AXG Mining (ASX: AXC) has identified strong anomalous silver bearing breccia zones cross-cutting the main structural trend at its Condoroma copper-gold project in southern Peru.
Samples collected from various locations across the property return results including 995 grams per tonne (g/t) silver and 229g/t silver.
The work at Oro y Paloma – one of 7 potential targets identified across the 9,817 hectare property – will be followed by further geochemical sampling and mapping of the regional targets, with the view to refine new drill targets for later campaigns.
AXG is also poised to start the Phase One drill campaign that will explore for new copper-gold porphyry mineralisation while test the potential of silver zone.
“Although at an early stage, we are delighted to already be witnessing the tremendous potential for significant mineralisation at Condoroma,” executive director Gordon Sklenka said.
Condoroma is located in the prospective Andahualyas-Yauri mineral field.
The property is close to and along the same structure as large mines and development projects such as Xstrata’s (LSE: XTA) Tintaya mine and Las Bambas and Antapaccay development projects.
The belt currently hosts over 4 billion tonnes of Inferred and Indicated Resources.
AXG had in September last year announced it had signed binding Letters of Intent with Lara Exploration to earn up to a 75% interest in the Condoroma and Coporaque properties.
The properties consists of 24 mineral concessions covering 17,764 hectares and are located 75 kilometres from one another in the southern part of the Cusco Region.
Both Condoroma and Coporaque are drill ready with strong exploration targets and are close to existing infrastructure providing a low cost of exploration.
The geology of the Condoroma property appears to be consistent with that of other large copper-gold porphyry and skarn systems in Peru.
Substantial surface mineralisation and structural features cross the property and trend towards the Tintaya-Antapaccay deposits to the northwest.
Ground geophysics (IP survey) has revealed conductive targets along this trend which AXG intends to drill test in the upcoming exploration campaign.
Peru
Peru is widely considered one of the best mining jurisdictions in the world ranking third globally in copper production, fourth in the world in molybdenum production and is Latin America’s largest producer of gold.
With a strong mining culture and a large pool of experienced workers, Peru is ranked sixth globally and second in Latin America in terms of attracting exploration investment.
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News - AXG Mining hits strong silver zones at Peru copper gold project
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