TORONTO, ONTARIO -- (Marketwire) -- 01/17/13 -- Lago Dourado Minerals Ltd. (TSX VENTURE: LDM), (the "Company") is pleased to announce the results from the initial five holes drilled in its Phase 2 diamond drill program at its 100%-owned Juruena Project located in Mato Grosso, Brazil. Four of the five holes were drilled to test the main IP anomaly, which was interpreted to be associated with a porphyry related intrusive (see Figure A: http://media3.marketwire.com/docs/LDMfig1.pdf). Of these holes, Hole JRND062 identified a new high grade structure within close proximity of the Uiliam Zone that returned an intercept of 9m @ 15.39g/t Au at a depth of 204m including 0.9m @ 79.60g/t Au and 1.3m @ 46.20g/t Au.
Forbes Gemmell, President & CEO, said, "This is a very encouraging result as the close proximity of this new structure to the deeper Uiliam and near-surface Mauro and Tomate mineralization zones increases the underlying resource potential at the Juruena central porphyry target. Drilling in this part of the property has now identified seven distinct mineralized zones with more than 20 intercepts with gram-metres greater than 50. In addition to these zones there is also considerable 'blue sky' potential at the previously untested Arrastro Hills porphyry target, an extensive preserved lithocap with multi-element zonation and an alteration assemblage typical of an underlying porphyry system. Drilling to test the Arrastro Hills porphyry target is expected to commence this week."
The remaining three holes drilled to test the main IP anomaly returned only anomalous gold intercepts. All the drilling completed to date in the central part of the property suggests that the main IP anomaly is associated with a deeply eroded porphyry. Under such a model mineralization is focused predominately along structures at the edges of the porphyry system (i.e. Tomate, Crentes and Mauro Zones) and further mineralization could be expected along these gold bearing structures and/or at depth. This concept is particularly encouraging for the Arrastro Hills target given the propensity for porphyries to occur in clusters and that the preserved lithocap (silica cap) at Arrastro Hills provides an excellent geological setting whereby a gold rich porphyry system can be preserved. This model is consistent with the conclusions drawn by Mr. Simon Meldrum, a consulting geologist with more than 30 years experience focused on porphyry-epithermal systems, following a six-day site visit in December 2012. Mr. Meldrum identified Arrastro Hills as the highest priority target on the property given the existence of an extensive lithocap represented by the extensive distribution and occurrence of clay and silica alteration, as well as the geochemical multi-element zonation emanating from the lithocap and its alteration signature, all of which are typical of porphyry deposits observed in other parts of the world by Mr. Meldrum. See Figures B (http://media3.marketwire.com/docs/LDMfig2.pdf) and C (http://media3.marketwire.com/docs/LDMfig3.pdf) for an interpreted cross-section and plan map of the Arrastro Hills target.
Most Popular Stories
- Schedule packed with talent at the Fox
- Entrepreneurs Chase Social Media
- European Car Sales up First Time in 20 Months
- I never set out to be a role model but it's great to be one ; IN THE HOTSEATBetter known by his stage name Wretch 32, Jermaine Sinclair is a 28-year-old rapper from London. In 2011 his debut album Black and White sold over a million copies and scored three top five singles. His latest single Blackout was released this week
- Austin musicians point to a variety of reasons to appreciate McCartney
- Manila's Hollywood Week
- Promoter McLean 'provided more musical joy than Dylan and Prince combined'
- SINCE YOU ASKED [Pittsburgh Tribune-Review (PA)]
- Financial Times Twitter, Email Hacked
- The Blade, Toledo, Ohio, TK Barger column