Ginguro Exploration has been permitted to commence diamond drilling program at its El Alto Iron-Oxide-Copper-Gold (IOCG) property in Chile. Immediately, the company will start the road construction and begin drilling in mid-June.
Canadian Continental Exploration, the exploration partner of Ginguro has provided $1.5 million to the company's Chilean subsidiary, to fund 100% for the drilling program.
The Phase I drilling program will contain nine holes, 3500 m in total. The company will start drilling on the South-West anomaly and then shift to the North-West anomaly.
In 2010, a geophysical survey was concluded on the El Alto property and therefore five dissimilar magnetic anomalies were discovered that varies from 1.3 km to 2.4 km in length and 50 m to 800 m in thickness.
The anomaly in the South-West is in concurrent with a Uranium-Thorium response in the radiometric information and is consistent with the older small scale mining area that includes several shafts, adits and pits. This South-West anomaly is huge and measures 2.3 km in length, trending north-south, and thickness from 50 m to 350 m. Adits in the locality has confirmed analogous iron oxide, along with large copper and gold in fresh rock.
The North-West anomaly is around 2.4 km long and width ranges from 230 m to 700 m. Ginguro has verified that this area contains immense iron oxide mineralization and eroded sulphide minerals.
Source: http://www.ginguro.com/