- Caldas Gold (TSXV:CGC) is continuing to explore a new zone of wide-spread gold discovered early last month at the Marmato Project in Colombia
- The company extended a drill hole by 200 metres to look for continuity in the new zone of mineralisation
- The drill-hole intersected gold at 3.9 grams per tonne across 87.15 meters, suggesting an extension of the estimated gold reserves at Marmato
- The company has designated the new zone a high-priority target for further testing
- Caldas Gold Corp (CGC) was up 21.11 per cent, with shares trading for C$2.18
Caldas Gold (TSXV:CGC) has released an update on the ongoing exploration at the Marmato Gold Project in Caldas, Colombia.
Most notably, the company has succeeded in extending a drill hole that incepted a previously unknown area of mineralisation on the property.
The hole was deepened to test the continuity of another high-grade intersection, announced early last month by Gran Colombia Gold Corp (TSX:GCM).
Gran Colombia intersected wide-spread gold including 3.65 grams per tonne across 54 metres. Caldas extended their drill hole by 200 metres to test the continuity of this new mineralisation.
Early results seem positive. The extension intersected gold at 3.9 grams per tonne across 87.15 meters, suggesting further widespread gold surrounding this new discovery.
Serafino Iacono, Interim CEO, believes this could be an important development at Marmato
“Although still at a very early stage, this New Zone is proving to be an exciting new discovery.
“This 200 meter extension provides us with a high potential zone ready for infill drilling to continue to grow our world class deposit,” he said.
This latest announcement is part of Caldas’ ongoing expansion at Marmato.
A prefeasibility study is currently being developed and the company released its pre-economic assessment of Marmato’s expansion early last month.
The site has an indicated reserve estimate of 2 million ounces of gold. However, the previous estimate does not include this latest mineralisation discovery.
Although the full extent of the new mineralisation is still unknown, it could significantly increase future estimates. As a result, the company has stated it is now a high-priority target for further drill-testing.
Caldas Gold Corp (CGC) was up 21.11 per cent, with shares trading for C$2.18 at 12.08pm EST.