The 100% owned Santiago project is located within Tertiary volcanics, in a geological setting similar to the Quimsacocha deposit (Iamgold Corp.) and the Rio Blanco deposit (International Minerals Corp.) 110 km west of FDN gold deposit (Kinross Gold Corp.) and 60 km south from Quimsacocha project.
Sulphide-bearing quartz veins/breccias in the northern part of the property were preferentially targeted (Figure 1). Reconnaissance chip sampling (52 samples) of five major vein/breccia systems returned significantly anomalous gold, silver, and molybdenum values (Table 1) including:
2.0m @ 28.1 g/t Au and 231 g/t Ag
1.0m @ 26.0 g/t Au and 242 g/t Ag
1.0m @ 18.2 g/t Au and 252 g/t Ag
1.0m @ 4.8 g/t Au and 442 g/t Ag
1.9m @ 1.19 g/t Au, 14.3 g/t Ag and 296 ppm Mo
3.3m @ 0.59 g/t Au, 36.6 g/t Ag and 390 ppm Mo
Ribs Zone and Ancha Vein
1m @ 1.29 g/t Au and >100 g/t Ag
1m @ 1.65 g/t Au and >100 g/t Ag
1.40m @ 4.8 g/t Au and 378 g/t Ag
1.20m @ 6.4 g/t Au and 136 g/t Ag
1.20m @ 4.2 g/t Au and 183 g/t Ag
The mercury and antimony values are also very anomalous. This is indicative of a high level epithermal system with potential for the discovery of significant gold and silver mineralization.
Table 1. Analytical Results