First Phase Metallurgical Optimization Program
Initiated
TORONTO, Jan. 9, 2017 /CNW/ - Toachi Mining Inc.,
("Toachi" or the "Company") (TSX-V: TIM) is pleased to announce
results from on-going drilling at its La Plata gold-rich
volcanogenic massive sulphide ("VMS") project in Ecuador.
Program Highlights
- Hole CMLP-16-14 intersected 15.89 metres (m) of massive and
disseminated sulphide mineralization grading 7.63 grams per tonne
(g/t) gold, 49.74 g/t silver, 2.40% copper, 11.82% zinc and 0.97%
lead from 135.57 m.
- Included within this zone is a higher grading interval of 2.96
m grading 10.17 g/t gold, 48.09 g/t silver, 4.13% copper, 26.78%
zinc and 0.70% lead from 140.21 m.
- Hole CMLP-16-20 intersected 2.31 m of massive and disseminated
sulphide mineralization grading 2.55 g/t gold, 60.99 g/t silver,
7.61% copper, 6.92% zinc and 0.74% lead from 30 m.
- This intersection is within a wider 9.38 m zone grading 1.15
g/t gold, 20.89 g/t silver, 3.28% copper, 1.9% zinc and 0.2% lead
from 23.95 m to 33.33 m.
- Hole CMLP-16-17, collared to the east of CMLP-16-20 intersected
7.10 m of massive sulphide and brecciated mineralization, grading
1.25 g/t gold, 43.14 g/t silver, 2.42% copper, 8.28% zinc and 1.08%
lead from 23.55 m.
- Holes CMLP-16-14, CMLP-16-17 and CMLP-16-20 were collared to
test for extensions of near surface mineralization intersected in
hole CMLP-16-04 which returned 5.3 m grading 5.19 g/t gold, 40.24
g/t silver, 3.15% copper, 8.98% zinc and 0.59% lead from a shallow
depth of 45.7 m in the vicinity of the former open pit.
- Initial modelling of this near surface mineralization suggests
it represents mineralization not included in the historic polygonal
resource estimates and lies above those mineralized blocks.
- Hole CMLP-16-08 collared in the La Mina southern block
intersected 1.79 m massive sulphide mineralization grading 10.00
g/t gold, 88.36 g/t silver, 0.36% copper, 6.50% zinc and 3.15% lead
from 293.31 m.
- Hole CMLP-16-09 collared within the hinge zone in the La Mina
southern block intersected a narrow 0.78-m high grade zone assaying
20.67 g/t gold, 50.0 g/t silver, 5.78% copper, 5.85% zinc and 0.43%
lead from 374.1 m.
Drilling Highlights
Hole (08)(09)
(14)(17)(20)
|
From
(m)
|
To
(m)
|
m
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Pb
(%)
|
Zn
(%)
|
Au Eq
(g/t)
|
CMLP-16-08
|
293.31
|
295.1
|
1.79
|
10.00
|
88
|
0.36
|
3.15
|
6.50
|
16.52
|
CMLP-16-09
|
374.1
|
374.88
|
0.78
|
20.67
|
50
|
5.78
|
0.43
|
5.85
|
31.16
|
CMLP-16-14
including
|
135.57
|
151.46
|
15.89
|
7.63
|
50
|
2.40
|
0.97
|
11.82
|
17.67
|
140.21
|
143.17
|
2.96
|
10.17
|
48
|
4.13
|
0.70
|
26.78
|
29.84
|
CMLP-16-17
including
|
11.89
|
13.41
|
1.52
|
6.64
|
203
|
1.04
|
1.46
|
6.43
|
14.75
|
23.55
|
32.38
|
8.83
|
1.10
|
36
|
2.14
|
0.87
|
6.67
|
7.92
|
23.55
|
30.65
|
7.10
|
1.25
|
43
|
2.42
|
1.08
|
8.28
|
9.41
|
CMLP-16-20
including
|
23.95
|
33.33
|
9.38
|
1.15
|
21
|
3.28
|
0.20
|
1.90
|
6.22
|
30.09
|
32.4
|
2.31
|
2.55
|
61
|
7.61
|
0.74
|
6.92
|
15.94
|
1)
|
Core widths in
CMLP-16-08, CMLP-16-09, CMLP-16-17 and CMLP-16-20 are considered
close to true widths. Core widths in CMLP-16-14 are considered
orthogonal to the mineralized zone. Gold assay composites were
calculated using uncut assays. Gold equivalent values were
calculated using a cut-off grade of 2 g Au/tonne and based on the
following metal prices in US$: Au $1,310, Ag $18.75, Cu $2.15, Pb
$0.875 and Zn $1.00
|
|
|
2)
|
A complete list of
all intersections are available in Table 1 below along with a plan
map and cross section of CMLP-016-13, CMLP-16-15 and
CMLP-16-20
|
Program Results
The drill program, which began in August
2016, is designed to validate the historic drilling database
at the La Plata project. The drilling program is intended to infill
and expand known resources in the main La Mina VMS lenses leading
to the completion of a National Instrument 43-101 compliant
resource estimate in 2017.
