Winshear is conducting exploration to locate the hard-rock source of alluvial gold in the Yanamayo and Piquitiri rivers, which drain into the Madre de Dios basin. In 2018, a heli-borne geophysical survey was flown over Gaban as part of a systematic exploration program that outlined regional structures with the potential to host gold mineralization. To date five shear zones have been identified on the property.
The Company acquired the property in
- First field programme conducted by
Winshear Gold focused on the Coritiri stream sediment anomaly. - 81 channel samples of bedrock (1.0-2.5m in length) were collected;
- 17 samples returned 0.1g/t – 0.49 g/t Au
- 6 samples returned 0.5 g/t – 0.99 g/t Au
- 7 samples returned 1.0 g/t – 4.99 g/t Au
- 2 samples returned 5.0 g/t – 9.99 g/t Au
- 1 sample assayed 15.75 g/t Au
- Highlights include 15.75g/t Au over 1m, 5.72g/t Au over 1.5m, 3.57g/t Au over 2.5m, and 5.7g/t Au over 1m.
- The mineralized area correlates strongly with an east-southeast trending geophysical target that is open to the east southeast and west northwest.
- Samples were collected from sheared sedimentary rocks, typically siltstones and shales / slates, with varying amounts of quartz veining. The sediments are identified as belonging to the
Ordovician San Jose Group . Quartz veins vary in thickness from 1mm up to 80cm in width. - Up to 3% sulphides (pyrite and arsenopyrite) are associated with the quartz veins
- The geology in the target area correlates well with other known deposits in the POGB including the
Ollachea Project 40 km to the SW. - Numerous old prospect adits were discovered in the area, some of which were up to 15m long.
The Ollachea Project’s Feasibility Study dated
It should be noted that the similarity of Gaban’s geology to the Ollachea gold deposit does not mean that the
Gaban Project Overview
Map 1 shows the location of the of the NW-SE trending POGB, located within the north part of the
Map 2 shows the geological setting of the POGB. The Gaban project lies within a regional anticline comprising the
The Coritiri Target
Map 3 shows the total magnetic field intensity results from the 2018 heli-borne geophysical survey over the Gaban property. The Coritiri Target was defined by interpretation magnetic high with coincident deformation and subsequent exploration by Winshear has initially focused on this area.
Map 4 shows the results of the 2019 stream sediment sampling program with numerous anomalous values obtained along the Yanamayo river as it crosses the geophysical target area.
Map 5 shows the locations of all channel samples taken within the target area grading over 0.5g/t Au within the 250m wide zone of shearing and deformation. Quartz veins trend in a south east direction and dip to the southwest at approximately 40o.
Next Steps
A second field programme of channel sampling was completed in November /
The Company has engaged a local Peruvian company to advise on advancing the Coritiri target through the drill permitting process with the goal of obtaining permits and completing an initial drill program in the 2020 field season.
About
In 2019
The Company, formerly
For more information please contact
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Neither the
Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will”, “probable”, “potential”, “indicated”, “inferred” and include, without limitation, statements regarding the company’s plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures, and the security of future tenure of licenses to explore, develop and mine. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the direct control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Source:
2020 GlobeNewswire, Inc., source