VANCOUVER, BC, April 6, 2022 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") is pleased to announce that it has entered into a drill contract with Leduc Drilling S.R.L. ("Leduc Drilling") to carry out an initial 5,000m diamond drilling program at the La Escarcha, Gabby and Brownfields targets of Golden Hill Property, Bolivia.
- Up to 5,000 meters of angled diamond drill is planned to commence in late April of 2022.
- The initial program will focus on 3 high-priority drill targets at La Escarcha, Gaby and Brownfields, where veins between 1 to 5 meters in width have been reported.
- Drilling will initially test the depth extension of mineralization at the La Escarcha target.
Craig Hairfield, Chief Executive Officer of the Company, commented, "Our exploration work to date at Golden Hill has allowed us to better define the high priority drill targets and understand grade continuity within the vein system. Greenstone hosted gold systems, such as Golden Hill, are very attractive exploration targets as deposits typically occur in clusters along regional structures over strike lengths of several kilometers and depths of >1 kilometer. Drilling will initially test the depth extension of La Escarcha, centered around historic workings and recent Mantaro exploratory work, followed by testing of other high priority targets that have been delineated in our recent surface programs."
Golden Hill is centered on a broadly north-south trending regional structure (see Figure 1) that hosts the La Escarcha underground mine and the Gabby, Garrapatillia and Brownfields workings and gold-bearing veins in its western hanging wall. The same structure hosts numerous saprolite gold and hard rock gold deposits to the north and south of Golden Hill over a strike length of at least 25 kilometers — underpinning the significant control the structure exerts on gold mineralization.
Second order faults splays host areas of alluvial and saprolitic/hard rock workings to the north of La Escharcha — where Mantaro Geologists are currently rock-chip sampling and mapping. At least six strike kilometers of these structures are known within Golden Hill — in addition to the four kilometers between La Escarcha and Brownfields which have been mapped in detail. Known mineralization and surface anomalism is open along strike on all structures.
Mineralization between La Escarcha and Brownfields is characterized by a series of broadly parallel, north-south trending, very steeply dipping quartz veins that are between 1 to 5 meters wide. Mineralization is hosted in mafic metavolcanics, at the contact of metavolcanics and metasediments, and within metasediments (see Figure 1).
Veins are well exposed in underground workings at La Escarcha where they comprise multiphase white quartz and slivers of wall rock which are fracture oxidized. Veins are up to 5 meters wide and contain significant visible gold. Mine staff have reported that gold grades increase downwards from surface to the 60 m level which is currently under limited development. Most gold appears to be free hosted in fractures within quartz and pyrite.
Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Mantaro Precious Metals Corp.
Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru. The Company's holds an option to acquire up to an 80% interest in the advanced Golden Hill Property ("Golden Hill"), located in the underexplored, orogenic Bolivia Shield, Bolivia.
The Company also has a 100% interest in the high-grade Santas Gloria Silver Property as well as a 100% interest in each of the San Jose, La Purisima, Cerro Luque and Huaranay Properties (collectively, the "Silver Properties"). The Silver Properties are located in Peru.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Resulting Issuer undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mantaro Precious Metals Corp.