Denarius Metals Corp. (“Denarius” or “the Company”) (TSXV: DSLV;
OTCQB: DNRSF) announced today that it has received complete assays
for nine additional validation and infill drill holes, totaling
2,461 meters, from the ongoing surface diamond drilling program on
its polymetallic Lomero-Poyatos Project in southern Spain. To date,
Denarius has completed approximately 14,250 meters of drilling,
representing 60% of the initial program, in 48 holes with three
additional holes in process.
Helicopter-borne time-domain electromagnetic
(“TDEM”) and ground-based gravimetric surveys have begun but are
progressing slowly due to poor weather conditions in the permit
area over the last two weeks.
Key takeaways from the exploration work carried
out at the Lomero-Poyatos Project to-date include:
- These additional
validation and infill drill holes continue to confirm the grades
and widths of intersections in selected drill holes from previous
drilling campaigns, increasing the confidence in the geological
understanding and data validation that will be carried out for the
Mineral Resource estimate;
- Current infill
drilling continues to intersect medium to high-grade gold and
polymetallic mineralization, mainly associated to thick
intersections, over 350 meters strike length below Level 5 of the
historical mine in the central and eastern portions of the deposit.
Infill drilling also continues to show increasing zinc and gold
grades in progressively narrow massive to semi-massive
intersections at depth at the western end of the permit;
- Field mapping
suggests a potential eastern extension of the shear-zone that hosts
the Lomero-Poyatos deposit, which bends to the NE and appears to be
limited by the presence of an inferred NE-trending fault at the
easternmost end of the mine;
- Sulphide
mineralization includes polymetallic (sphalerite and galena)
mineralization. It is not typical to have sphalerite and galena
occurring together with chalcopyrite in a VMS system. As
polymetallic mineralization was encountered in a deeper part of the
Lomero-Poyatos shear zone, and the higher areas of the same shear
zone do not contain polymetallic mineralization, this may indicate
further polymetallic mineralization occurs at depth that is being
sheared into the chalcopyrite and pyrite mineralization.
Serafino Iacono, Executive Chairman and CEO of
Denarius, commented, “These additional drilling results continue to
confirm the widths and grades of gold and polymetallic
mineralization of previous drilling campaigns on the Lomero-Poyatos
Project and demonstrate the continuity of wide, high-grade gold and
polymetallic mineralization below Level 5 of the historical mine
over 350 m strike length. We are also confident that our
geophysical program will expand the prospectivity for new deposits
potentially associated to the northern and southern shear-zones
relative to the known shear-hosted Lomero-Poyatos deposit. The
ongoing drilling program has verified the reliability of the
historical drill results and will allow proper 3D modelling of the
deposit in order to prepare an updated NI 43-101 compliant mineral
resource estimate and scoping study by the third quarter of this
year".
To date, 100% of the Validation phase and 70% of
the Infill phase have been completed.
The Company has established COVID-19 safety
protocols for ensuring a secure work environment for its employees
and contractors.
Key Highlights
- New results from
three validation holes in the ongoing drilling program largely
validate the thickness and grades of selected drill holes from
previous drilling campaigns as shown by the table below:
Surface Drilling |
Hole |
Phase |
From (m) |
To (m) |
Width (m) |
Cu % |
Pb % |
Zn % |
Ag g/t |
Au g/t |
Min. Type |
LM21005 |
Validation |
285.95 |
287.70 |
1.75 |
0.15 |
0.24 |
0.27 |
29.15 |
3.08 |
MS |
L04-48 |
CMR |
275.00 |
278.00 |
3.00 |
0.09 |
0.07 |
0.02 |
20.00 |
2.33 |
MS |
LM21006 |
Validation |
171.80 |
172.90 |
1.10 |
0.30 |
5.57 |
9.98 |
145.00 |
5.76 |
MS |
L01-8 |
CMR |
148.00 |
152.00 |
4.00 |
0.30 |
3.73 |
6.49 |
133.33 |
7.28 |
MS |
LM22026 |
Validation |
109.40 |
112.05 |
2.65 |
0.60 |
0.06 |
0.10 |
19.21 |
2.10 |
MS+SM |
L03-11 |
CMR |
97.00 |
103.00 |
6.00 |
1.47 |
0.15 |
0.03 |
19.50 |
1.87 |
MS |
MS: Massive SulfidesSM: Semi-Massive
CMR: Cambridge Mineral Resources
- Drill hole
LM22025, along with drill holes LM21007, LM21009, LM21010 and
LM21014 (previously reported), was successful in confirming
high-grade gold and polymetallic mineralization over 250 meters of
strike length below Level 5 of the historical mine in the central
and eastern portions of the deposit, demonstrating that
mineralization is continuous and open at depth. The mineralization
is characterized by a massive polymetallic sulfide zone with drill
intersection widths of between 6.45 m and 17.70 m with average
grades of 0.38 to 2.51% copper, 0.18 to 3.28% zinc, 0.16 to 0.65%
lead, 15.74 to 62.49 g/t silver and 1.84 to 6.07 g/t gold. This
high-grade portion of the deposit is extended west by drill hole
LM22023 to a lower grade for an additional 100 meters.
