In addition, initial regional soil geochemistry on the Sao Chico/Sao Domingos trend has recorded multiple significant gold and multi-element anomalies within this highly prospective mineralised corridor.
Highlights
Identification of significant geochemical gold-in-soil anomalies at Calico, Juca and Forquilha, of which Calico is now very significant over a two kilometre by two kilometre area. Values as high as 0.8g/t gold have been recorded, better than have been seen in any soils over the Palito orebody.
Subsequent terrestrial geophysics survey using Induced Polarisation ('IP') covering the Calico soil anomaly has identified multiple chargeability anomalies.
Both results are very comparable in terms of scale and signature to the Palito orebody, a 600,000 ounce resource, being mined today.
First pass drill-testing of the Calico prospect is planned in the coming months.
Multi-element soil anomalies confirm strike extension of known gold occurrences at the Fofoca prospect on the Sao Chico/ Sao Domingos trend.
'At Calico the results to date are very compelling and, even at this early stage, lead us to start drawing positive comparisons with the Palito orebody. The Calico location was first observed as a significant electromagnetic anomaly from the airborne survey completed in 2018. In the Tapajos, such electromagnetic highs are typically indicators of sulphide bodies, which, as we see at Palito and Sao Chico and elsewhere, can often be gold-bearing.
'Calico is located just five kilometres from Palito, and in the past months we have completed follow-up terrestrial geophysical and geochemical surveys. The soil geochemistry programme defined several highly interesting anomalies, namely Calico, Juca and Forquilha, of which Calico is the most significant. Measuring two kilometres by two kilometres and with soil assays as high as 0.8g/t, this anomaly is comparable to the geochemical anomaly over the Palito orebody. This geochemical survey has now been complemented by IP which has proven to be very effective at Palito. The IP has highlighted a series of NW-SE anomalies, some sited within the bounding gold soil anomaly at depth and some adjacent to the soil anomalies. The orientation of these IP anomalies is consistent with broader regional structural fabric and the trend of the veins at Palito, just five kilometres away. Given its proximity to Palito and the fact that it shares many similar characteristics including what seems to be a similar geochemical and geophysical signature, we plan to conduct some initial first pass drilling during the coming months.
'The geochemical survey at Fofoca, located in the eastern part of the Sao Domingos tenement acquired by the Company in late 2020, is still in progress. The initial results have defined a number of new geochemical anomalies outside the multiple past and present artisanal mining areas. The survey will continue with a follow-up drill programme to be undertaken once this is completed.'
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