Tocvan Ventures (TOC.C) has released the assay results from the first three holes drilled on its El Picacho gold project, located in the shadow of Magna Gold’s (MGR.V) San Francisco gold mine.

Hole 3 was the best hole. Not for the 48.8 meters of 0.3 g/t gold but for the ‘higher grade’ zone of 27.5 meters of 0.51 g/g told starting at about 21.4 meters downhole. And due to the azimuth of that hole, this basically means the gold mineralization starts just about 10 meters below surface.

While the two other holes were less impressive, there are mitigating circumstances here. Hole SRA22-001 was drilled on the northern flank of the Las Guijas underground workings and although no significant mineralization was encountered in this hole, it did encounter a 9 meter wide quartz vein with anomalous values.

Hole SRA22-002 was targeting the down dip projection of the mineralisation at the underground workings on the Las Guijas zone and while anomalous gold values were detected (including 1.5 meters of 0.5 g/t gold), the hole was lost and had to be abandoned as it actually encountered the underground workings. That’s a pity as hole 3 actually picked up the mineralization of the Las Guijas zone just a dozen meters away and it looks like if hole two would have been drilled a few meters further to the northwest, it would have hit the same type of mineralization as hole 3 did.

This is an encouraging start to the drill program as it confirms the presence of near-surface oxide-hosted gold mineralization connected to the historical underground workings. These are the results of just the first three holes and ten holes have already been completed for a total of almost 1,100 meters. The results from the remaining seven holes (drilled at the main San Ramon prospect) should be out shortly.

Disclosure: The author has a long position in Tocvan Ventures. Tocvan is a sponsor of the website. Please read our disclaimer.

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