Current Exploration

The 2018 Phase 1 drill program (10 holes; ~1500  m) was the first exploration drilling to be conducted at Santana since 2011. Results of the drilling were released in the Company’s October 10, 17, 25 and November 1, 2018 news releases.

Holes S18-114 and S18-115 were targeted to examine a satellite zone of gold mineralization located immediately to the northeast of the Nicho deposit and its potential continuity with the main gold system. Both holes intersected multiple zones of gold mineralization.

Holes S18-116-119 and S-18-123-124 were step-out holes to assess the continuity of mineralization to the southwest of the Nicho Main zone. All of the holes intersected broad zones of near surface mineralization. Highlights of the drilling (Table 1) include:

  • S18-116: 93.5 m @ 0.65 g/t Au; composite interval3 60 m @ 0.97 g/t Au
  • S18-117: 80.4 m @ 1.05 g/t Au;  composite interval3 42 m @ 1.96 g/t Au
  • S18-118: 24.5 m @ 0.81 g/t Au
  • S18-123: 127.3 m @ 0.81 g/t Au

Holes S18-123 and 124 tested the southwest limits of the Nicho Main zone. Both holes ended within the mineralized horizon, indicating the potential for deep mineralization extensions that were not considered in previous exploration programs.

Hole S18-121 was drilled approximately 200 m north of the known mineralization limits at the Nicho and Nicho Norte zones and returned 95.7 m of 0.85 g/t Au, 9.8 g/t Ag and 0.33% Cu (1.47 g/t AuEq; Table 2) from 32 m downhole in a previously underexplored part of the Santana Property. The hole is the first drilled deep enough to intersect this new style of polymetallic mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and intrusive breccias. Based on surface exposures and known geology the mineralized system appears to be open to expansion in all directions.

Table 1 - 2018 Phase 1 Drilling at the Nicho and Nicho Norte zones

  Mineralized Interval 1,2 Composite Interval 3  
Drill Hole From
m
To
m
Width
m
Gold
g/t
Width
m
Gold
g/t
Area
S18-114 14.0 29.5 15.5 0.27     Nicho Satellite
66.2 81.1 14.9 1.40
107.2 117.0 9.8 0.65
145.5 172.0 26.5 0.21
S18-115 8.2 26.0 17.8 0.73 19 0.90 Nicho Satellite
61.0 73.8 12.8 0.17
123.9 129.5 5.6 0.24
S18-116 2.0 95.5 93.5 0.65 60 0.97 Nicho
S18-117 19.3 99.7 80.4 1.05 42 1.96 Nicho
S18-118 2.5 10.5 8.0 1.0     Nicho
48.5 73.0 24.5 0.81
90.0 103.6 13.6 0.29
S18-119 1.3 10.7 9.4 0.14     Nicho
20.5 34.9 14.4 0.33
77.9 82.5 4.6 0.25
S18-120 Hole abandoned due to faulting     Nicho Norte
S18-1225 No significant mineralization     Nicho Norte
S18-123 23.2 150.5 127.3 0.81 63.7 1.55 Nicho
S18-1244 8.5 38.5 30.0 0.23     Nicho
85.5 160.0 74.5 0.32    

Notes:
1. Grades/widths of mineralized intervals represent complete “from” “to” drill depths as shown.
2. All holes (with the exception of S18-122 which was drilled vertically) were drilled at 45-70 degree inclinations designed to be roughly perpendicular to the understood dip of mineralized structures based on the current understanding of the geological structures. The true widths of the mineralized zones in these areas are currently unknown.
3. Grade/width of composite intervals is a total of all mineralized intervals that have gold grades equal to or in excess of “typical” open pit mining heap leach cut-off grades of 0.15  g/t gold.
4. Hole ended in mineralization.
5. Hole S18-122 was redrilled vertically in the same location as S18-120 which was abandoned.

Table 2 - New 2018 Divisadero Discovery Drilling 

  Mineralized Interval 1,2  
Drill Hole From
m
To
m
Width
m
Gold
g/t
Silver
g/t
Copper
%
Gold Eq3
g/t
Area
S18-121 32.0 127.7 95.7 0.85 9.8 0.33 1.47 Divisadero
incl 55.0 125.0 70.0 1.10 11.8 0.56 1.88

Notes:
1. Grades/widths of mineralized intervals represent complete “from” “to” drill depths as shown.
2. The hole was drilled at a 70-degree inclination. The true width of the mineralized zone in this new area is currently unknown.
3. Gold equivalent (AuEq) calculated using the following metal prices: $1,250/oz gold, $16/oz silver and $2.85/lb copper.


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