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Denarius Metals Announces High-Grade Gold and Silver Results from the Ongoing Infill Drilling Program at Its Zancudo Project in Colombia, Confirming High-Grade Mineralization on Multiple Structures at the Los Albertos Target

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Denarius Metals Announces High-Grade Gold and Silver Results from the Ongoing Infill Drilling Program at Its Zancudo Project in Colombia, Confirming High-Grade Mineralization on Multiple Structures at the Los Albertos Target

 

 

 

 

 

Highlights from the 2024 Infill Drilling Program include:

  • Multiple high gold and silver grades have been intersected in most of the drill holes completed on Los Albertos target, confirming the continuity and extending the mineralization on the main structure and also delineating a NW-SE trending ore-shoot on the main Manto Antiguo structure, which is still open along strike and to the west.
  • 22.37 g/t Au and 2,752 g/t Ag over 0.40 m from 61.70-62.10 m, hole ZM-159, Manto Antiguo
  • 53.51 g/t Au and 154 g/t Ag over 0.40 m from 50.40-50.80 m, hole ZM-156, Ortiz Vein System
  • 37.60 g/t Au and 1,190 g/t Ag over 0.40 m from 117.20-117.60 m, hole ZM-154, Ortiz B Vein
  • 25.94 g/t Au and 245 g/t Ag over 0.70 m from 101.8-102.5 m, hole ZM-151, Ortiz Vein System
  • 17.53 g/t Au and 380 g/t Ag over 0.40 m from 52.80-53.20 m, hole ZM-162, Porvenir

 

Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) provided an update today on drill results from its ongoing 10,000 meters surface infill diamond drilling program at its Zancudo Project in Colombia. The Company announced today the results received from the final assays for 32 drill holes from the Los Albertos target, totaling approximately 4,790 meters. This infill drilling program, which has been designed at 50×50 meters drill centers, commenced in late April 2024 and is aimed at upgrading Inferred Resources to the Indicated category and to support near term mine development. The drilling program focuses on two priority areas, Los Albertos and Las Brisas, which contain most of the existing mineral resources. The drilling program started with the first priority target, Los Albertos, with two drill rigs operating from eight purpose-built surface drill platforms. As of July 27, 2024, the drilling program designed for the Los Albertos target was completed and the remaining meters planned for the Las Brisas target should be completed in the fourth quarter of 2024 with only one drill rig.

 

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, “We are very pleased with the drilling results achieved to date, which demonstrate that systematic, more tightly spaced, infill drilling at Los Albertos has produced very positive results with a best so far of 1.6 m @ 7.74 g/t Au and 890 g/t Ag including 0.40 m @ 22.37 g/t Au and 2,752 g/t Ag. These results confirm the results from previous drilling campaigns and have delineated a high-grade ore shoot, which is still open along strike and to the west, within the main Manto Antiguo structure that could enhance the resource estimate and production grade down the line. The drill program is being carried out at tighter spacing, significantly de-risking the future production at the Zancudo underground operation and further validates the modelling methodology used to derive the current mineral resource estimate.”

 

The infill drilling plan for the Los Albertos target was designed at 50×50 meters drill centers to intersect the Porvenir, Ortiz A and B veins and the Manto Antiguo structure. Los Albertos target comprises the following main structures: the steeply dipping El Porvenir Vein, set in the footwall of the northerly trending Santa Catalina master fault structure, the Ortiz Vein System that occurs in the footwall of the El Porvenir Vein and shows a similar structural trend, and the Manto Antiguo structure, which was the main structure historically mined. Manto Antiguo is interpreted as a brecciated manto structure, hosting clasts that show thin layers of mineralization composed of quartz, pyrite, arsenopyrite, sphalerite and galena, embedded in a matrix of sulfides and milled rock. This structure was selectively exploited by past mining, which focused on the sectors of the mine that showed the highest concentration of sulfides, allowing us today to evaluate and quantify an important resource that was left unexploited. A steeply dipping north-south trending reverse fault has been interpreted as offsetting the Manto Antiguo and Porvenir structures.

