Atacama pacific reports Cerro Maricunga drilling results including 100 metres grading 1.78 g/t gold
Tuesday, Apr 03, 2012Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific") is pleased to report further drill results from the ongoing 42,000 metre, Phase III drill program at its Cerro Maricunga Oxide Gold Project, located 140 kilometres northeast of Copiapo, Chile. Highlights from the current results include 100 metres grading 1.78 grams per tonne gold ("g/t Au") from the Lynx Zone including a higher grade interval of 30 metres of 3.26 g/t Au. See table 1 for a summary of the drill results. Results were largely as anticipated with a few positive surprises such as the intersection of the higher grade oxide mineralization within the Lynx Zone and the discovery of a new trend of gold mineralization along northeast side of the main deposit.
Definition drilling on the southern Crux Zone is nearing completion with the majority of the current drilling focused on outlining the contact of the oxide mineralization. The Crux Zone resource is presently being updated for inclusion in the upcoming preliminary economic assessment schedule for release during the second quarter 2012.
As noted above, drill hole CMD-126 cut 100 metres grading 1.78 g/t Au. The drill hole extended a zone of higher grade gold mineralization a further 50 metres northwest of CMD-111 (March 9, 2012 press release) which returned 312 metres grading 0.69 g/t Au including 46 metres grading 1.29 g/t Au and 34 metres grading 1.38 g/t Au. Drill hole CMR-089 (June 7, 2011 press release), drilled on the same section as CMD-111, cut the northeast portion of the higher grade gold zone near surface returning 30 metres grading 1.29 g/t Au before extending into the barren wall rock. To the northwest of CMD-126, the Lynx Zone splits into a series of gold zones gradually narrowing towards drill hole CMR-130 which returned minor intervals of lower grade material.
Long intervals of gold mineralization, such as 216 metres grading 0.50 g/t Au (CMD-108) and 186 metres grading 0.40 g/t Au (CMD-128), confirmed the continuity of the average to low grade mineralization which occurs along the northeast side of the Phoenix Zone as outlined during the last season's Phase II drill program. The oxide mineralization extends from surface to depths of over 500 metres remaining open at depth.
New Gold Trend
Drill holes CMR-155 and CMR-149, spaced 450 metres apart, intersected a new zone of gold mineralization striking northwest from the northeast corner of the Crux Zone parallel to the main Cerro Maricunga gold deposit (see attached plan). CMR-155 cut 222 metres grading 0.45 g/t Au ending in mineralization with 0.76 g/t Au and CMR-149 cut 68 metres grading 0.56 g/t Au. In the same area, drill hole CMR-150, collared 200 meters to the northeast of CMR-155, cut a number of narrow intervals of +0.3 g/t Au mineralization ending with 14 metres grading 0.73 g/t. Further drilling is necessary to establish the continuity of the gold mineralization in the area and to establish the relationship between the mineralization intersected in CMR-155 and cut at the end of CMR-150.
The Cerro Maricunga resource estimate stands at 1.62 million ounces of gold (92.8 million tonnes grading 0.54 g/t Au) in the indicated category with a further 1.95 million ounces (116.7 million tonnes grading 0.52 g/t Au) in the inferred category. The resource estimate was based upon a cut-off grade of 0.3 g/t Au.
Atacama Pacific has granted an aggregate of 489,500 options of which 255,000 were granted to directors and officers of the Company and 234,500 were granted to employees and consultants. Each option entitles the holder to acquire one Atacama Pacific common share at an exercise price of $4.40 until March 27, 2017.