Vancouver, BC, Aug. 11,
2022 /CNW/ - MANTARO PRECIOUS METALS CORP.
(TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") is pleased
to announce that it has completed its initial diamond drill program
on multiple prospects at its highly prospective Golden Hill
Property, located in Bolivia.
Highlights:
- 21 diamond drill holes completed for a total of 3,009 meters at
the La Escarcha Gold deposit as well as the Gabby, Brownfield and
Westfield prospects.
- Drilling at La Escarcha Gold deposit successfully intercepted
down dip extensions of multiple gold bearing quartz veins to depths
of 225 meters beneath surface.
- Scout diamond drilling Gabby, Brownfield and Westfield prospects intersected anticipated
quartz veins and silicified fluid pathways below surface.
- Assays pending for all diamond drill holes.
Craig Hairfield, Chief
Executive Officer of the Company states, "Our initial drill program
at Golden Hill met our objective to confirm that the La Escarcha
gold bearing structures continue at depth. Scout drilling to the
south (Gabby and Brownfield prospects) and southwest (Westfield prosect) intersected quartz vein
targets reaffirming our belief that the Golden Hill vein system is
open along strike for several kilometers. We are excited to prove
that Golden Hill is a typical greenstone hosted gold system, which
traditionally contain deposits occurring in clusters along regional
structures over strike lengths of several kilometers and depths of
>1 kilometers."
Drilling at La Escarcha targeted down dip extensions of
historically mined veins at La Escarcha open pit, aiming to confirm
high-grade gold mineralization beneath the extent of historic
mining (ie. below 60 meter depth). Drilling successfully
intercepted broad multiphase quartz shear zones typical of
greenstone hosted orogenic gold deposits. The program has also
confirmed down dip extensions of the historically mined C1, C2, C3,
and C4 gold bearing quartz shear zones at La Escarcha gold deposit,
to depths of 225 meters beneath surface.
After drilling completed at La Escarcha, Mantaro carried out a
scout diamond drill program to test the southern strike extensions
of the Golden Hill vein system, beneath areas with historic surface
workings, at the Gabby and Brownfield prospects. Drilling also
targeted gold mineralization across the parallel vein swarm located
directly west of La Escarcha at the Westfield prospect.
Samples are presently being prepared at ALS in Oruro
(Bolivia) for assay by screen fire
at ALS Loughreah (Ireland). All
assays are pending. Drilling by Leduc was much faster than anticipated with
excellent core recovery and overall quality. As such, Mantaro is
electing to temporarily suspend drilling until all assays are
received. Assay results will assist Mantaro in designing the next
phase of drilling, which will seek to further define the potential
depth of the gold system at La Escarcha as well as the potential
for other deposits along trend to the north and south.
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
San Jose, 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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SOURCE Mantaro Precious Metals Corp.