Winshear Gold Corp. (Winshear or the Company) is delighted to report that it has gained the Declaracion de lmpacto Ambiental (DIA), its environmental authorization, from the Ministry of Mines in Peru.
At the Gaban Gold Project, Puno Orogenic Gold Belt, southeastern Peru, the DIA enables helicopter-supported drill testing of the Coritiri gold irregularity. Gaban is now being examined as a prospective hard rock source of the widespread alluvial goldfields being mined downstream at Madre de Dios, covering more than 1,900 km2.
Receipt of the DIA is a key milestone for Winshear and the continued development of the Coritiri Gold Target at Gaban. We now can apply for the provincial authorization to start activities in a process that typically takes one to three months. Subject to availability of funding, we plan to commence a heli-borne drill program after the coming rainy season ends in April 2023.
Richard Williams, CEO, Winshear Gold Corp.
“Meanwhile, the Company’s arbitration case against the government of Tanzania, seeking damages now in excess of CDN$130M, is set for a final hearing in mid-February, 2023, after which a decision is expected within six months. The Company plans to wait for the arbitration judgment before raising any further funding to support drilling,” stated Richard.
Geology of the Gaban Gold Project
In the Puno Orogenic Gold Belt (POGB)—on the east side of the Andes—the Gaban Gold Project is situated. The geography of the area includes fine-grained sedimentary rocks, strictly carbonaceous, bearing witness to low-grade regional metamorphism. Gold-bearing shear zones are usually situated around granitic intrusions that are identified across the belt.
The Coritiri Target was first found via the gold discovery in stream sediment irregularities beside the Yanamayo river basin—which were equivalent to a large magnetic irregularity. The following fieldwork resulted in the finding of outcropping shear zones that contain gold-bearing quartz veins in regions with proof of historic hard-rock mining activity and existing artisanal placer gold mining.
Until now, Winshear has characterized a 1 × 2.2 km area that contains several outcrops of shear zone-hosted gold mineralization, which have not been drill-tested before. Channel sampling along the quartz-veined shear zones has given up to 32.35 g/tonne of gold more than 1 m. The target delineated at Coritiri has not been drill tested before.