TIDMMNC
RNS Number : 2689Q
Metminco Limited
05 June 2018
AIM ANNOUNCEMENT 5 June 2018
METMINCO COMMENCES DRILLING AT TESORITO
This announcement does not include schematics. For the full
announcement, please refer to the Company's website at
www.metminco.com.au
Metminco (ASX & AIM: MNC) is pleased to announce that it has
commenced diamond exploration drilling on its Tesorito gold
prospect in the Quinchia district, Colombia (Figures 1 and 3).
The Company's current 1,500 metre diamond drilling program, is
designed to confirm and expand the gold mineral system previously
intersected in drilling by a previous operator. This included hole
TS_DH_02 which reported 384m @ 1.1g/t Au from surface to
end-of-hole (Table 1, refer announcement 7 March 2016). The program
will also test a previously undrilled geophysical anomaly located
approximately 300m to the northwest of TS_DH_02 (Figure 2).
Figure 1. The Cauca Belt of Colombia, with the location of
Metminco's Miraflores resource at Quinchia, which is adjacent to
Tesorito.
Assay results from the diamond drilling at Tesorito are expected
in August 2018.
Background on Metminco's Tesorito prospect and Quinchia gold
portfolio
Metminco has rights to several highly prospective exploration
prospects and targets around Quinchia in Colombia's Cauca Belt. The
Cauca Belt is host to several large gold resources including
AngloGold Ashanti's 28.5Moz La Colosa deposit and Gran Colombia's
8.6Moz Marmato deposit.
Tesorito (100%) - previous owners drilled three diamond core
holes, mineralised from the surface, with the best intercept of
384m @ 1.1g/t Au returned from TS_DH_02 (see announcement dated 7
March 2016). The Tesorito prospect consists of a cluster of diorite
porphyry and granodiorite porphyry intrusive stocks and associated
porphyry-style hydrothermal alteration zones, and a coincident
gold-in-soil geochemical anomaly. The porphyry-style mineralization
(gold, copper and molybdenum) intersected by drilling of a portion
of these Tertiary intrusive rocks is found in disseminations as
well as in veinlets and stockworks of quartz. The high
chargeability anomaly, identified with an Induced Polarisation (IP)
geophysical survey, which extends in a north-northeasterly trend
adjacent to the western extents of the gold-in-soil geochemical
anomaly, has not been tested by earlier drilling. The prospectivity
of this chargeability anomaly was enhanced by the intersection of
increasing values of copper and molybdenum with depth within
TS_DH_02 as it approached the feature, culminating in an
intersection at the base of the hole of 0.22% Cu and 86 ppm Mo over
35 m (including 2.63% Cu and 311 ppm Mo over 0.7 m).
Table 1. Historical diamond drill assays at Tesorito. All holes
reported gold mineralisation from surface to end of hole. Refer ASX
announcement 7 March 2016.
Figure 2. Schematic projection looking northeast showing
location of TS-DH-02 in relation to the undrilled induced
polarisation (IP) chargeability anomaly and the Miraflores gold
deposit.
Figure 3. Drilling at Tesorito, June 2018.
Chuscal (under negotiation with AngloGold Ashanti) - large
undrilled 0.5g/t Au geochemical anomaly and artisanal mining with
highly encouraging channel sample grades, located approximately
1.5kms south from Tesorito.
Miraflores. In addition, the Company continues to advance the
permitting at the Miraflores gold project, located 800m to the
northwest of Tesorito.
For further enquiries contact:
Kevin Wilson
Executive Chairman
Metminco Limited
kwilson@metminco.com.au
+61 409 942 355
For further information, please contact:
METMINCO LIMITED
Kevin Wilson +61 409 942 355
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Andrew Thomson / Alena Broesder Office: +61 2 9250 0000
United Kingdom
Charlie Cryer Office: +44 20 3440 6800
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis Office: + 44 20 3757 4997
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Metminco are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Metminco that could cause
Metminco's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Metminco does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing
COMPETENT PERSONS STATEMENT
The technical information contained in this presentation that
relates to exploration results (excluding those pertaining to
Mineral Resources and Reserves) is based on information compiled by
Mr Gavin Daneel, who is a Member of the Australasian Institute of
Mining and Metallurgy and who is an independent Consulting
Geologist. Mr Daneel has sufficient experience which is relevant to
the style of mineralisation and type of deposit under
consideration, and to the activity which he is undertaking, to
qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and to qualify as a Qualified Person
for the purposes of the AIM Rules for Companies. Mr Daneel consents
to the inclusion in the release of the matters based on the
information he has compiled in the form and context in which it
appears.
The Company is not aware of any new information or data that
materially affects the information included in this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSSWSSIFASESM
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