 

The following table shows intersections above a cut-off of 4.0 g/t AuEq for the Los Albertos target from the 2024 infill drilling campaign. High grade samples above 10 g/t Au and 100 g/t Ag are listed as sub-intervals:

 

 

Year Target  

 

Hole ID Structure From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
AuEq
g/t
2024 Albertos ZM-150 Ortiz A 60.2 60.6 0.4 4.05 229 6.9
Ortiz A 62.0 62.7 0.8 3.73 22 4.0
Ortiz System 72.1 74.1 2.0 4.77 87 5.9
Including 72.1 72.4 0.3 15.64 533 22.3
Including 73.7 74.1 0.3 10.09 23 10.4
Ortiz System 82.0 82.5 0.5 3.68 210 6.3
Ortiz B 87.3 88.0 0.7 3.21 110 4.6
Manto Antiguo 92.8 94.2 1.3 10.11 41 10.6
Including 93.1 93.5 0.4 29.53 91 30.7
ZM-151 Ortiz System 90.5 102.5 12.0 6.04 92 7.2
Including 101.2 101.8 0.6 15.75 275 19.2
Including 101.8 102.5 0.7 25.94 245 29.0
Ortiz B 91.1 92.8 1.7 5.49 200 8.0
Including 91.1 91.7 0.6 10.35 290 14.0
Manto Antiguo 96.2 98.8 2.6 10.41 153 12.3
Including 96.2 96.8 0.6 5.71 344 10.0
Including 96.8 97.6 0.8 21.41 94 22.6
Unknown 109.6 109.9 0.3 19.25 90 20.4
ZM-152 Ortiz A 49.7 51.0 1.3 4.71 50 5.3
Ortiz System 53.8 54.3 0.5 4.29 366 8.9
Ortiz System 55.6 56.3 0.7 16.36 1,041 29.4
Ortiz System 60.6 60.9 0.3 7.52 227 10.4
Manto Antiguo 81.3 82.6 1.3 16.54 93 17.7
Including 81.3 81.9 0.7 22.70 155 24.6
Including 81.9 82.6 0.6 10.38 32 10.8
Ortiz B 109.0 109.3 0.3 7.77 31 8.2
ZM-153 Unknown 90.2 91.0 0.9 5.61 11 5.8
Including 90.2 90.5 0.3 15.30 30 15.7
Manto Antiguo 98.1 100.0 1.9 2.58 237 5.5
Including 98.1 98.7 0.5 3.30 314 7.2
Unknown 106.4 107.2 0.8 7.59 7 7.7
ZM-154 Ortiz System 42.3 43.4 1.2 8.89 10 9.0
Including 42.9 43.4 0.6 12.89 16 13.1
Ortiz System 58.7 59.0 0.3 7.88 187 10.2
Ortiz B 113.8 114.1 0.3 14.21 385 19.0
Ortiz B 116.7 118.0 1.3 21.75 465 27.6
Including 117.2 117.6 0.4 37.60 1,190 52.5
Including 117.6 118.0 0.5 28.24 31 28.6
ZM-155 Unknown 47.5 48.9 1.4 3.86 28 4.2
Manto Antiguo_Upper 125.0 125.5 0.5 6.64 48 7.2
Manto Antiguo 139.6 140.1 0.5 5.60 17 5.8
ZM-156 Ortiz System 50.4 51.7 1.4 20.66 62 21.4
Including 50.4 50.8 0.4 53.51 154 55.4
Ortiz System 53.2 53.9 0.7 13.04 157 15.0
Ortiz System 68.1 68.8 0.7 7.06 56 7.8
Ortiz System 71.6 71.9 0.3 5.32 54 6.0
Ortiz System 94.9 95.6 0.7 5.82 59 6.6
Ortiz System 141.5 141.8 0.3 4.84 263 8.1
Ortiz B 147.1 149.4 2.3 7.51 537 14.2
Including 147.1 147.6 0.5 12.77 324 16.8
Including 147.6 148.6 1.1 6.18 274 9.6
ZM-157 Ortiz System 64.3 64.7 0.4 9.57 33 10.0
Ortiz A 71.9 73.7 1.8 5.80 415 11.0
Including 71.9 72.3 0.4 3.43 281 6.9
Including 72.3 73.0 0.7 8.03 367 12.6
Ortiz System 78.3 78.8 0.5 6.05 287 9.6
Manto Antiguo 84.8 85.7 0.9 9.49 155 11.4
Including 85.2 85.7 0.5 14.31 202 16.8
ZM-158 Manto Antiguo_E 46.8 49.7 3.0 7.67 150 9.5
Including 46.8 47.3 0.5 14.31 15 14.5
Including 47.7 48.3 0.5 16.18 756 25.6
Including 49.4 49.7 0.4 11.16 40 11.7
Unknown 56.5 56.8 0.3 12.81 374 17.5
Manto Antiguo 83.3 84.6 1.3 6.87 9 7.0
ZM-159 Manto Antiguo_E 42.9 44.3 1.4 4.99 124 6.5
Including 43.6 44.3 0.7 4.88 228 7.7
Manto Antiguo 58.6 59.4 0.8 4.02 24 4.3
Manto Antiguo 60.6 62.1 1.6 7.74 890 18.9
Including 61.7 62.1 0.4 22.37 2,752 56.8
