southwest of hole 328 returning 36 metres of 5.65 grams per tonne gold.
These latest results represent exploration in new areas within the sparsely drilled La Mascota Southwest Extension and demonstrate that the mineralization tenor remains robust as drilling extends to the southwest. Drilling continues throughout the La Bodega project with 10 drills which are engaged in exploration of newer target areas and infill to upgrade the initial resource from inferred to indicated and measured.
Drill intercepts are based on a 0.5 gram/tonne gold cut-off with no upper cut. Drill intercept lengths are down-hole lengths of mineralization with true widths calculated assuming a 70 degree dip for the mineralized structure.
Review by Qualified Person, Quality Control and Reports
The results of Ventana's drilling program have been reviewed, verified and compiled by Jon Lehmann, L.P.G., a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Lehmann has over 25 years of mineral exploration experience, is a Licensed Professional Geologist in the State of Washington and a member in good standing of the Canadian Institute of Mining and Metallurgy.
To ensure reliable sample results Ventana has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Core is photographed and sawed in half with one half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent local laboratory established by a joint effort between the regional environmental permitting agency and the German Geological Survey, and at the Colombian preparation laboratory of ALS Chemex Laboratories. Prepared samples are direct-shipped to ALS Chemex Laboratories in Lima, Peru, an ISO 9001:2000 certified laboratory, for analysis.