Canadian mineral exploration company, Strait Gold provides update on its Peruvian projects. The firm has filed its financial statements for 2011 as well as the management's discussion and analysis on SEDAR. It has also filed its 2012 Annual Information Form. The statements, Annual Information Form, and management's discussion and analysis can be viewed at the company’s website.
The company is currently handling four mineral exploration projects in Peru. They include Letra Rumi South, Alicia, Culebrilla and Caribe. The Alicia project remained the main focus in 2011, which shows a resource potential to host a copper-gold deposit.
The Alicia property is located 500 km towards the southeast of Lima inside a projecting copper belt hosting several key deposits that comprise HudBay Mining's Constancia, First Quantum Minerals' Haquira and Xstrata's Las Bambas. Strait Gold holds a 55% stake in the Alicia property, and is set to augment that interest to 100% by releasing 400,000 shares to the vendor earlier than February 19, 2013.
Operations are progressing at the Alicia project and comprehensive mapping of vein/stockwork and alteration is ongoing in the core Alicia intrusive. Detailed rock sampling will be performed along the drill sections for the forthcoming 15-hole drill campaign.
Back in 2011, Strait Gold concluded a preliminary core drill campaign, wherein all the 15 holes encountered mineralization. Drill results are as follows:
- 33.0 m grading 7.5 g/t silver, 0.13 g/t gold, and 1.27% copper in ALC10-05 hole.
- 129.5 m grading 1.8 g/t silver, 0.04 g/t gold and 0.33% copper in ALC10-08 hole.
- 134.0 m grading1.8 g/t silver, 0.03 g/t gold and 0.29% copper in ALC11-16 hole.
- 198.5 m grading1.7 g/t silver, 0.02 g/t gold and 0.16% copper in ALC11-17 hole