New High-grade Mineralization At Santander Mine In Peru
MONTREAL - Cerro de Pasco Resources Inc. (CDPR)reported results of a high grade intercept at its wholly-owned Santander Mine in Peru. Borehole SAN-0282-22, which is located approximately halfway between the Magistral Mine and the Santander Pipe, has cut a 300 m package of skarn with various mineralized horizons which have been analyzed in the mine's onsite laboratory run by SGS. The mineralization and alteration encountered in SAN-0282-22 is similar to that of the Santander Pipe body which was historically mined for very high base metal grades.
The Company feels that the mineralization and skarn intercepts encountered in SAN-0282-22 demonstrate significant exploration potential. Therefore, the Corporation has increased the 2022 drilling budget to cover an additional 5,000m of drilling. CDPR has followed up on the initial drilling results with two additional boreholes, both of which have hit similar skarn and mineralized horizons. These boreholes are currently being sampled.
Guy Goulet, CEO, said, "This update highlights the exciting path forward for continued value to be generated. Cerro de Pasco Resources believe Santander has significant brownfield exploration potential that points to mine life extensions and validates our confidence in potential long-term value from the acquisition of Santander."
Jorge Lozano, COO, commented, "The strategic location in between a proposed connecting infrastructure from Magistral to Santander Pipe deposit. Further definition of this deposit will allow us to unlock new value to the project with a more flexible path for developing the Pipe deposits and further optimization of economics with mining higher grade areas."
The overall drilling program has been increased to 35,880 m from 30,750 m (stated in Q1 press release), of which 25,150 m have been allocated for exploration (surface and underground) and 10,730 m for infill drilling. To date, a total of 17,820.35m of drilling has been executed, which includes 13,980.45 m of exploration (mainly surface) and 3,839.9 m of infill drilling.
The site geologists consider the style of mineralization intersected to be similar to that of the Rosa and Fatima bodies which are vein fault structures that crosscut the Magistral orebody. CDPR is building an interpretation for this new zone. Extension at Magistral South – Q1 surface drilling identified a possible extension to the Magistral South orebody. CDPR drilled the potential extension with infill boreholes from underground mine accesses in relatively close proximity to the newly identified zone. The results shown below are in addition to the Q1 results and show good intercepts in two of the boreholes.
CDPR has finalized an interpretation for this new zone and plan to incorporate it into 2022 mining schedule due to close proximity of mineralization to existing accesses. CDPR will use any new accesses mined to undertake further step out infill drilling in areas that cannot currently be reached with the existing mine infrastructure.
Blanquita Target – The Blanquita target is located 0.7 km SE of Magistral South and 0.5 km NW of Santander Pipe. The mineralization intersected to date lies directly under a spur coming out of the large project wide Magnetotelluric (MT) geophysical anomaly and below an area of pervasive jasperoid silica alteration (470 m x 20 m) and As, Mn, Sb, Mo, Cs and Sr geochemical anomalies. The Q1 assay results were reported through the onsite SGS managed laboratory and are restated below considering ALS check analysis, which also includes assays for Au.
The Blanquita target has been interpreted to be a series of veins and faults with mineralization style and texture that suggest CDPR intersected the upper part of an epithermal vein system. All drilling on the Blanquita target has finished for 2022 and CDPR is now concentrating on the geological interpretation.