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Minera IRL Limited ( TSX:IRL) (AIM:MIRL) (BVL:MIRL), a Latin American-focused gold mining company, is pleased to announce the discovery of a significant mineralized system at Choique, approximately one kilometre from the Martinetas Vein Field, at the Don Nicolas Project, located in the Santa Cruz Province, Argentina. The Don Nicolas Project is currently in the development permitting process.
Highlights:
Courtney Chamberlain, Executive Chairman of Minera IRL, commented, “The strong assay results from a newly recognized rhyolite dome complex at Choique unlock significant value close to the main mineralized vein system at Martinetas and represent a positive return from our recent brownfields program. Only 1.6 kilometres from the planned Don Nicolas plant, the Choique discovery not only shows immediate potential for increasing the resource base and mine life, but also provides great encouragement for more potential discoveries close to Martinetas.”
Whilst the Choique Prospect within the brownfields exploration search space has been known for some time, there has previously been little work in the immediate area, consisting of only limited trenching and three reconnaissance drill holes. Systematic trench sampling in 2011, integrated with new geological, geochemical and geophysical data sets, defined a compelling target for a drill program which was completed at Choique in July 2012. Results from this new programme have been received from 35 (2,386 meters) of the 40 holes drilled (2,735 meters).
To date, drill testing of this open-ended mineralized system has been restricted to approximately 130 meters of strike and to within 50 meters of the surface. A single scout hole testing an outcropping vein structure 150 meters to the east of Choique returned significant gold anomalous mineralization with assays up to 2.61 g/t gold and 47.1 g/t silver. This further demonstrates the exploration potential of the area.
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