80% Of Cachi Drillholes Reveal Anomalous Gold In Argentina
NewPeak Metals Limited’s (ASX: NPM) maiden drilling campaign at the Cachi Gold Project in Argentina has displayed the potential makings of an outstanding precious and polymetallic project.
All gold and multi-element results have been returned from the six high priority target areas drilled with anomalous gold intersected in over 80% of drill holes.
Managing Director and CEO, David Mason, said this has established an excellent foundation and provided the Board full confidence to progress to the next stage of the earn-in arrangement, which will earn NewPeak 35% equity in the Cachi Project.
“The maiden drilling was pivotal to prove that the Cachi Gold system is fertile at depth, as well as stretching across a vast area,” Mr Mason said.
“Anomalous gold has been identified in the greater majority of the drill holes (80%), reinforcing we are in a highly prospective region, and we will aggressively move the project forward to reach our goal of a major discovery.
“It takes time, effort and patience to achieve this, which is clearly evidenced by the nearby large precious metals projects in the Deseado Massif Gold Province. We’ve only just begun, but strongly believe it’s only a matter of time before Cachi unveils its true potential.”
Cachi Complete Drilling Results
The Cachi Gold Project is a vast Caldera hosted epithermal Gold vein system spanning over 10km across and 5km in width with multiple large. Within Cachi Gold are 15 high priority targets with six of these tested in the current programme. Vetas Cachi, Morena and Patricia are currently showing the most potential, though this may evolve as we progress through future exploration.
Vetas Cachi drilling identified broad zones of low sulphidation epithermal multi-phase veining with elevated gold and silver over 400m of strike, and open in all directions. Morena and Patricia display polymetallic characteristics with elevated Lead and Zinc associated with Gold and Silver mineralisation.
In the six targets tested to date, over 80% of the drill holes have returned anomalous Gold, often with elevated Silver and in some areas with Base Metals. The expansive alteration footprint seen at Cachi is evidence of large amounts of hydrothermal fluids moving through the rocks in this caldera system. This coupled with the results to date indicate that these fluids are rich in precious and base metals.
NewPeak’s focus moving forward will be to identify the best structural, lithological and geochemical locations within this system which could potentially concentrate these metals, resulting in high or even bonanza grades. The most notable gold and accompanying silver and base metal downhole intersections are summarised below:
- 27.25m @ 0.81g/t Gold and 67.1g/t Silver from 25.25m in hole CHD21-01 o Includes 2m @ 0.65g/t Gold and 805g/t Silver from 30m
- 7.00m @ 0.64g/t Gold and 11.5g/t Silver from 122.0m in hole CHD21-04
- 4.90m @ 0.98g/t Gold and 19.9g/t Silver from 64.10m in hole CHD21-05
- 12.70m @ 0.64g/t Gold and 4.8g/t Silver from 47.3m in hole CHD21-08 o Includes 0.95m @ 4.76g/t Gold and 16g/t Silver from 50.4m
- 2.90m @ 0.84g/t Gold from 1.1m in holes CHD21-13 o Includes 0.5m @ 4.03g/t Gold
- 3.40m @ 0.19g/t Gold, 13g/t Silver and 0.62% Lead from 29.0m in hole CHD21-16
- 2.10m @ 0.04g/t Gold, 14g/t Silver and 0.26% Lead from 4.70m in hole CHD21-19
- 0.50m @ 0.32g/t Gold, 74g/t Silver, 1.31% Lead and 0.21% Copper from 71.5m in hole CHD21-19
- 1.00m @ 0.22g/t Gold, 10g/t Silver and 0.33% Lead from 29.0m in hole CHD21-16
Mineralisation intersected in the drilling was predominantly associated with breccias, as well as sheeted veinlets and stockwork veins with alteration and textures typically associated with a high level, low sulphidation vein system. Twenty one diamond drill holes for a total of 2,641.5m were completed in this maiden programme
