Metminco Limited (ASX: MNC), soon to be renamed Los Cerros Limited, is pleased to advise that it has received preliminary gold results for CHDDH003, the third hole of the maiden drill program at the Chuscal3 gold target in the Mid-Cauca Porphyry Belt of Colombia.

The 3rd hole successfully intercepted a number of high grade vein-related gold in zones which correlate with our modelled horsetail structures, a key feature which appears to be driving the distribution of high grade gold through the mineralised system.

Best intercepts included: 6m @ 2.97g/t Au from 250m including a 0.4m high grade vein from 253.3m grading 31.8 g/t, 2m @ 1.73g/t Au from 124m, 8.1 m @ 1.2g/t Au from 294m to end of hole and occurring with massive course grained galena and sphalerite2.

Notably, the 6m @ 2.97 g/t Au intercept encountered at 250m down hole and intense fracturing corresponds with the historic near-surface artisanal mining, suggesting potential for significant structural continuity over a large vertical extent.

Whilst multi-element results remain pending, the interpretative outcomes of CHDDH003 thus far are summarised as follows

Defined a strike extent of 500m from hole CHDDH002 to CHDDH003 for the horsetail structure that controls the distribution of epithermal gold throughout the Chuscal prospect. The horsetail structure remains open along strike in both NW and SE directions.

The Corporacion Diorite shows considerable potential to host significant epithermal mineralisation

The intercept at 250m is within the diorite and is potentially the depth extent of near-surface, worked veins suggesting the Corporacion horsetail vein has significant vertical extent.

The mineralisation encountered in the last 8m of the hole remains open and occurs with massive sulphides and sericite alteration. Interestingly, the shallow vein dip and orientation is similar to the relatively flat lying high grade veins exploited by artisanal miners at the nearby Guyacanes mine and may be a repeat of this structure. The drill hole was stopped early to reduce risk of losing drill rods due to a combination of mechanical issues and difficult drilling conditions encountered.

Surface samples from the Corporacion Diorite and horsetail structure reported the highest surface sample results in the Chuscal district to date4 including grab samples up to 49.4 g/t Au.

Former artisanal miners reported the Corporacion workings as being the best grade in the Chuscal district.

Drill Hole CHDDH004, has also been completed for a total of 370m with assays due mid-January. Visible logs from the field have confirmed that hole #4 has intercepted 3 horsetail structures.

Metminco's Managing Director, Jason Stirbinskis concluded: 'There is mounting evidence to suggest we are in a big, complex system, which is not surprising given the size and complexity of discoveries around us of the same age and style, some of global significance such as Nuevo Chaquiro and La Colosa gold porphyries together with other porphyry/epithermal systems within the Quinchia Project such as Tesorito, Miraflores and Dosquebradas.

Heading into our 2020 program, we will now use our new found learnings from the 2019 drill program to target higher grade epithermal regions and vector in on the porphyries that are the source of all the mineralisation we've encountered.

As a first step outstanding assay results from CHDDH003 and CHDDH004 will be integrated into a district scale 3D geological and structural model, covering the Chuscal, Tesorito, Miraflores and Dosquebradas porphyry/epithermal systems, which will provide valuable information to design a follow up program in early 2020.

Internationally recognised porphyry consultant Dr Steve Garwin will oversee the study. Dr Garwin previously consulted to Andes Resources Ltd's project located 70km north of Quinchia5 and currently consults to Solgold Plc (Cascabel Project in Ecuador) and Hot Chili Ltd (Cortadera Project in Chile).

Contact:

Jason Stirbinskis

Email: jstirbinskis@metminco.com.au

(C) 2019 Electronic News Publishing, source ENP Newswire