Tocvan Ventures (TOC.C) announced a significant near-surface discovery after hole JES-26-155 returned 215 meters at an average grade of 0.6 g/t gold, starting at a depth of less than 40 meters down-hole. The location of the hole is less than 2 kilometers from the planned pilot production facility and in the close vicinity of other infrastructure.
The entire 215 meter interval can be divided up into a zone of 87 meters at 0.64 g/t gold followed by an additional zone of 70 meters at 0.86 g/t gold further down hole. Both zones are separated by a layer of approximately 50 meters of anomalous mineralization. And as the table below shows, there are several higher grade intervals within the upper layer of 87 meters. 1.5 meters of 9.28 g/t gold and an additional 1.5 meters containing 16 g/t gold are quite remarkable, but filtering these two intervals out of the 86.9 meter interval results in a residual value of just 0.21g/t gold, so the higher grade intervals are really ‘carrying’ the wider interval. And that’s fine, as the cutoff grade of this type of open pit oxide-hosted gold deposit tends to have a cutoff grade well below that number. And as mining efficiency and continuity are key, a low-grade heap leach operation like Pilar will per definition be a larger earthmoving exercise once it is in full operation. And continuity definitely is a key element.
In any case, drilling at the El Mezquite trend confirms the prospectivity of the greater Gran Pilar project. Drilling is still ongoing and the assay results from an additional 5,500 meters are still pending.
Disclosure: The author has a long position in Tocvan Ventures. Tocvan is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