The grades are higher when the massive sulfide
zone is predominant. The widths are drill intersections across the
mineralized zones and the true width is estimated to be
approximately 80-90% of the drill intersections.
- Drill hole
LM22024 continues to show increasing zinc and gold grades in
progressively narrower massive to semi-massive intersections at
depth at the western end of the permit. Narrowing of the
intersections is offset by high-grade zinc and gold mineralization
as shown by CuEq grades and In-situ Rock Values, see table
below.
- The
Lomero-Poyatos shear zone appears to trend east-west across the
middle of the property. Historical level plans and mine workings
suggest that the deposit bends northeast to the east of Lomero,
however, no field evidence is currently available to evaluate this
change in orientation. Sheared dacite observed in the Rivera de la
Pelada may suggest the shear zone continues to the east, which will
be tested by the ongoing high-resolution helicopter-borne time
domain electromagnetic (“TDEM”) and magnetic survey (Xcite™).
- Copper sulphide
mineralization in drill hole LM22025 includes polymetallic
(sphalerite and galena) mineralization. It is not typical to have
sphalerite and galena occurring together with chalcopyrite in a VMS
system. As drill hole LM22025 intersected in a deeper part of the
Lomero-Poyatos shear zone, and the higher intersections do not
contain polymetallic mineralization, this may indicate further
polymetallic mineralization continues at depth, which will be
tested by step-out drilling.
The following table lists the key intercepts
from the ongoing Lomero-Poyatos drilling program since the
Company’s previous press release issued on March 23, 2022:
HOLE ID |
Phase |
from(m) |
to(m) |
length(m) |
Cu% |
Pb% |
Zn% |
Agg/t |
Aug/t |
CuEq(%) |
IRV*($US/t) |
Min.Type |
LM21005 |
Validation |
285.95 |
287.70 |
1.75 |
0.15 |
0.24 |
0.27 |
29.15 |
3.08 |
2.86 |
224.13 |
MS |
LM21005 |
“ |
290.75 |
293.20 |
2.45 |
0.09 |
0.96 |
2.31 |
17.93 |
2.08 |
2.71 |
211.80 |
STK |
LM21006 |
Validation |
171.80 |
173.90 |
2.10 |
0.58 |
2.98 |
5.34 |
85.38 |
3.13 |
6.03 |
472.01 |
SM+STK |
LM21011 |
Infill |
255.80 |
258.95 |
3.15 |
0.41 |
0.69 |
0.24 |
43.37 |
2.92 |
3.26 |
254.91 |
MS |
LM21012 |
Infill |
229.33 |
237.05 |
7.72 |
0.90 |
0.12 |
0.19 |
23.81 |
2.86 |
3.34 |
261.66 |
MS |
LM22018 |
Infill |
286.05 |
289.90 |
3.8 |
0.08 |
0.15 |
0.25 |
9.74 |
0.75 |
0.84 |
65.98 |
SM |
LM22023 |
Infill |
199.85 |
207.30 |
7.45 |
0.54 |
0.13 |
0.33 |
7.72 |
0.72 |
1.28 |
99.99 |
MS+SM |
including |
|
199.85 |
203.40 |
3.55 |
0.95 |
0.23 |
0.65 |
13.45 |
1.12 |
2.16 |
168.87 |
MS |
LM22024 |
Infill |
197.00 |
197.50 |
0.50 |
0.33 |
0.55 |
5.99 |
63.60 |
2.20 |
4.44 |
347.23 |
MS |
LM22025 |
Infill |
235.40 |
260.90 |
25.50 |
0.32 |
0.65 |
1.42 |
43.07 |
4.16 |
4.40 |
344.61 |
MS+SM |
including |
“ |
235.40 |
248.40 |
13.00 |
0.38 |
0.98 |
2.07 |
62.49 |
6.07 |
6.34 |
496.33 |
MS |
including |
“ |
248.40 |
256.75 |
8.35 |
0.31 |
0.45 |
1.07 |
31.92 |
2.97 |
3.25 |
254.31 |
SM |
LM22026 |
Validation |
109.40 |
112.05 |
2.65 |
0.60 |
0.05 |
0.06 |
17.90 |
1.94 |
2.25 |
175.93 |
MS+SM |
|
|
|
|
|
|
|
|
|
|
|
|
|
*IRV: In-situ Rock Value
|
Notes: |
|
|
|
|
|
|
|
(1) |
|
The holes were drilled at -65 to -77 degrees from the horizontal.
