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Los Cerros (ASX:LCL) - Managing Director, Jason Stirbinskis - The Market Herald
Managing Director, Jason Stirbinskis
Source: Finance News Network
  • Los Cerros (LCL) has kickstarted drilling at the Tesorito Prospect in Columbia
  • Hole TS-DH08 is currently being drilled with aims to determine the continuity of gold mineralisation at the prospect
  • This hole has a planned depth of 400 metres and is expected to take most of August to complete
  • Results are then expected in mid-September and will be used to form a focussed resource drilling campaign
  • Additionally, Los Cerros has confirmed that its drill rig and equipment shipment has begun its journey from China to Columbia
  • Depending on COVID-19 travel restrictions, the rig is expected to arrive on-site in October
  • Los Cerros is down a slight 2.25 per cent and shares are currently trading for 8.7 cents each

Los Cerros (LCL) has kickstarted drilling at the Tesorito Prospect in Columbia.

Tesorito is part of the Quinchia Gold Project, which is located in central west Colombia, 100 kilometres south of Medellin.

Hole TS-DH08 is currently being drilled, with aims to determine the continuity of gold mineralisation at the prospect.

This hole has a planned depth of 400 metres and is expected to take most of August to complete. Results are then expected in mid-September and they will be used to form the basis of a focussed resource drilling campaign.

A second hole will then be drilled to explore and define a recently identified gold-molybdenum soil geochemistry anomaly to the north of Tesorito.

Drill rig update

Los Cerros has also confirmed that the shipment of its drill rig and equipment has begun its journey to Columbia after leaving Chengdu, China.

Depending on COVID-19 travel restrictions, the rig is expected to arrive on-site in October.

In the meantime, Los Cerros will be using its current Colombia drilling services provider.

Additionally, the company has advised that two sets of induced polarisation (IP) equipment are also on route to Columbia.

Corporate update

Additionally, Los Cerros' board has resolved to settle outstanding liabilities in regards to its Directors.

The company will pay $19,379.09 in shares at 7.64 cents each to Non-Executive Chairman Ross Ashton.

In the meantime, Non-Executive Director Kevin Wilson will also receive $167,005 in shares at the same price.

These costs include unpaid Director's fees, private expenses, and unpaid salaries.

Los Cerros is down a slight 2.25 per cent and shares are trading for 8.7 cents each at 1:25 pm AEST.


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