Cortez Gold Corp. (TSX VENTURE:CUT) has provided an update on its Petlacala Gold-Silver Project, Mexico.
Cortez Gold, in its Phase I diamond drilling program on its optioned Petlacala gold-silver project located in Guerrero State, Mexico (see news release April 12, 2010), has completed the 9th hole (1635m) out of a planned 12-hole (2100m) program.
The drill hole program at Petlacala is targeting a low sulphidation vein system of the Astro, California, Karla-Guadalupe, Ninfas, Armazon, and Madre veins (see news release August 11, 2010). Thus far, each hole has intersected its targeted vein at the predicted depth and indicates the presence of a vein and a stockwork-breccia zone associated with the vein.
With assays from 3-1/2 holes received, the first strong drill intersection is hole Pet-5 Gu where the drill hole intersected a wide zone of mainly massive, and locally banded and colloform chalcedonic silica that assayed 0.57 g/t gold and 55 g/t silver over 39.95m (1.45 g/t gold-equivalent) with a 3.18-meter interval of 2.67 g/t gold and 160.45 g/t silver. Company geologists expect that this near-surface vein intersection represents an upper portion of the Karla-Guadalupe vein system with possible high-grade gold and silver values at depth.
Robert Eadie, president and CEO, said, "The Petlacala property is receiving its first drill holes ever, and we are already excited by the magnitude of the mineralized system here. The six large vein systems noted above all extend for several hundred meters at surface. With assays from the remaining 8-1/2 holes to follow shortly, we are building a lot of confidence in the upcoming Phase II drilling program."
Presently, the Astro vein was tested with two holes, the California vein with two holes, the Karla-Guadalupe vein with three holes, and the Ninfas vein with one hole. This release reports assay results from three of these holes, and partial results from the fourth.
The Company is currently drilling hole 10 to intersect the Astro vein approximately 100m below the drill intersection in hole 9.
Drill core samples have been submitted to ACME laboratory for analysis, and assay results will be released once they have been received and analyzed by the Company.
The Petlacala property covers approximately 3,200-hectares, is located 220 kilometers southwest of Mexico City, 65 kilometers west of Gold Corp's Los Filos gold deposit, and approximately 200km south of the El Oro – Tlalpujahua epithermal vein system
Exploration work in the Petlacala project is being conducted by Reyna Mining, and on behalf of Cortez Gold, Piotr Lutynski, P.Eng., is the Qualified Person, as defined by National Instrument 43-101, for the Petlacala exploration program. Mr. Lutynski has reviewed and is responsible for the technical information in this release.
Source: Cortez Gold Corp.