Denarius Metals Corp. (TSX-V: DSLV) (OTCQB: DNRSF) announced that it has received complete assays for nine additional validation and infill drill holes, totaling 2,461 meters, from the ongoing surface diamond drilling program on its polymetallic Lomero-Poyatos Project in southern Spain. To date, Denarius has completed approximately 14,250 meters of drilling, representing 60% of the initial program, in 48 holes with three additional holes in process.
Helicopter-borne time-domain electromagnetic and ground-based gravimetric surveys have begun but are progressing slowly due to poor weather conditions in the permit area over the last two weeks.
Key takeaways from the exploration work carried out at the Lomero-Poyatos Project to-date include:
Serafino Iacono, Executive Chairman and CEO of Denarius, commented, “These additional drilling results continue to confirm the widths and grades of gold and polymetallic mineralization of previous drilling campaigns on the Lomero-Poyatos Project and demonstrate the continuity of wide, high-grade gold and polymetallic mineralization below Level 5 of the historical mine over 350 m strike length. We are also confident that our geophysical program will expand the prospectivity for new deposits potentially associated to the northern and southern shear-zones relative to the known shear-hosted Lomero-Poyatos deposit. The ongoing drilling program has verified the reliability of the historical drill results and will allow proper 3D modelling of the deposit in order to prepare an updated NI 43-101 compliant mineral resource estimate and scoping study by the third quarter of this year”.
To date, 100% of the Validation phase and 70% of the Infill phase have been completed.
The Company has established COVID-19 safety protocols for ensuring a secure work environment for its employees and contractors.
|Hole||Phase||From (m)||To (m)||Width (m)||Cu %||Pb %||Zn %||Ag g/t||Au g/t||Min. Type|
MS: Massive Sulfides
CMR: Cambridge Mineral Resources
The grades are higher when the massive sulfide zone is predominant. The widths are drill intersections across the mineralized zones and the true width is estimated to be approximately 80-90% of the drill intersections.
The following table lists the key intercepts from the ongoing Lomero-Poyatos drilling program since the Company’s previous press release issued on March 23, 2022:
*IRV: In-situ Rock Value
|(1)||The holes were drilled at -65 to -77 degrees from the horizontal. Grades are for semi-massive to massive sulfide intersections and some stockwork zones. The width is the sample length and is not necessarily the true width of the intersection. All base and precious metal grades are uncut and are not diluted to a minimum mining width.|
|(2)||Equivalent copper grade (CuEq %) and in situ rock value (IRV) were calculated using prices of US$1,800/oz gold, US$25/oz silver, US$3.55/lb copper, US$1.00/lb zinc and US$0.90/lb lead. No adjustments were made for recovery as the project is at an exploration stage and metallurgical data to allow for estimation of recoveries is not yet available.|
|(3)||MS: massive sulfides; SM: semi-massive sulfides; STW: stockwork.|
|Please refer also to the attached illustrative maps showing the location of drill holes, a sketch of the location of the main shear-zones and gravimetry survey lines, two longitudinal sections for showing intercept locations, and four cross sections for drill holes LM21005, LM21006, LM21011 and LM22024.|
Qualified Persons Review
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, 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 included 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 Lomero-Poyatos samples were prepared and assayed by AGQ Labs (ISO/IEC 17025) at their laboratory in Burguillos, Seville, Spain. Gold was assayed by 30 g fire assay with ICP-OES finish, while silver and base metals were analyzed in a multi-element package by aqua regia digestion and ICP-OES finish. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
Denarius is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of mining projects in high-grade districts, with its principal focus on the Lomero-Poyatos Project in Spain and the Guia Antigua Project in Colombia. The Company also owns the Zancudo Project in Colombia which is currently being explored by IAMGOLD Corp. pursuant to an option agreement for the exploration and potential purchase of an interest in the project.
Attachment 1 – Drill hole location map
Attachment 2 – Conceptual interpretation of shear zone and fault distribution at Lomero-Poyatos
Attachment 3 – Longitudinal section showing the high-grade gold and polymetallic mineralization zone outlined below Level 5 of the historical mine
Attachment 4 – 3D Cross section for hole LM22025 showing the high-grade gold and polymetallic mineralization zone outlined below Level 5 of the historical mine
Attachment 5 – Cross section for drill hole LM21005
Attachment 6 – Cross section for drill hole LM21006
Attachment 7 – Cross section for drill hole LM21011
Attachment 8 – Cross section for drill hole LM21024
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