Mantaro Precious Metals Corp. Announces New Gold Assays from Golden Hill Drill Program Including 4 meters at 6.46 g/t Au
Mantaro Precious Metals Corp. Announces New Gold
Assays from Golden Hill Drill Program Including 4 meters
at 6.46 g/t Au
VANCOUVER, BC, Oct. 26, 2022 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF)
(FSE: 9TZ) (the "Company") is pleased to report additional high-grade gold assay results from the maiden diamond drill
program at the Golden Hill Property. Full and partial assays are pending on remaining 16 drill holes from La Escarcha gold
deposit as well as Gabby, Westhill and Brownfield targets.
Highlights:
Gold assay results include:
8.00 meters @ 3.78 g/t Au from 111 meters downhole (including 5.90 meters @ 4.85 g/t Au from 111 meters)
in GH0005. Assay results pending between 64 to 111 meters and 134 to 149 meters.
4.00 meters @ 6.46 g/t Au from 76 meters downhole (including 2.00 meters @ 12.73 g/t Au from 76 meters)
and 3.00 meters @ 4.00 g/t Au from 67 meters downhole (including 1.89 meters @ 6.23 g/t Au from 67.58
meters) in GH0006. Assay results for this hole pending between 103 to 211 meters.
2.40 meters @ 6.13 g/t Au from 119.58 meters downhole (including 1.14 meters @ 12.65 g/t Au from 119.58
meters) and 3.16 meters @ 2.26 g/t Au from 41.84 meters downhole in GH0002.
1.00 meter @ 16.7 g/t Au from 108 meters downhole in GH0001. Assay results pending between 129 to 182
meters.
4.28 meters @ 2.14 g/t Au from 111.91 meters downhole in GH0007. Assay results pending between 134 to
273 meters.
High-grade gold mineralization intercepted across the ''C'' structure over 150 meters strike length and to
depths of over 100 meters below La Escarcha Pit in holes GH0002, GH0003, GH0004 and GH0005.
High-grade gold mineralization intercepted across the C1, C2 and C3 structures over 150 meters strike length
in holes GH0001, GH0002, GH0006 and GH0007.
Assay results from several up and down dip extensions along structure from high-grade intercepts pending in
holes GH0004, GH0005, GH0006 and GH0007.
Dr. Christopher Wilson, Chairman and Chief Geologist of the Company commented, "The results of the drill program at
Golden Hill demonstrate significant high-grade within 100 meters of surface. Importantly, we received consistent gold assay
results across robust widths beneath the historical open pit mining at La Escarcha. High-grade gold mineralization was
intersected over the main vein structures, being C, C1, C2 and C3. We are excited to see the assays on the balance of
GH004, GH0005, GH0006 and GH0007 as well as the other 12 drill holes."
Hole GH0001 was drilled to test the down dip extensions of surface workings exploiting the 'C1', 'C2', 'C3', 'C' and 'C4'
quartz shear zones. All five target structures were intercepted during drilling. Assay results have confirmed significant gold
mineralization across 'C1' , 'C2' and 'C3'. Returning 2.0 meters at 1.17 g/t Au across 'C1' and 1.0 meter at 16.70 g/t Au
across 'C2'.
Hole GH0002 was drilled to test the down dip extensions of gold mineralized quartz-carbonate shear zones that have been
mined at surface and underground at La Escarcha gold deposit. Assay results have confirmed gold mineralization continues
to depths of nearly 100 meters below surface across the C2 structure, being 2.4 meters @ 6.13 g/t Au (including 1.14 m @
12.65 g/t Au) from 119.58m. Also, GH0002 intercepted 3.16 meters at 2.26 g/t Au across the 'C' structure.
Hole GH0004 was drilled to test the up-dip extensions of shear zones identified in GH0003. Significant gold mineralization
was intercepted across the 'C3' shear zones, 1.44 meters at 1.01 g/t Au and 1.37 meters at 5.82 g/t Au. High grade gold
mineralization was intercepted across the 'C' structure including 0.75 meters at 3.51 g/t Au. Assay results corresponding to
the 'C4' structure are pending.
Hole GH0005 was drilled to test the southern strike extension of gold mineralization from the focus of historic. Quartz-
carbonate shear zones were intercepted across five main structures as seen on Figure 1, extending known shear zone
continuity for over 150 meters beneath historic surface workings. Assay results from the 'C' structure returned gold grades
of 8.0 meters at 3.77 g/t Au from 111 meters including 5.9 meters at 4.85 g/t. Assay results across the other 4 structures
are pending.
Hole GH0006 was drilled to test the down dip extensions of quartz-carbonate shear zones identified in core from hole
GH0005. The hole intercepted all 5 shear zones as expected. Assay results corresponding to 'C1' and 'C2' returned
significant gold grades across robust widths of 3.0 meters at 4.00 g/t Au from 67 meters across 'C1' and 4.0 meters at
6.46 g/t Au from 76 meters (including 2.0 meters at 12.73 g/t Au) across 'C2'. Assay results for 'C3', 'C', 'C4' and 'C5'
are pending.
Hole GH0007 was drilled to test the down dip extension of shear zones intercepted in hole GH0003. Assay results have
confirmed significant gold mineralization across the 'C2' structure of 4.28 meters at 2.14 g/t Au from 111.91 meters. Assay
results corresponding to the 'C3', 'C' and 'C4' are pending.
Hole GH0010 was drilled to test the continuity of the 'C' structure south of the historic open pits bounds. No significant
assay results were returned. The Company's geologists believe the system may have been obliquely faulted offsetting the
structure. Hole GH0011 was drilled to test the northern strike extension of the 'C' structure. No significant gold
mineralization was intercepted.
