Oct 12 2011
Auracle Resources Ltd. has announced the commencement of a Phase One 4,000 meter drill program at the Mexican Hat epithermal gold project, located in southeast Arizona.
The program is designed to confirm intercepts from previous drilling, to test new targets within the drilled zones, to conduct step out drilling on areas not covered by previous programs, and to complete infill drilling in areas recommended by Maptek of Denver, Colorado. Maptek was engaged by Auracle to model all available historic drill data from Mexican Hat. Applying its Vulcan 3D modeling software, Maptek has identified targets which are intended to provide essential data for future resource modeling.
Additionally, Auracle recently engaged Geominex Consultants to provide the Company with the first geological and structural interpretation of the project. The report identified previously unrecognized, mineralized structures to the northeast of the main Mexican Hat feature. These northeast structures coincide with historical workings, but the structures have not been fully explored by Auracle or former owners. These additional targets will be incorporated into future exploration programs.
Auracle Resources holds an option to earn a 100% interest in the 1,351 hectare Mexican Hat project, located in Cochise County, Arizona. Mexican Hat is a low sulphidation epithermal lode gold occurrence. Mineralization occurs in an apparently conformable package of Tertiary age volcanic rocks. Mineralization is generally structurally controlled and occurs in silicified fault zones, shears and pipe-like breccias commonly found in the immediate area. Mineralization consists of free gold with pyrite. Most of the pyrite has been oxidized, leaving limonite, hematite, and goethite. Increases in fracture density usually result in increased gold grades as well as the pyrite oxidation products.
The planned drill program follows up on targets generated, in part, from results of a rock chip sampling program that was undertaken prior to the Company's public listing in late July 2011. Auracle sampled cross cuts along drill access roads on the Mexican Hat as well areas to the south and southeast of the Mexican Hat. Chip sampling results include the following:
The Mexican Hat and immediately adjacent areas previously received considerable exploration by companies such as Placer Dome and Santa Fe Pacific Mining. During that time, the property ownership was fragmented between various companies. This negated any ability to conduct comprehensive, project-wide exploration programs. During the early 1990s, Placer Dome drilled approximately 19,000 metres specifically on the Mexican Hat feature and Santa Fe drilled approximately 3,800 metres in adjacent areas. The only resource estimate completed from this work was calculated by Placer Dome. Placer Dome reported a resource in excess of 300,000 ounces gold averaging 1.2 g/t (this estimate predates National Instrument 43-101 and therefore do not conform to current standards for reporting purposes. These estimates should not be relied upon until they have been verified by further due diligence and by the Company's "Qualified Person"). Placer Dome reports also include bottle roll cyanide leach tests that returned 93% recoveries with low acid and lime consumption rates. Auracle Resources is focused on realizing the full exploration potential of the total Mexican Hat project.
Source: www.auracleresources.com