Grades are for semi-massive to massive sulfide intersections and
some stockwork zones. The width is the sample length and is not
necessarily the true width of the intersection. All base and
precious metal grades are uncut and are not diluted to a minimum
mining width. |
|
|
|
|
|
|
|
(2) |
|
Equivalent copper grade (CuEq %) and in situ rock value (IRV) were
calculated using prices of US$1,800/oz gold, US$25/oz silver,
US$3.55/lb copper, US$1.00/lb zinc and US$0.90/lb lead. No
adjustments were made for recovery as the project is at an
exploration stage and metallurgical data to allow for estimation of
recoveries is not yet available. |
|
|
|
|
|
|
|
(3) |
|
MS: massive sulfides; SM: semi-massive sulfides; STW:
stockwork. |
|
|
|
|
|
|
Please refer also to the attached illustrative maps showing the
location of drill holes, a sketch of the location of the main
shear-zones and gravimetry survey lines, two longitudinal sections
for showing intercept locations, and four cross sections for drill
holes LM21005, LM21006, LM21011 and LM22024. |
|
|
Qualified Persons Review
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior
Consulting Geologist to the Company, is a qualified person as
defined by National Instrument 43-101 – Standards of Disclosure or
Mineral Projects and prepared or reviewed the preparation of the
scientific and technical information in this press release.
Verification included a review of the quality assurance and quality
control samples, and review of the applicable assay databases and
assay certificates.
Quality Assurance and Quality
Control
The Lomero-Poyatos samples were prepared and
assayed by AGQ Labs (ISO/IEC 17025) at their laboratory in
Burguillos, Seville, Spain. Gold was assayed by 30 g fire assay
with ICP-OES finish, while silver and base metals were analyzed in
a multi-element package by aqua regia digestion and ICP-OES finish.
Blank, standard and duplicate samples were routinely inserted and
monitored for quality assurance and quality control.
About Denarius
Denarius is a Canadian junior company engaged in
the acquisition, exploration, development and eventual operation of
mining projects in high-grade districts, with its principal focus
on the Lomero-Poyatos Project in Spain and the Guia Antigua Project
in Colombia. The Company also owns the Zancudo Project in Colombia
which is currently being explored by IAMGOLD Corp. pursuant to an
option agreement for the exploration and potential purchase of an
interest in the project.
Additional information on Denarius can be found
on its website at www.denariusmetals.com and by reviewing its
profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking
Information
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to anticipated business plans or strategies, including
exploration programs, expected exploration results and mineral
resource estimates. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Denarius to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements are described under the caption "Risk
Factors" in the Company's Filing Statement dated as of February 18,
2021 which is available for view on SEDAR at www.sedar.com.
Forward-looking statements contained herein are made as of the date
of this press release and Denarius disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
For Further Information,
Contact:
Christopher HaldaneVice President, Investor
Relations(416) 360-4653investors@denariusmetals.com
Attachment 1 – Drill
hole location
maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/9002427c-29b6-43df-82fc-4c18aa393de1
Attachment 2 –
Conceptual interpretation of shear zone and fault
distribution at
Lomero-Poyatoshttps://www.globenewswire.com/NewsRoom/AttachmentNg/0be22161-fa06-4225-97ba-789d0cc45fd2
Attachment 3 – Longitudinal
section showing the high-grade gold and polymetallic mineralization
zone outlined below Level 5 of the historical
minehttps://www.globenewswire.com/NewsRoom/AttachmentNg/167e6f1a-3d8a-4204-b4ae-59517b7f0e44
Attachment
4 – 3D Cross section for hole LM22025
showing the high-grade gold and polymetallic mineralization zone
outlined below Level 5 of the historical
minehttps://www.globenewswire.com/NewsRoom/AttachmentNg/09cf35ca-d792-4713-8c6e-59f5b597c360
Attachment 5 –
Cross section for drill hole
LM21005https://www.globenewswire.com/NewsRoom/AttachmentNg/07db765f-7eca-4c00-a5bf-9e8a4e954cae
Attachment 6 – Cross
section for drill hole
LM21006https://www.globenewswire.com/NewsRoom/AttachmentNg/165491f5-d223-4e21-bfba-b4c0196c4b23
Attachment 7 – Cross
section for drill hole
LM21011https://www.globenewswire.com/NewsRoom/AttachmentNg/27480e88-2097-4752-a765-a1d3da9f364d
Attachment 8 – Cross
section for drill hole
LM21024https://www.globenewswire.com/NewsRoom/AttachmentNg/4f949ecd-6140-4155-85cd-c02f15899ad7
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