Full assays are pending from 12 of 21 diamond drill holes at the Golden Hill Property across the La Escarcha, Gabby,
Westhill and Brownfields targets. Partial results received from GH0004, GH0005, GH0006 and GH0007.
Core Drill Results and Intercepts:
Table 1. (Core Drill Results and Intercepts – Golden Hill)
HoleID East North Azimuth(deg.) Dip
(deg.)
From
(m) To (m) Downhole
Interval (m) Au g/t
GH0001 561772 8159854.3 100 -34.0 66.00 68.00 2.00 1.65
And 108.00 109.00 1.00 16.70
GH0002 561921 8159827.0 280 -62.0 18.23 19.57 1.34 3.89
And 41.84 43.23 3.16 2.26
And 119.58 121.98 2.40 6.13
Including 119.58 120.72 1.14 12.65
GH0004 561754 8159769 100 -37 88.10 89.54 1.44 1.01
And 99.63 100.46 1.37 5.82
And 125.15 125.90 0.75 3.51
GH0005 561741 8159700 100 -38 111.00 119.00 8.00 3.77
Including 111.00 116.90 5.90 4.85
GH0006 561740 8159702 100 -58 67.00 70.00 3.00 4.00
Including 67.58 69.47 1.89 6.23
And 76.00 80.00 4.00 6.46
Including 76.00 78.00 2.0 12.73
And 89.00 91.00 2.00 1.26
GH0007 561713 8159789 100 -50 111.91 116.19 4.28 2.14
GH0010 No significant Assay
GH0011 No significant Assay
Additional drilling is required to determine true widths as all hole intercepted veins at an oblique angle. The assays are not
capped.
Figure 1: Cross Section showing received assay results from GH0001 and GH0002 in relation to identified shear zones and
pending assay results. (CNW Group/Mantaro Precious Metals Corp.)
Figure 2: Cross Section showing received assay results from GH0005 and GH0006 in relation to identified shear zones and
pending assay results. (CNW Group/Mantaro Precious Metals Corp.)
Figure 3: Cross Section showing received assay results from GH0004, GH0003 and GH007 in relation to identified shear
zones and pending assay results (new results in blue text). (CNW Group/Mantaro Precious Metals Corp.)
Figure 4: Plan view mapping showing the locations of holes drilled on the Golden Hill Property. Highlighting holes with full
Assay results received (blue), Partial assay results received (green) and holes with all assays pending (black). (CNW
Group/Mantaro Precious Metals Corp.)
About Golden Hill Property
Golden Hill is centered on a broadly north-south trending regional structure that hosts the La Escarcha underground mine
and the Gabby, Garrapatillia and Brownfields workings and gold-bearing vein occurrences in its western hanging wall. The
same structure hosts numerous saprolite gold and hard rock gold deposits to the north and south of Golden Hill over a
strike length of at least 25 kilometers — underpinning the significant control the structure exerts on gold mineralization.
A northwest-trending splay of this structure hosts areas of alluvial and saprolitic/hard rock workings within Golden Hill and
immediately to the north. At least six strike kilometers of these structures are known within Golden Hill in addition to the four
kilometers between La Escarcha and Brownfields which have been mapped in detail. Known mineralization and surface
anomalism is open along strike on all structures.
Mineralization between La Escarcha and Brownfields is characterized by a series of broadly parallel, north-south trending,
very steeply dipping quartz veins that are between 1 to 5 meters wide. Mineralization is hosted in mafic metavolcanics, at
the contact of metavolcanics and metasediments, and within metasediments.
Veins are well exposed in underground workings at La Escarcha where they comprise multiphase white quartz and slivers
of wall rock which are fracture oxidized. Veins are up to 5 meters wide and contain significant visible gold. Mine staff have
reported that gold grades increase downwards from surface to the 60 m level which is currently under limited development.
Most gold appears to be free hosted in fractures within quartz and pyrite.
Quality Assurance / Quality Control
Mantaro follows industry-recognized standards of Best Practice and Quality Assurance/Quality Control. Samples are
submitted to ALS in batches of 40 — comprising 35 half cut core samples, two field blanks, two certified reference material
standards and one staged duplicate. Samples are sealed in plastic bags using single use tie-locks and delivered to ALS
Oruro in Bolivia — thereby ensuring chain of custody. Since the ALS facility in Bolivia is only a preparation facility, sample
pulps were sent to ALS Ireland for fire assay. To date, all batches have passed QAQC and blanks and CRM's were within
acceptable tolerance limits. All diamond holes were drilled started in PQ diameter, occasionally downsizing to HQ in difficult
drilling conditions past 150 meters. Core recovery across all veins was nearly 100%.
Qualified Person
Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed
and approved the technical information contained in this news release.
About Mantaro Precious Metals Corp.
Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused
mineral properties in Bolivia and Peru. The Company's holds an option to acquire up to an 80% interest in the advanced
Golden Hill Property ("Golden Hill"), located in the underexplored, orogenic Bolivia Shield, Bolivia.
The Company also has a 100% interest in the high-grade Santas Gloria Silver Property as well as a 100% interest in each
of the La Purisima, Cerro Luque and Huaranay Properties (collectively, the "Silver Properties"). The Silver Properties are
located in Peru.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date
of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They
are not guarantees of future performance. The Company cautions that all forward looking statements are inherently
uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the
Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited
operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future
events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or
implied in the forward looking information. Except as required under applicable securities legislation, the Resulting Issuer
undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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For further information: Leo Karabelas, Phone: (647) 689-6041, E-mail: [email protected]
CO: Mantaro Precious Metals Corp.
CNW 07:00e 26-OCT-22