Minera out with solid news this morning. Another extension at Santana Nico deposit. Hole 141 was 100m SW extension of the last big hole (134) that moved the stock considerably. Hole 141 came in at an impressive 202m of .51 g/t gold hole starting at surface and ending in mineralization (just like hole 134 did which ended in mineralization).
This hole was nicely comparable to 134 (248m of .60 g/t) BUT more importantly confirms the mineralized extensions at Santana and at depth of hole 134. This development continues to bode favorably to the continued scale potential of the deposit narrative.
The resource augmentation continues, which you can see on the chart that follows. The red outline is reflecting an increasing resource shape and boundaries, thus stepping up potential resource estimates.
Within the press release, there was an update on next phase of drilling and it was nice to see. It shows the abundance of targets to choose from and clearly reflects the internally increasing confidence of hitting additional Nico style mineralization. To that end, Darren stated regarding the exploration potential “even a few of these new targets exhibit the potential we have now seen at Nicho it will be a transformative event for the Santana project and its future growth potential.”
Hole 135, Divisadero, was also nice to see from the standpoint of future potential. Divisadero continues to be a high priority future target and this one hole returned mineralization. Minera is examining the shape / geometry of this and preparing an access road there to get better positioned for the drill program there.
Here are the targets.
Here is today’s news release: https://www.mineraalamos.com/site/assets/files/3986/2020-06-10-nr-mai-inin220ghtwa.pdf
Bottom line: Rate of change of the story is improving. Clicking on all cylinders just in time when it is about to go into production and we now have a resource growth tailwind to the exploration story. Up and to the right.
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