El Pescadito Project
El Pescadito, Carolina, El Gigante
Located in eastern El Salvador, 95km east of the capital San Salvador and 20km northeast of the town of San Miguel, the El Pescadito Project comprises three contiguous concessions covering an area of 133km²: the El Pescadito, Carolina and El Gigante concessions.
Numerous old workings and mines are located within the El Pescadito Project which have been exploited intermittently since the 18th Century. The Loma del Caballo and El Divisidero prospects have been subjected to the most recent exploration with both surface and underground evaluations suggesting strong potential for the discovery and delineation of sizeable gold and silver mineralised breccia zones associated with low-sulphidation, epithermal-type systems. Although no accurate production figures are available, it is estimated by the El Salvadorian Government that 100,000oz gold and 5.6Moz silver was extracted from El Divisidero in the early 1900's at grades of 3.8g/t gold and over 200g/t silver.
Please click here for Pescadito Project plan.
The Loma del Caballo Prospect contains a previously reported resource using JORC Code categories of some 116,500oz gold and 3.2Moz silver. Recent work including trenching and diamond drilling confirms the width and tenor of the mineralisation at Loma. Drill intersections such as 42.08m at 2.3g/t gold and 69.3g/t silver from 18.2m drill depth highlight the potential of this prospect.
The Divisidero area consists of numerous mineralised veins, incorporating a host of historic underground and surface workings along a major northwest trending auriferous fault / vein system and its splays. The structure begins in the vicinity of El Divisidero town (centred on the historic Divisidero/Carolina underground gold-silver mine) and trends in a general northwest direction over approximately 4,000m of strike length, with a moderate to steep dip to the northeast. The structure straddles the Pescadito and the Carolina Concession boundary. The Divisidero prospects include amongst others the Divisidero/Carolina Vein, the Protectora Vein, and the San Francisco-Tortuga veins. Field work undertaken by Condor (Minerales Morazan) between 2006 and 2007 on vein exposures in these areas produced significant trench results including 26m at 1.77g/t gold and 73.4g/t silver from 59m drill depth at Carolina, 10m at 1.66g/t gold and 216.0g/t silver from 11m drill depth at Protectora, and 9m at 0.8 g/t gold and 116.5g/t silver from 35m drill depth at San Francisco-Tortuga.
Condor (Minerales Morazan) announced a subsurface resource of 2.7Mt at 2.7g/t gold and 171g/t silver for 240,000oz gold and 15Moz silver in the Divisidero area in December 2006. Following the results of the 40m spaced trenches excavated across the structure between 2006 and 2007, this resource was supplemented by an oxide resource of 1.2Mt at 1.0g/t gold and 53g/t silver for 41,000oz gold and 2.1Moz silver announced in February 2008.
Please click here for Divisidero-Carolina Resource cross-section.
Other prospects within the Pescadito Project warranting further exploration include the Agua Caliente-Virginia Prospect and the Taladro Prospect.
At the Agua Caliente-Virginia Prospect, significant assay results from rock chip sampling (up to 35.8g/t gold, 1043 g/t silver), trenching (16m at 2.66g/t gold and 368.8g/t silver, including 1m at 6.60g/t gold and 1,234.3g/t silver) and exploratory drilling (10.78m at 1.3g/t gold and 369g/t silver from 20m drill depth) identified a mineralized zone with up to 15m width of strongly propylitically altered quartz and calcite veins and vein breccias. The mineralized zone trends 500m southeast across the Rio Seco (River) to the Taladro Prospect, giving a prospective strike length of over 2,000m.
The Taladro Prospect is a site of historical surface and underground workings. Rock chip sampling of vein outcrops during reconnaissance returned peak assays of 17.4g/t gold and 1,422g/t silver.
El Gigante Concession exhibits a geological setting similar to that of the San Sebastian Gold Mine, located immediately southeast of the Pescadito Project. San Sebastian is recorded as being one of the most prolific gold producers in Central America, producing over 1.28Moz of gold at a grade of approximately 60g/t.
The mineralisation at El Gigante is an epithermal textured quartz-calcite vein and vein breccia system hosting gold-silver mineralisation. Results of initial reconnaissance mapping and sampling indicate a minimum potential strike length of 500m based on surface exposures, historical mine workings, and historical maps of underground workings. The vein systems trend west-northwest, and dip moderately to the north-northeast to a depth of at least 80m below surface. The system appears to be structurally controlled along the contact between propyllitically altered andesitic volcaniclastic units and a rhyodacitic unit of possible intrusive origin. Results from rock chips samples collected from outcropping quartz veins and vein breccias returned peak assay values of 4.8g/t gold and 639g/t silver.
Drilling by previous concession holder Intrepid Minerals produced significant mineralization in five out of six drillholes. Published results include intercepts of 3.35m at 15.61g/t gold and 1,393g/t silver, 0.20m at 44.86g/t gold and 2,516.2g/t silver, and 9.65m at 4.00g/t gold and 231g/t silver. Following compilation of historical trenching, drilling and underground sampling Condor (Minerales Morazan) announced an inferred gold resource estimation of 610,000t at 2g/t gold and 87g/t silver for 39,000oz gold and 1.7Moz silver at El Gigante in February 2008.
Please click here for El Gigante Prospect plan.
The total Pescadito Project inferred resource currently stands at 7.1Mt at 1.90g/t gold and 96g/t silver for 430,000oz gold and 22Moz silver.
Condor (Minerales Morazan) will test the strike potential of this mineralised structure with a significant trenching program followed by drilling of the structure when the necessary environmental permits are received from Government.