Posted in | Gold | Mining Business

Winshear Gold Announces Initial Sampling Results from Gaban Gold Project

Winshear Gold Corp., formerly known as Helio Resource Corp., has recently reported its initial sampling results from the Gaban Gold Project situated in the Puno Orogenic Gold Belt in south-eastern Peru.

Image Credit: Mark Agnor/Shutterstock.com

Exploration is being performed by Winshear Gold to identify the hard-rock source of alluvial gold present in the Piquitiri and Yanamayo rivers; these rivers end up in the Madre de Dios basin.

As part of a systematic exploration program, a heli-borne geophysical survey was flown over the Gaban Gold Project earlier in 2018. This exploration program delineated regional structures that are likely to host gold mineralization. So far, a total of five shear zones have been discovered on the property, that is, the Gaban Gold Project.

The Gaban Gold Project was acquired by Winshear Gold in September 2019, and soon afterward, the first field campaign was completed in October 2019. The aim of this field campaign was to identify the most prospective areas of these recently discovered structures. In addition, a second campaign was carried out in November/December 2019, the results of which will be reported once they are received.

Key Points

  • Winshear Gold carried out the first field program that targeted the Coritiri stream sediment anomaly.
  • A total of 81 bedrock channel samples (1.0–2.5 m in length) were obtained.
    • 1 sample assayed 15.75 g/t Au
    • 2 samples yielded 5.0 g/t–9.99 g/t Au
    • 6 samples yielded 0.5 g/t–0.99 g/t Au
    • 7 samples yielded 1.0 g/t–4.99 g/t Au
    • 17 samples yielded 0.1 g/t–0.49 g/t Au
  • Highlights comprise 5.7 g/t Au over 1 m, 3.57 g/t Au over 2.5 m, and 15.75 g/t Au over 1 m.
  • The mineralized region strongly corresponds with an east-southeast trending geophysical target that remains exposed to the west-northwest and the east-southeast.
  • Samples were obtained from sheared sedimentary rocks, which were usually slates/shales and siltstones with differing quantities of quartz veining.
  • It was discovered that the sedimentary rocks belong to the Ordovician San Jose Group. The thickness of quartz veins varied from 1 mm up to 80 cm in width.
  • The quartz veins are associated with up to 3% sulfides (arsenopyrite and pyrite).
  • Within the target region, the geology corresponds well with other deposits known in the Puno Orogenic Gold Belt, such as the Ollachea Project that is located 40 km to the south-west.
  • Many ancient prospect adits were also identified in the region, a few of which measured up to 15 m in length.

This is a great start to our work at Gaban. The initial attraction of the project was the presence of anomalous gold-in-stream-sediment anomalies over a 5 km-section of the Yanamayo creek (Map 4) in an area that has had very little historic exploration. These anomalies are located in a geological terrain that is quite similar to the nearby Ollachea Project in the POGB, which contains an estimated 1 million oz of reserves in a definitive feasibility study.

Richard Williams, CEO, Winshear Gold Corp.

Williams continued, “It also is upstream from the 700 km2 Madre de Dios alluvial gold fields that support several tens of thousands of artisanal miners. The discovery of a 250 m wide shear zone hosting gold mineralization at Gaban is very encouraging.”

On November 29th, 2012, a Feasibility Study was performed on the Ollachea Project, which was written by AMEC Australia Pty (Ltd). The Probable Mineral Reserve is 9.3 Mt grading 3.4 g/t Au. Details of the entire report can be viewed on Sedar and Minera’s website.

It must be noted that while the geology the Gaban Gold Project is similar to the gold deposit in the Ollachea Project, it does not imply that the former will yield analogous success.

Overview of the Gaban Gold Project

Map 1 reveals the location of the Puno Orogenic Gold Belt trending NW-SE and situated inside the north portion of the Puno Region.

Situated at the northwestern-most portion of the Puno Orogenic Gold Belt, the Gaban Gold Project is bisected by the Interoceanic Highway. This highway runs from Juliaca to the south through the towns of Gaban and Ollachea via Puerto Maldonado into Brazil.

Moreover, the Gaban Gold Project is located near the San Gaban hydroelectric power station, which delivers power to the area.

Map 2 reveals the geological setting of the Puno Orogenic Gold Belt. The Gaban Gold project is located inside a regional anticline containing the sedimentary rocks (bituminous shales and siltstones) that belong to the San Jose Group of Ordovician. The sedimentary rocks have been intersected by Permian- and Devonian-aged granitic and intermediate intrusions.

The Coritiri Target

Map 3 demonstrates the results of the overall magnetic field intensity that were obtained from the heli-borne geophysical survey conducted over the Gaban Gold project in 2018. The Coritiri Target was outlined by interpretation magnetic high with coincident deformation, and Winshear Gold performed further exploration that has initially targeted this section.

Map 4 reveals the outcomes of the 2019 stream sediment sampling program in which many anomalous values were acquired along the Yanamayo river as it traverses the geophysical target region.

Map 5 points the locations of all channel samples that were collected within the target area grading over 0.5 g/t Au inside the shearing and deformation zone measuring 250 m wide. The south-east trending quartz veins dip to the southwest at about 40°.

Next Steps

In November/December 2019, a second field program of channel sampling was concluded and results are still pending.

A local Peruvian company has been engaged by Winshear Gold to provide suggestions on developing the Coritiri target via the drill permitting process. The aim was to secure permits and complete a preliminary drill program in the 2020 field season.

Mr McGuinty has visited the Gaban exploration project of Winshear Gold and assessed sampling techniques as well as quality control/quality assurance (QC/QA) programs for the project.

Samples collected from this exploration program were sent to the Peru-based laboratory with the inclusion of blanks, duplicates, and internal QA/QC standards. Using a 30 g fire assay charge with an AA finish, samples were assayed at the CERTIMIN SA Laboratory based in Lima, Peru.

Source: https://helioresource.com/

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