"Our drilling is continuing to outline high grade mineralization
at La Plata. Testing the potential for outlining high grade near
surface mineralization amenable to open pit mining, will be one of
our objectives for the coming year," Nick
Tintor, President and CEO said.
Hole CMLP-16-20 was collared to test for near surface
mineralization in the area of the former open pit mine at La Mina
which saw small scale mining from 1975-1981. This hole is part of a
group of eight drill holes designed to follow up results from hole
CMLP-16-04, which was reported earlier. (See Toachi Mining Press
Release dated October 26, 2016).
Management believes the La Plata project, which is characterized
by geology typical of major gold-rich VMS camps around the world,
hosts excellent potential for the discovery of additional discrete
VMS zones amongst the 14 exploration targets identified to
date.
Metallurgical Optimization Program
Toachi has also initiated a first phase metallurgical
optimization program under the supervision of Dr. Simon Meik.
Samples representative of different mineralized lithologies from
the La Mina deposit have been shipped to SGS Lakefield Research
Limited in Lakefield, Ontario,
Canada.
Dr. Meik has spent the past 13 years as Corporate Director –
Processing with Dundee Precious Metals ("DPM") where he was
responsible for managing all aspects of DPM's processing operations
and annual production of 400,000 tonnes of copper, zinc and gold
concentrates. During his career, Dr. Meik was also Chief Process
Engineer at BHP's Antofagasta
copper mine in Chile and Assistant
Superintendent at Southern Peru Copper's Cuajone concentrator in
Peru.
"We are extremely pleased to have a person of Simon's caliber
and expertise in metallurgy and processing of suphide concentrates,
managing the La Plata project's metallurgical optimization
program," Jonathan Goodman, Chairman
said. "I have worked with Simon for many years in the past and look
forward to working with him again at La Plata," he added.
La Plata Deposit Geology
Gold-bearing sulphide mineralization at La Plata occurs as
compositional banding composed of chalcopyrite, sphalerite and
pyrite laminae with barite occurring as clasts and also as thin
layers.
Base and precious metal mineralization at La Plata is
interpreted to have formed as part of multiple volcanic episodes
that created a stacked volcanic-exhalite hydrothermal sequence
which is considered favorable for hosting multiple VMS lenses.
Examples of this exclusive group of gold-rich VMS camps include
Noranda, Doyon-Bousquet-LaRonde and the Flin Flon camps in Canada.
Toachi's exploration staff has identified more than 14 discrete
exploration targets across the property concessions which extend
for more than 9 kilometres, attesting to the potential of this
emerging district.
The La Plata Project
Toachi entered into an option agreement with a private
Ecuadorean company to earn between a 60% to 75% interest in the La
Plata gold-copper-silver-zinc VMS project, located 85 km south of
Quito, Ecuador.
For complete terms of the transaction, please see our press
release dated February 11, 2016 which
is available on our website at www.toachimining.com or on
www.sedar.com.
La Plata is a gold-rich volcanogenic massive sulphide deposit
which was the subject of small scale mining from both an open pit
and underground workings from 1975-1981.
