Commenting on the drill results to date for the current CIT work programme Executive Director
The resources occur in 3 deposits that are inferred to plunge in a northerly direction within the RSSZ. The Company has embarked on an exploration programme with the immediate objective of increasing the existing resources by drill testing the down plunge extensions of known mineralisation.
Reverse circulation (RC) drilling commenced on the RRSZ at CIT on
The mineralised intercepts all occur immediately below the hanging wall of the RSSZ that dips at approximately 25 degrees to the north east. The location of these new drill holes and the average Au grade and width of the intercepts using a 0.25g/t Au cut-off, are indicative of a future improvement in the resource grade and tonnes because these drill hole grades are significantly higher than the current CIT resource grade. The results have extended the CIT mineralisation approximately 250 metres down plunge in a zone that is 100 to 200 metres wide and are expected to materially increase CIT resources once modelling has been completed.
The current drill programme of 3500 metres RC drilling and 500-1000 metres of diamond drilling is planned for completion in March this year. It will test continuity of mineralization another 200 metres down plunge from the drill results reported herein as well extensions of mineralization at RAS, Shreks and Shreks East with the objective of fast-tracking an increase in the inferred resources before infill drilling. A database and resource upgrade are planned to follow completion of this initial drilling phase.
The RSSZ remains highly prospective both as extensions and beyond the known deposits. The shear zone has been traced over at least 7 kilometres, but outcrop is largely confined to the known prospects with most of the shear zone masked by loess (glacial wind-blown dust) and talus deposits derived from up slope.
The RSSZ Is a late metamorphic shear zone within TZ4 schists near the boundary with overlying TZ3 schists. The TZ3 and TZ4 schists are separated by the unmineralized Thompson Gorge Fault (TGF), which is a late cataclastic fault developed more or less at or immediately above the hanging-wall of the RSSZ. Mineralisation is concentrated towards the hanging wall shear zone, but by analogy with Macraes mineralisation which is in a similar structural setting, mineralisation can be expected to pinch and swell as indicated by the drill results to date.
Progress
To date the current RC programme completed 1,409 RC metres (13 holes) and 363 DD metres (3 holes). The diamond holes are located at CIT, RAS and Shreks East. Assay results are pending for 2 DD drill holes. Samples from the remaining RC and diamond holes completed to date are being prepared for despatch after logging of oriented diamond core and systematic field pXRF analyses of all drill holes.
Contact:
Richard Keevers
Tel: +61 408 873 353
Forward Looking Statements
Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana's future plans, strategy, activities, events or developments the Company believes, expects or anticipates will or may occur. By their very nature, forward-looking statements require Santana to make assumptions that may not materialize or that may not be accurate. Although Santana believes that the expectations reflected in the forward-looking statements in this announcement are reasonable, no assurance can be given that these expectations will prove to have been correct, as actual results and future events could differ materially from those anticipated in the forward-looking statements. Accordingly, viewers are cautioned not to place undue reliance on forward-looking statements. Santana does not undertake to update publicly or to revise any of the included forward-looking statements, except as may be required under applicable securities laws.
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