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Samco Gold Adds Compelling New Targets at Its Corina Project

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Samco Gold Adds Compelling New Targets at Its Corina Project

 

 

 

 

 

Samco Gold Limited (TSX VENTURE:SGA) is pleased to announce encouraging results of an induced polarization survey completed in May 2013 at its Corina Project in Santa Cruz province, Argentina.
 

HIGHLIGHTS

 



--  30 line km of gradient array and 4 line km of pole-dipole IP have been
    surveyed over the core Cerro de la Mina - Cerro Cubilete area.
--  Resistivity and chargeability anomalies correlate closely with known
    mineralization at Cerro Cubilete and show target extension of at least
    250 metres beyond the most southerly drill hole.
--  Additional parallel structures at Cerro Cubilete confirm potential to
    the east of the drilled structure, beneath unmineralized cover.
--  Eight further anomalies have been identified in the Cerro de la Mina
    area and extending to the south. Ongoing lag sampling is expected to
    provide additional information on these areas.
--  The longest of the chargeability anomalies, extending SE for over 1,000m
    and continuing outside the area surveyed, shows parallel resistivity
    anomalies and is associated with zones of quartz veinlets, Fe and Mn
    oxides, and pervasive silicification.
--  At Cerro de la Mina, anomalous geochemistry, IP response, magnetics,
    veinlet development and alteration combine to define a compelling
    exploration target.
 

 

 

PROGRAM OVERVIEW
 

The survey was carried out by the Instituto Nacional de Recursos Minerales of the Universidad Nacional de La Plata, and comprised 30 line km of gradient array IP and 4 line km of pole dipole over two selected areas.
 

The gradient array survey covered the Cerro Cubilete and Cerro de la Mina prospects, and comprised:

 



--  A northern block of 24 lines 50m apart, each line 600-800m long,
    covering Cerro de la Mina.
--  A southern block of 12 lines, spaced 100m apart covering the area south
    of Cerro de la Mina.
--  A small eastern block of six lines 400m long, spaced 100m apart,
    covering the known mineralization at Cerro Cubilete.
 

 

 

Electrodes were spaced at 25m on each line. The arrangement of current electrodes (1200m apart) gave a maximum depth penetration of approximately 200m.
 

The area of the survey is shown on Figure 2, together with existing drill-holes and selected rock chip anomalies. Currently, Samco is awaiting the results of a lag soil geochemistry program carried out over substantially the same area as the geophysical grid.
 

The pole dipole survey comprised four lines, each 1 km long, shown on Figure 2 and also on Figures 3 and 4. Two lines were surveyed in the northern gradient array block covering Cerro de la Mina, and the other two in the southern block.
 

As well as the geophysical survey, INREMI geologists mapped alteration and geology along the geophysical grid lines, and constructed geological and geophysical profiles along four lines across Cerro de la Mina.

 

CERRO DE LA MINA
 

INREMI distinguished eight chargeability anomalies in the Cerro de la Mina area and the area to the south. These are numbered 1 to 8 on Figures 3 and 4. The four pole dipole lines provide depth information on the main anomalies, where they cross them. Table 1 summarizes the anomaly characteristics.
 

Table 1. Summary of IP anomaly features

 



----------------------------------------------------------------------------
                                           Max.                         Pole
           Length                     intensity                       dipole
Anomaly       (m)                        (Mv/V)                     response
----------------------------------------------------------------------------
A1           1000               greater than 10  150m depth, greater than 20
                                                                        mV/V
----------------------------------------------------------------------------
A2       360, 130               greater than 10  150m depth, greater than 20
                                                                        mV/V
----------------------------------------------------------------------------
A3            220               greater than 10                   Not tested
----------------------------------------------------------------------------
A4            200                    'moderate'                   Not tested
----------------------------------------------------------------------------
A5            600               greater than 10           50m depth, 12 mV/V
----------------------------------------------------------------------------
A6            800               greater than 10                   Not tested
----------------------------------------------------------------------------
A7            900                  less than 10           50m depth, 12 mV/V
----------------------------------------------------------------------------
A8            350   less than 10, discontinuous                   Not tested
----------------------------------------------------------------------------
 

 

 

Anomalies A1 and A2 showed the best combination of chargeability response, continuity and depth persistence. A1 is the longest of the anomalies, (1,000m and extending SE outside the area surveyed), and has a parallel resistivity anomaly displaced slightly to the east. Geological profiles surveyed along the lines by the INREMI consultants showed that anomalies A1 and A2 at Cerro de la Mina are associated with zones of quartz veinlets, Fe and Mn oxides, and pervasive silicification. However, at least one greater than 10 mV/V anomaly is developed in an area of soil cover and no outcrop.