Ortiz B 131.4 132.2 0.7 20.80 387 25.6
ZM-160 Unknown 13.5 13.9 0.5 44.71 1,889 68.3
Unknown 16.5 17.6 1.1 10.62 93 11.8
Including 16.9 17.6 0.7 12.90 142 14.7
ZM-161 Porvenir 55.7 56.4 0.7 3.10 73 4.0
69.0 72.9 3.9 3.89 224 6.7
Including 69.0 69.7 0.7 5.07 400 10.1
Including 69.7 70.3 0.6 3.86 307 7.7
Including 72.2 72.9 0.8 9.62 495 15.8
Manto Antiguo 75.6 77.8 2.1 7.13 317 11.1
Including 75.6 76.0 0.4 17.16 21 17.4
Including 77.0 77.4 0.4 10.60 1,484 29.2
Including 77.4 77.8 0.3 10.80 86 11.9
ZM-162 Unknown 3.0 6.7 3.7 7.12 10 7.2
Including 4.1 4.9 0.8 16.13 13 16.3
Unknown 32.7 33.1 0.4 8.21 44 8.8
Ortiz System 42.7 43.1 0.4 11.07 109 12.4
Porvenir 52.4 53.2 0.8 11.75 201 14.3
Including 52.8 53.2 0.4 17.53 380 22.3
ZM-163 Manto Antiguo_E 38.5 39.0 0.5 8.81 161 10.8
Ortiz B 111.7 112.3 0.5 7.11 264 10.4
Ortiz B 115.2 116.1 0.8 4.38 16 4.6
ZM-164 Porvenir 24.5 25.0 0.5 5.11 19 5.3
28.6 29.5 0.9 8.03 42 8.5
Including 28.6 28.9 0.3 18.21 82 19.2
Ortiz A 53.5 54.2 0.7 4.81 45 5.4
Ortiz B 95.1 97.0 1.9 5.66 56 6.4
Including 95.1 95.7 0.6 15.64 86 16.7
Ortiz System 98.4 98.7 0.3 5.62 133 7.3
ZM-165 Unknown 17.2 17.8 0.6 43.75 42 44.3
Porvenir 47.6 48.0 0.4 23.28 64 24.1
Ortiz System 55.4 55.7 0.4 8.40 2 8.4
Ortiz System 57.6 58.0 0.4 9.75 25 10.1
Manto Antiguo 64.6 65.7 1.1 4.27 203 6.8
Including 64.6 65.0 0.4 9.54 578 16.8
ZM-166 Unknown 3.1 3.7 0.6 20.15 180 22.4
Ortiz System 39.7 40.4 0.7 5.71 12 5.9
Including 40.0 40.4 0.4 10.80 22 11.1
ZM-167 Manto Antiguo_E 30.6 32.5 2.0 6.94 79 7.9
ZM-168 Unknown 2.0 2.6 0.7 16.07 230 18.9
Porvenir 28.1 28.7 0.6 4.66 7 4.8
Ortiz System 35.6 36.2 0.6 4.69 104 6.0
ZM-169 Unknown 2.8 4.6 1.8 4.68 55 5.4
Including 4.2 4.6 0.4 4.76 183 7.0
Unknown 7.0 7.8 0.8 24.39 190 26.8
Porvenir 54.4 54.7 0.4 4.11 862 14.9
ZM-170 Ortiz System 33.4 33.8 0.4 6.83 27 7.2
Porvenir 139.0 139.3 0.3 7.02 497 13.2
Ortiz System 148.6 150.6 2.0 3.63 108 5.0
Including 148.6 149.1 0.5 9.02 305 12.8
Including 150.3 150.6 0.3 7.12 168 9.2
ZM-171 Porvenir 105.7 106.2 0.5 7.27 512 13.7
ZM-172 Manto Antiguo_E 3.3 3.6 0.3 23.47 398 28.4
ZM-173 Manto Antiguo_E 1.1 2.1 1.0 14.97 137 16.7
Including 1.1 1.5 0.4 37.27 169 39.4
Ortiz B 158.3 159.0 0.7 4.43 13 4.6
Including 158.7 159.0 0.3 9.63 27 10.0
ZM-174 Unknown 9.4 11.8 2.4 12.88 437 18.3
Including 10.6 11.8 1.1 17.06 791 26.9
Unknown 43.9 44.2 0.3 10.54 82 11.6
Porvenir 87.1 87.6 0.4 5.31 204 7.9
Ortiz B 129.3 129.8 0.5 6.13 200 8.6
ZM-175 Unknown 15.4 17.2 1.8 4.15 65 5.0
Including 16.6 17.2 0.6 8.24 165 10.3
Ortiz B 143.2 143.5 0.3 8.71 6 8.8
ZM-176 Unknown 7.8 8.3 0.5 4.47 7 4.6
Ortiz B 185.8 186.3 0.5 10.03 7 10.1
ZM-177 Ortiz B 134.0 134.9 0.9 6.97 35 7.4
Including 134.0 134.5 0.6 5.76 14 5.9
Including 134.5 134.9 0.3 9.05 72 10.0
ZM-178 Unknown 0.0 1.9 1.9 3.30 71 4.2
Porvenir 189.7 190.1 0.4 3.77 84 4.8
ZM-179 Porvenir 20.2 21.0 0.8 5.66 188 8.0
Including 20.2 20.6 0.4 11.32 387 16.2
Ortiz B 141.9 142.4 0.5 2.47 332 6.6
ZM-180 Unknown 19.5 20.5 1.0 6.04 114 7.5
Including 19.5 19.9 0.4 11.43 295 15.1
El Ortiz A 59.8 60.5 0.7 4.01 5 4.1
El Ortiz B 128.3 128.7 0.4 6.57 251 9.7
ZM-182 Unknown 66.4 66.7 0.3 9.25 20 9.5

