Metals Exploration plc has discovered further near-surface mineralisaton, with potential for expansion, following channel sampling at La India in Nicaragua.
DRILLING
Results outlined an extension between 100 and 300 metres at the initial phase I North pit.
The programme, undertaken at the northern edge of the current La India system, followed exposure of “fresh mineralised outcrops” during construction of new access roads.
Sampling was carried out across two structural zones, the first of which was at the intersection of the La India and Teresa systems.
The second zone, testing continuity of the La India North-South trend, exposed a hydrothermal breccia in contact with a “massive quartz vein”.
Metals said that newly exposed high-grade mineralisation at the La India-Teresa intersection confirmed a “significant structural target for further drilling”.
A drilling programme is expected to confirm the extent of the pit extension and test deeper high-grade projections.
Positive results could see additional expansion of the mining area at La India.
Further work includes combining drilling results with those from historical trenching at the nearby La Mora and El Escondido alignments.
The company will also carry out mapping, around the La India-Teresa intersection, to refine targets.
Chief executive officer Darren Bowden added: “We are extremely pleased with these initial results, which highlight the strong potential to grow the phase I North pit both along strike and at depth.
“The discovery of additional near-surface mineralisation provides an immediate opportunity to enhance recoverable ounces and potentially improve phase I economics.
“Our forthcoming drilling programme is designed to rapidly test these new zones and unlock further value from what is shaping up to be a highly prospective epithermal system.”