.
CERRO CUBILETE
 

The IP survey at Cero Cubilete immediately adjoins the eastern border of the Cerro de la Mina grid, and is essentially an extension of that survey.Two chargeability anomalies denoted AC1 and AC2 were defined at Cerro Cubilete.

 



--  Anomaly AC1 extends discontinuously for 500m, but its extent to the
    north could not be defined due to a shallow lake in that area. It
    coincides with the known mineralization, but extends at least 250m
    further south than the southernmost drill-hole, CCDDH03.
--  Anomaly AC2 is 150m east of AC1, and extends for 200m. It is in an area
    where unmineralized 'hangingwall sequence' rocks, which overlie the
    known mineralization associated with anomaly AC1 have been mapped, and
    so represents a potential target for concealed mineralization.
 

 

 

Resistivity anomalies coincide with both chargeability anomalies, and there is a third resistivity anomaly, without corresponding chargeability, to the east of AC2, also in the area of hangingwall sequence volcanics.

 

NEW ROCK CHIP RESULTS
 

Additional rock chip sampling, subsequent to previous announcements, has returned anomalous Ag values at the following locations:

 



--  Approximately 250m WNW of the Cerro Cubilete drill-holes, a 20 cm barite
    vein assayed 299 g/t Ag.
--  Approximately 350m south of the southernmost drill-holes at Cerro
    Cubilete, a group of seven samples returned Ag values ranging from 43 to
    139 g/t Ag.
 

CONCLUSIONS

 

 

The northern group of IP anomalies, including those at Cerro Cubilete, coincide with a NW magnetic trend which extends 1.5 km NW from Cerro Cubilete, although the strongest anomalies, and the known mineralization, strike N-S to NE-SW.
 

The pattern might be interpreted to reflect north-trending extensional structures in a NW-striking, probably transtensional structural zone. Since the Cerro Cubilete mineralization consists largely of pyritic and base metal sulfides whose geophysical response is a chargeability and resistivity anomaly, it is reasonable to expect that similar sulfide-rich zones might underlie the other similar IP anomalies which have not yet been drilled.
 

At Cerro de la Mina, anomalous geochemistry, IP response, magnetics, veinlet development and alteration combine to define a compelling exploration target. As indicated in the previous release (28 May 2013), known mineralization at Cerro Cubilete is open along strike, and the IP results suggest that it continues towards the south.
 

The strong NW-trending IP anomaly A1 and the northerly-trending anomalies A5 to A8 are additional targets. Ongoing lag sampling is expected to provide additional information on these areas.

 

Commenting on the recent results Paul Richardson, Chief Executive of Samco Gold said:
 

“We are delighted with these very encouraging IP results. The correlation of the IP with known mineralization and its extrapolation onto the multiple other targets where, in many cases, we have coincident surface expression and/or geochemical and magnetic anomalies, confirms Corina as one of the most exciting new discoveries in the Deseado.”
 

A detailed presentation on the Corina Project and work carried out to date is available for download from the Company’s website at www.samcogold.com.

 

About Samco Gold Limited
 

Samco Gold’s principal business is the acquisition, exploration and development of precious metals resource properties in South America. The Company’s principal mineral property is the El Dorado Monserrat epithermal gold project, located in the Deseado Massif region of Santa Cruz Province, Argentina. The Company’s goal is to become a producer of gold through the exploration and development of El Dorado Monserrat. Samco Gold also owns a portfolio of other mineral exploration properties in the Deseado Massif including the Corina, Yasmin 1, Judite 1 and Ginette and Giancarla projects.

Posted June 17, 2013

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