Join our daily newsletter At The Bell to receive exclusive market insights
- Los Cerros (LCL) has recorded its best-ever porphyry gold intercept at the Tesorito South porphyry target within its Colombian Quinchia Project
- The latest hole drilled at the target intercepted 320 metres at 1.5 grams per tonne gold from two metres downhole
- Managing Director Jason Stirbinskis said the intercept exceeds expectations in terms of grade, width and proximity to surface, upgrading the potential of Tesorito
- The intercept was also comparable to some of the best porphyry-style intercepts in the Mid Cauca Porphyry Belt, which is home to several multimillion-ounce gold and copper-gold deposits
- Shares have jumped 50 per cent and been trading at 18 cents
Los Cerros (LCL) has encountered gold mineralisation from surface at the Tesorito South porphyry target within the Colombian Quinchia Project.
The latest infill drill hole, TS-DH14, completed at South Tesorito intercepted 320 metres at 1.5 grams per tonne gold from two metres downhole.
This included an interval of 102 metres at 2.11 grams per tonne gold, the highest porphyry-style grades recorded at Tesorito to date.
Managing Director Jason Stirbinskis said the intercept surpassed expectations on several fronts, upgrading the potential of Tesorito.
“Even with these strong surrounding intercepts, TS-DH14 has exceeded our expectations in terms of grade and width to deliver the highest porphyry-style gold grades at Tesorito to date and is a great start to infill drilling of the southern porphyry”.
The intercept was touted as exceptional for several reasons, firstly it suggests the higher-grade zone is wider near the surface which would favour strong mining economics.
The intercept is also a notable uplift in grade when compared to previous results from the area and is comparable to some of the best porphyry-style intercepts in the Mid Cauca Porphyry Belt.
Additionally, hole TS-DH14 intercepted 60 metres at 1.75 grams per tonne gold and 0.12 per cent copper from 250 metres. This has been interpreted as related to a copper zone hit in nearby hole TS-DH02, indicating the potential for further copper mineralisation at depth.
As well as yielding copper grades at depth, hole TS-DH02 also intercepted 384 metres at 1.01 grams per tonne gold from 16 metres.
Shares have been trading 50 per cent higher at 18 cents at 10:08 am AEDT.