 

(1) The intervals are core lengths. The true widths are estimated to be 80% to 90% of the lengths.
(2) Equivalent gold grades (AuEq g/t) were calculated using prices of US$2,000/oz gold and US$25.00/oz silver. Gold equivalent formula: AuEq = Au + (Ag / (Au Price/Ag Price)).
(3) “Unknown”: new structure that doesn’t correlate with any of the known structures/veins

 

Please refer also to the attached illustrative images showing the location of drill holes for the 2024 drilling campaign, a sketch of the main structures for the Los Albertos target, and 3D sections showing intercept locations for the Manto Antiguo structure and the Ortiz B Vein.

 

Qualified Person

 

Dr. Stewart D. Redwood, PhD, FIMMM, QMR, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification including a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

 

Quality Assurance and Quality Control

 

The drill samples from the Project were prepared by SGS Labs (ISO 9001:2015) at their laboratory in Medellin, Colombia, and assayed by them at their laboratory in El Callao, Lima, Peru. Gold was assayed by 50 g fire assay with AAS finish. Samples over 6.0 g/t gold were re-assayed by 50 g fire assay with gravimetric finish. Silver and other elements were analyzed in a multi-element package by aqua regia digestion and ICP-AES finish. Silver samples above 100 g/t were re-assayed by multi-acid digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

 

About Denarius Metals

 

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts.

 

In Spain, the Company owns a 100% interest in the Lomero Project, a polymetallic deposit (copper, lead, zinc, gold, silver) located on the Spanish side of the prolific copper-rich Iberian Pyrite Belt, and a 50% interest in Rio Narcea Recursos, S.L., which owns a 5,000 tonnes per day processing plant and has the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura, Spain, approximately 88 km northwest of the Lomero Project. The Company is also carrying out an exploration campaign on the Toral Project (zinc, lead, silver) located in northern Spain pursuant to an option and joint-venture arrangement with Europa Metals Ltd. pursuant to which it can acquire up to an 80% ownership interest in Europa Metals Iberia S.L., a wholly-owned Spanish subsidiary of Europa which holds the Toral Project.

 

In Colombia, Denarius Metals is carrying out construction activities at its 100%-owned Zancudo Project, which includes the historic producing Independencia mine, to develop production and cash flow expected to commence in the fourth quarter of 2024 through local contract mining. The Company is currently carrying out a 10,000 meters drilling program on the Zancudo deposit which remains open in all directions.

 

 


Attachment 1. El Zancudo Main Targets

 

 

Attachment 2. Los Albertos Main Vein System

 

 

Attachment 3. 2024 Drill hole location map

 

 

 

Attachment 4. 3D section showing the ore-shoot outlined by the 2024 drilling on Manto Antiguo

 

 

Attachment 5. 3D section showing the high-grade AuEq intercepts on the Ortiz B Vein

 

Posted September 10, 2024

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