Lago Dourado Minerals Ltd TSXV:LDM announced assays from its Jauro project in Mato Grosso, Brazil. Results include
1.25 g/t gold over 4 metres
2.35 g/t over 11 metres (including 11.19 g/t over 2 metres)
1.44 g/t over 6 metres
1.03 g/t over 4 metres
9.82 g/t over 10 metres (including 92.6 g/t over 1 metre)
1.4 g/t over 8 metres
1.67 g/t over 43 metres (including 2.87 g/t over 11 metres)
President/CEO Forbes Gemmell tells ResourceClips.com, “Jauro is on a greenstone belt in the south of Brazil. There was some drilling done by BP in the 1980s—they drilled about 80 holes and had some encouraging hits. No real exploration work has been done since then. So we took over the project a couple of years ago, completed a soil sampling program over the main area of interest and also did an airborne survey—so we’ve done a magnetics and radiometrics interpretation—and recently completed a 1,600-metre Phase 1 drill program.
Hitting such intercepts as 43 metres of 1.67 grams and 10 metres of 9.82 grams, it obviously shows that there is gold in the system—Forbes Gemmell
“I thought the assays were very encouraging given the limited amount of data that was available,” Gemmell continues. “Hitting such intercepts as 43 metres of 1.67 grams and 10 metres of 9.82 grams, it obviously shows that there is gold in the system, and the key now for us is to get a better understanding of the main structural controls. That’s where methods such as trenching, as well as an IP survey, should give us a better feel, because it is an orogenic deposit, which tends to be controlled by structure or contact zones. Given that work is yet to be done, getting such good hits over very good widths is very encouraging.
“We’re looking to do some of that followup work in terms of trenching and some IP over the next few months. Any Phase 2 drilling [at Jauro] would likely get started at the end of the year. It’s too early [for a resource estimate]. The thing to keep in mind is that Juruena is our flagship project, and that is where most of our money is getting invested, but based on early results I think there’s exceptional optionality at Jauro.”
Regarding the company’s progress at its Juruena project, Gemmell says, “We’ve just started up our Phase 2 drill program. The big shift there has been the identification of a potential porphyry/epithermal system, which is a bit different from the geological model we started with. So the key there is doing some IP-type work to identify the sulphides. The IP’s starting in a couple of weeks, and once we get the results back from that we’ll test those porphyry-type targets. In the meantime, the Phase 2 drilling is going to do some followup holes at Uiliam, which is where we hit 216 metres of 0.55 g/t gold.
“We feel we’ve identified a couple of zones with resource potential [at Juruena] just based on some of the results from the Phase 1 drilling, but drilling up a resource there isn’t a priority for us. We think there are bigger prizes to be had. This potential for porphyry-type deposits on the property—that’s where you can easily add ounces. So that is going to be our priority for Phase 2: testing these porphyry targets rather than coming in and doing infill [work] to try and drill off a resource.”
Gemmell concludes, “We just completed a $9 million financing in the last few weeks. That should fund us through our Phase 2 drill program at Juruena, which should be the next 12 months.”
by Ted Niles