From 1996 to 2000, Cambior Inc., a Canadian mining company,
completed 8,628 metres of drilling and a preliminary resource
estimate totaling 840,000 tonnes grading 4.8 grams gold per tonne,
4.1% copper, 54.4 grams silver per tonne and 0.7% lead and 4.2%
zinc per tonne in 1999, according to a report completed by AMEC
Foster Wheeler, a mining consulting firm, in March 2015.
Following a drill program by Cornerstone Capital Resources Inc.,
which included 5,933 metres of drilling from 2006-2007, a revised
mineral resource estimate totaling 913,977 tonnes grading 8.01
grams gold per tonne, 88.3 grams silver per tonne, 5.01% copper,
6.71% zinc and 0.78% lead per tonne in the inferred category was
completed.
The resource estimates described above are historical estimates
as defined by National Instrument 43-101 – Standards of
Disclosure for Mineral Projects S.2.4 ("NI 43-101").
Toachi has not completed the work required to independently
analyze and verify the results of the previous operators nor has a
qualified person completed sufficient work to classify the
estimates as current mineral resources or mineral reserves. With
respect to the Cambior estimate, the Company is also not aware of
what categories were used in the estimate. As a result, Toachi is
not treating these estimates as current mineral resources or
mineral reserves.
The Company believes these historic results provide an
indication of the potential of the property and are relevant from
an on-going exploration perspective.
QA/QC Sampling and Core Sampling Protocols
Before sampling, a centreline, representing bottom of hole (or a
reference line when this is not known) is marked on the drill core.
The core is cut and sampled, always sampling the right-hand side of
the drill core. Samples are selected based on logged geological
features, such as rock type, mineralization, alteration, veining
etc. Sample length does not exceed 1.2 m nor is smaller than 20 cm.
In areas of similar geological characteristics, sample length is,
in general, 1 m.
A total of 10% of the samples submitted are certified blanks and
standards and field duplicates with, as a minimum, one blank
submitted at the beginning of each sample batch. Certified
standards are submitted at an average of 6% of the samples
submitted. Field duplicates are taken at a rate of 1 in 20 of the
samples taken.
For all drill holes, with the exception of CMLP-16-04, analysis
was completed by ALS Peru S.A. with sample preparation completed in
Quito. The lab is accredited with
International Standards ISO/IEC 17025:2005 and ISO
9001:2015.
All major ALS Geochemistry analytical laboratories are
accredited to ISO/IEC 17025:2005 for specific analytical
procedures.
For drill hole CMLP-16-04, analysis was completed by MS
Analytical in Canada, with
preparation performed by Ecuadorian partner, LAC y Asociados. Both
LAC y Asociados and MSA are ISO 9001:2008 registered companies. MS
Analytical also meets the requirements as outlined in ISO/IEC
17025.
Qualified Person
Phil Fox, MAIG, a Qualified
Person as defined by NI 43-101, has reviewed and approved the
contents of this press release
About Toachi Mining Inc.
Toachi brings a disciplined and veteran team of project managers
together with a high grade gold-copper-silver-zinc project at La
Plata in Ecuador. Toachi is
focused on and committed to the development of advanced stage
mineral projects throughout the Americas using industry best
practices combined with a strong social license from local
communities. Toachi Mining has 50,974,935 shares issued and
outstanding.
Forward Looking Statements
Certain statements contained in this news release may
constitute "forward-looking information" as such term is used in
applicable Canadian securities laws. Forward-looking information is
based on plans, expectations and estimates of management at the
date the information is provided and is subject to certain factors
and assumptions, including, that the Company's financial condition
and development plans do not change as a result of unforeseen
events and that the Company obtains regulatory approval.
Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans,
estimates and actual results to vary materially from those
projected in such forward-looking information. Factors that could
cause the forward-looking information in this news release to
change or to be inaccurate include, but are not limited to, the
risk that any of the assumptions referred to prove not to be valid
or reliable, that occurrences such as those referred to above are
realized and result in delays, or cessation in planned work, that
the Company's financial condition and development plans change, and
delays in regulatory approval, as well as the other risks and
uncertainties applicable to the Company as set forth in the
Company's continuous disclosure filings filed under the Company's
profile at www.sedar.com. The Company undertakes no obligation to
update these forward-looking statements, other than as required by
applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Table 1
Hole
|
From
(m)
|
To
(m)
|
m
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Pb
(%)
|
Zn
(%)
|
Au Eq
(g/t)
|
CMLP-16-08
|
293.31
|
295.1
|
1.79
|
10.00
|
88
|
0.36
|
3.15
|
6.50
|
16.52
|
314.58
|
315.81
|
1.23
|
0.27
|
1
|
1.15
|
0.00
|
0.01
|
1.58
|
|
CMLP-16-09
|
374.1
|
374.88
|
0.78
|
20.67
|
50
|
5.78
|
0.43
|
5.85
|
31.16
|
398.39
|
398.8
|
0.41
|
1.77
|
8
|
0.02
|
0.15
|
0.26
|
2.09
|
|
CMLP-16-10*
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
CMLP-16-11
|
493.15
|
494.08
|
0.93
|
0.79
|
47
|
0.48
|
0.18
|
0.72
|
2.45
|
|
CMLP-16-13
|
119.17
|
126.2
|
7.03
|
1.92
|
27
|
1.87
|
0.34
|
2.03
|
5.63
|
131.63
|
134.53
|
2.9
|
0.30
|
7
|
3.08
|
0.02
|
0.15
|
3.96
|
|
CMLP-16-14
including
|
133.18
|
133.48
|
0.3
|
2.61
|
6
|
0.17
|
0.11
|
0.59
|
3.24
|
135.57
|
151.46
|
15.89
|
7.63
|
50
|
2.40
|
0.97
|
11.82
|
17.67
|
140.21
|
143.17
|
2.96
|
10.17
|
48
|
4.13
|
0.70
|
26.78
|
29.84
|
160
|
161
|
1.00
|
0.36
|
15
|
0.75
|
0.30
|
1.79
|
2.50
|
|
CMLP-16-15
|
32.01
|
34.07
|
2.06
|
0.94
|
6
|
1.06
|
0.40
|
2.30
|
3.61
|
|
CMLP-16-16
|
15.68
|
16.32
|
0.64
|
0.77
|
19
|
0.94
|
0.46
|
6.29
|
5.61
|
23.38
|
23.62
|
0.24
|
0.52
|
4
|
5.78
|
0.01
|
0.18
|
7.18
|
|
CMLP-16-17
including
|
11.89
|
13.41
|
1.52
|
6.64
|
203
|
1.04
|
1.46
|
6.43
|
14.75
|
23.55
|
32.38
|
8.83
|
1.10
|
36
|
2.14
|
0.87
|
6.67
|
7.92
|
23.55
|
30.65
|
7.1
|
1.25
|
43
|
2.42
|
1.08
|
8.28
|
9.41
|
35.6
|
35.87
|
0.27
|
0.36
|
7
|
2.03
|
0.02
|
0.09
|
2.79
|
49
|
49.57
|
0.57
|
0.34
|
5
|
1.59
|
0.01
|
0.14
|
2.26
|
|
CMLP-16-20
including
|
17.2
|
18.17
|
0.97
|
5.33
|
99
|
0.22
|
0.12
|
0.65
|
7.38
|
23.95
|
33.33
|
9.38
|
1.15
|
21
|
3.28
|
0.20
|
1.90
|
6.22
|
30.09
|
32.4
|
2.31
|
2.55
|
61
|
7.61
|
0.74
|
6.92
|
15.94
|
62.91
|
64
|
1.09
|
0.58
|
5
|
0.90
|
0.02
|
0.68
|
2.02
|
78.7
|
83
|
4.3
|
0.17
|
5
|
1.23
|
0.03
|
0.45
|
1.88
|
91
|
95.45
|
4.45
|
0.92
|
11
|
0.62
|
0.12
|
1.53
|
2.63
|
* CMLP-16-10
not completed or assayed
|
SOURCE Toachi Mining Inc.