logo-loader

Minera Alamos shares up again on more Santana gold project drill results

Last updated: 17:24 01 Nov 2018 EDT, First published: 05:59 01 Nov 2018 EDT

1541080914_santana-gold-project
Pictured is the company's Santana project

Mexico-focused Minera Alamos Inc (CVE:MAI) saw shares rise as it posted more encouraging results from first phase drilling at the Santana gold project in Sonora.

Darren Koningen, CEO of Minera Alamos, described the work as having been an "overwhelming success".

READ: Minera Alamos shares soar on back of new discovery at Santana gold project

"With the first significant exploration activity on the project since 2011 we have been able to demonstrate that the Nicho Main zone remains open for further expansion," he told investors.

"In addition, our ongoing efforts to better understand the geological controls on gold mineralization that occur throughout the property have already been validated by the discovery of the new Divisadero and Zata zones.

"It is becoming increasingly evident that the mineralizing events that occurred in the Nicho area are present at shallow depths elsewhere on our extensive property holdings. Once we complete the final compilation of the current data we look forward to the initiation of a Phase 2 drilling program."

One hole, along with others, delineated broad zones of near-surface mineralised extensions of the Nicho Main deposit trending southwest of previous historical drilling.

Other highlight assays included 93.5 m (meters) of 0.63 g/t (grams per ton) gold and 80.4 m (meters) of 1.05 g/t gold.

The firm also announced the discovery of a new Nicho-style gold structure, which it has called the Zata Zone.

Over a surface area of around 400m x 400m, sixty-six (66) rock samples were assayed with 50% exhibiting grades suitable for heap leaching.

Minera shares gained over 4% to stand at $0.12 in Toronto.

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

10 hours, 55 minutes ago