Los Cerros publish Quinchia Gold Project Update

Los Cerros (ASX: LCL)

Provided an update on exploration progress at is 100% owned Quinchia Gold Project in Risaralda – Colombia.

Significant delays in assay turnaround times have caused a substantial backlog of pending assays, from both drill core and surface exploration programs, a global problem related to COVID-19 issues. The Company is working with the lab to resolve and prioritise the workflow and expects regular exploration market updates to resume shortly.

 

,

Los Cerros ASX: LCL
Stage Exploration
Metals Gold, copper
Market cap A$82 m  @ 13 c
Location Risaralda, Colombia

 

.

Los Cerros project map, Tesorito, ColombiaQuitierra, Colombia.

 

.

 

EXPLORATION UPDATE – QUINCHIA GOLD PROJECT

 

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) provides an update on exploration progress at is 100% owned Quinchia Gold Project in Risaralda – Colombia.

Significant delays in assay turnaround times have caused a substantial backlog of pending assays, from both drill core and surface exploration programs, a global problem related to COVID-19 issues. The Company is working with the lab to resolve and prioritise the workflow and expects regular exploration market updates to resume shortly.

Los Cerros also advises that the initial deep penetrating induced polarisation (IP) survey over the Miraflores – Tesorito area is complete and results currently being interpreted and assimilated into geology and drill targeting models. The IP program has been extended to cover multiple areas of interest including Ceibal and Chuscal.

▪ Backlog of pending drill core assays from Tesorito and Ceibal plus surface sample assay results from regional program expected to be resolved shortly
▪ Deep IP geophysics over Miraflores – Tesorito area complete, currently being interpreted.

Three additional IP programs commissioned and expected to be completed this year
▪ Drone based magnetic survey over majority of Quinchia Project in progress with Ceibal area finished and currently being interpreted
▪ Four rigs currently drilling at Tesorito

 

Los Cerros also advises that the initial deep penetrating induced polarisation (IP) survey over the Miraflores – Tesorito area is complete and results currently being interpreted and assimilated into geology and drill targeting models. The IP program has been extended to cover multiple areas of interest including Ceibal and Chuscal.

The first sector of the Company’s regional systematic drone magnetic survey over Ceibal and Ceibal East has been completed.

It is anticipated results will be released in conjunction with outstanding Ceibal drill hole assay results which have also been impacted by the lab backlog.

The drone is currently flying the Miraflores – Tesorito area. Results from this survey will
complement the outputs of the completed IP program covering the same target area ahead of drill testing this highly prospective region.

The Company has four drill rigs currently drilling at Tesorito South with three rigs pursuing extensions to the north of the established zones of interest. The fourth rig has commenced testing southern extensions which remains open on a wide front. The drill program continues at pace with 11 Tesorito drill holes with assays pending or currently underway.

The dedicated target generation team continues to work methodically over 8 regional porphyry and epithermal targets, see announcement 7 July 2021 for details of the target generation program.

 

Los Cerros management comments

“Whilst its early days for understanding the IP and magnetic results, we are sufficiently enthused by the early outputs to expand both programs. At 3.6km2, the new IP survey program commissioned is roughly 3 times larger than the area covered in the recently completed IP program mentioned above.

“The planned surveys will cover Ceibal, Ceibal East, Chuscal and Chuscal Bajo (just SW of Chuscal) and is expected to be completed later this year.

Los Cerros Managing Director, Jason Stirbinskis

 

 

=======

 

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email  andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Los Cerros bought at the prevailing price on the day of purchase.