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Fiore Gold Ltd.
Summary
| Project: | Pampas el Penon | |
|---|---|---|
| Deposit: | Pampas el Penon | |
| Location: | Chile | |
| Commodities: | Gold | |
| Date: | 7/12/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-7-2018: Fiore Gold Ltd. announces an Exploration/Drilling Update report for its Pampas el Penon deposit at the Pampas el Penon project. No economic intersections returned, withdrawn from project. Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Vern Arseneau (Internal) | |
| ABSTRACT: | Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to provide an update on its exploration projects in Chile. On the Rio Loa project, where Fiore recently identified a high-sulphidation gold target, the Company has negotiated a 12-month extension for completing the remaining work program required to complete the 100% earn-in on the project. Under the terms of the agreement, Fiore will issue 150,000 shares to the vendors, subject to exchange approval, in return for extending the deadline to complete the work to July 12, 2019. Previously announced results (PR of March 26, 2018) from geological and geophysical programs at Rio Loa have identified several drill targets, and this extension provides the Company with an additional Andean exploration season (September through May) to carry out the next phase of work, which would include a first-pass drilling program. The Miocene-age Maricunga Gold Belt has been the focus of renewed exploration for large epithermal systems over the past several years, and Rio Loa is particularly interesting because of its proximity to Gold Fields’ 3.8 million-ounce Salares Norte discovery, currently one of the highest-grade gold deposits in the Maricunga Belt. On Cerro Tostado, the Company is evaluating various options to advance the project, including the addition of a joint-venture partner. Previous exploration work, including core and reverse circulation drilling, has identified a series of parallel high-grade silver zones (see PR of October 11, 2017). Exploration expenditures by Fiore are sufficient to cover the required work commitments through January 2020 and all payments on the project are up to date. Tim Warman, Fiore’s CEO stated, “While our recent focus has been on our producing Pan Mine and the Gold Rock development project in Nevada, we continue to believe our Chilean assets hold considerable value as part of our overall pipeline of projects from early exploration through to production. We are particularly encouraged by the results from our Rio Loa project, and appreciate the cooperation of the Chilean vendors in agreeing to an additional field season to complete the work commitments.” On the Pampas el Peñon project, Fiore has notified the owner, Sociedad Quimica Y Minera de Chile SA (“SQM”), that it is withdrawing from the option agreement effective July 11, 2018. While results from our initial surface exploration and structural studies identified a series of promising targets, the subsequent nineteen-hole drilling campaign failed to intersect economic values of gold and/or silver. Following a recent evaluation of all our Chilean assets, management has determined that Pampas el Peñon does not merit further expenditure | |
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