According to Mining.com, drilling by Canadian exploration enterprise San Lorenzo Gold at the Arco de Oro target within the Salvadora project in Chile indicated that the property may host several copper-gold deposits.
San Lorenzo said on Friday (8th) that drill hole SAL-10-25 intersected 102 meters of mineralization at a depth of 153 meters with a gold grade of 1.33 g/mt, including 13 meters at the same depth with a gold grade of 2.21 g/mt. Nearby drill hole SAL-09-25 intersected 59 meters of mineralization at a depth of 238 meters with a gold grade of 1.07 g/mt, including 11 meters at a depth of 270 meters with a gold grade of 3.78 g/mt.
"These drill holes indicate a larger mineralization system at Arco de Oro than previously recognized," said Terence Walker, Vice President of Exploration. "We appear to be entering the upper portion of a gold-rich porphyry copper-gold system that requires follow-up drilling."
Calgary-based San Lorenzo has become one of the best-performing junior exploration companies on the Toronto Venture Exchange this year, with a series of discoveries at its Salvadora project in the Atacama Region of northern Chile.
The project covers more than 90 square kilometers and is located approximately 15 kilometers from Codelco's long-producing El Salvador copper mine. Infrastructure including roads and power is well-established, with access to nearby mining services.
Five Targets
Arco de Oro is one of five porphyry and epithermal deposit targets at the Salvadora project. Earlier this year, early-stage drilling at the Cerro Blanco target intersected gold mineralization on multiple occasions, attracting investor attention and financing.
In March, San Lorenzo raised approximately $20 million through a private placement to fund further exploration at Salvadora.
San Lorenzo has been steadily expanding the extent of the deposit. Two months ago, the company added 29 square kilometers near Cerro Blanco by acquiring three nearby Rubi blocks and signing an option agreement.
San Lorenzo said the geological setting at Salvadora is similar to other Andean porphyry deposits in Chile. Management noted that the broad mineralization intersections and multiple targets suggest the potential existence of a large-scale copper-gold mineralization system.
Assay results from other drill holes at Arco de Oro have not yet been completed, and the company will continue drilling to verify the extension of the ore body, which remains open in all directions.
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