Denarius Metals Announces High-Grade Gold and Silver Results from the Ongoing Infill Drilling Program at Its Zancudo Project in Colombia, Confirming High-Grade Mineralization on Multiple Structures at the Los Albertos Target
Highlights from the 2024 Infill Drilling Program include:
Multiple high gold and silver grades have been intersected in most of the drill holes completed on Los Albertos target, confirming the continuity and extending the mineralization on the main structure and also delineating a NW-SE trending ore-shoot on the main Manto Antiguo structure, which is still open along strike and to the west.
22.37 g/t Au and 2,752 g/t Ag over 0.40 m from 61.70-62.10 m, hole ZM-159, Manto Antiguo
53.51 g/t Au and 154 g/t Ag over 0.40 m from 50.40-50.80 m, hole ZM-156, Ortiz Vein System
37.60 g/t Au and 1,190 g/t Ag over 0.40 m from 117.20-117.60 m, hole ZM-154, Ortiz B Vein
25.94 g/t Au and 245 g/t Ag over 0.70 m from 101.8-102.5 m, hole ZM-151, Ortiz Vein System
17.53 g/t Au and 380 g/t Ag over 0.40 m from 52.80-53.20 m, hole ZM-162, Porvenir
Toronto, Ontario--(Newsfile Corp. - September 10, 2024) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") provided an update today on drill results from its ongoing 10,000 meters surface infill diamond drilling program at its Zancudo Project in Colombia. The Company announced today the results received from the final assays for 32 drill holes from the Los Albertos target, totaling approximately 4,790 meters. This infill drilling program, which has been designed at 50x50 meters drill centers, commenced in late April 2024 and is aimed at upgrading Inferred Resources to the Indicated category and to support near term mine development. The drilling program focuses on two priority areas, Los Albertos and Las Brisas, which contain most of the existing mineral resources. The drilling program started with the first priority target, Los Albertos, with two drill rigs operating from eight purpose-built surface drill platforms. As of July 27, 2024, the drilling program designed for the Los Albertos target was completed and the remaining meters planned for the Las Brisas target should be completed in the fourth quarter of 2024 with only one drill rig.
Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, "We are very pleased with the drilling results achieved to date, which demonstrate that systematic, more tightly spaced, infill drilling at Los Albertos has produced very positive results with a best so far of 1.6 m @ 7.74 g/t Au and 890 g/t Ag including 0.40 m @ 22.37 g/t Au and 2,752 g/t Ag. These results confirm the results from previous drilling campaigns and have delineated a high-grade ore shoot, which is still open along strike and to the west, within the main Manto Antiguo structure that could enhance the resource estimate and production grade down the line. The drill program is being carried out at tighter spacing, significantly de-risking the future production at the Zancudo underground operation and further validates the modelling methodology used to derive the current mineral resource estimate."
The infill drilling plan for the Los Albertos target was designed at 50x50 meters drill centers to intersect the Porvenir, Ortiz A and B veins and the Manto Antiguo structure. Los Albertos target comprises the following main structures: the steeply dipping El Porvenir Vein, set in the footwall of the northerly trending Santa Catalina master fault structure, the Ortiz Vein System that occurs in the footwall of the El Porvenir Vein and shows a similar structural trend, and the Manto Antiguo structure, which was the main structure historically mined. Manto Antiguo is interpreted as a brecciated manto structure, hosting clasts that show thin layers of mineralization composed of quartz, pyrite, arsenopyrite, sphalerite and galena, embedded in a matrix of sulfides and milled rock. This structure was selectively exploited by past mining, which focused on the sectors of the mine that showed the highest concentration of sulfides, allowing us today to evaluate and quantify an important resource that was left unexploited. A steeply dipping north-south trending reverse fault has been interpreted as offsetting the Manto Antiguo and Porvenir structures.
The following table shows intersections above a cut-off of 4.0 g/t AuEq for the Los Albertos target from the 2024 infill drilling campaign. High grade samples above 10 g/t Au and 100 g/t Ag are listed as sub-intervals:
Year
Target
Hole ID
Structure
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
AuEq g/t
2024
Albertos
ZM-150
Ortiz A
60.2
60.6
0.4
4.05
229
6.9
Ortiz A
62.0
62.7
0.8
3.73
22
4.0
Ortiz System
72.1
74.1
2.0
4.77
87
5.9
Including
72.1
72.4
0.3
15.64
533
22.3
Including
73.7
74.1
0.3
10.09
23
10.4
Ortiz System
82.0
82.5
0.5
3.68
210
6.3
Ortiz B
87.3
88.0
0.7
3.21
110
4.6
Manto Antiguo
92.8
94.2
1.3
10.11
41
10.6
Including
93.1
93.5
0.4
29.53
91
30.7
ZM-151
Ortiz System
90.5
102.5
12.0
6.04
92
7.2
Including
101.2
101.8
0.6
15.75
275
19.2
Including
101.8
102.5
0.7
25.94
245
29.0
Ortiz B
91.1
92.8
1.7
5.49
200
8.0
Including
91.1
91.7
0.6
10.35
290
14.0
Manto Antiguo
96.2
98.8
2.6
10.41
153
12.3
Including
96.2
96.8
0.6
5.71
344
10.0
Including
96.8
97.6
0.8
21.41
94
22.6
Unknown
109.6
109.9
0.3
19.25
90
20.4
ZM-152
Ortiz A
49.7
51.0
1.3
4.71
50
5.3
Ortiz System
53.8
54.3
0.5
4.29
366
8.9
Ortiz System
55.6
56.3
0.7
16.36
1,041
29.4
Ortiz System
60.6
60.9
0.3
7.52
227
10.4
Manto Antiguo
81.3
82.6
1.3
16.54
93
17.7
Including
81.3
81.9
0.7
22.70
155
24.6
Including
81.9
82.6
0.6
10.38
32
10.8
Ortiz B
109.0
109.3
0.3
7.77
31
8.2
ZM-153
Unknown
90.2
91.0
0.9
5.61
11
5.8
Including
90.2
90.5
0.3
15.30
30
15.7
Manto Antiguo
98.1
100.0
1.9
2.58
237
5.5
Including
98.1
98.7
0.5
3.30
314
7.2
Unknown
106.4
107.2
0.8
7.59
7
7.7
ZM-154
Ortiz System
42.3
43.4
1.2
8.89
10
9.0
Including
42.9
43.4
0.6
12.89
16
13.1
Ortiz System
58.7
59.0
0.3
7.88
187
10.2
Ortiz B
113.8
114.1
0.3
14.21
385
19.0
Ortiz B
116.7
118.0
1.3
21.75
465
27.6
Including
117.2
117.6
0.4
37.60
1,190
52.5
Including
117.6
118.0
0.5
28.24
31
28.6
ZM-155
Unknown
47.5
48.9
1.4
3.86
28
4.2
Manto Antiguo_Upper
125.0
125.5
0.5
6.64
48
7.2
Manto Antiguo
139.6
140.1
0.5
5.60
17
5.8
ZM-156
Ortiz System
50.4
51.7
1.4
20.66
62
21.4
Including
50.4
50.8
0.4
53.51
154
55.4
Ortiz System
53.2
53.9
0.7
13.04
157
15.0
Ortiz System
68.1
68.8
0.7
7.06
56
7.8
Ortiz System
71.6
71.9
0.3
5.32
54
6.0
Ortiz System
94.9
95.6
0.7
5.82
59
6.6
Ortiz System
141.5
141.8
0.3
4.84
263
8.1
Ortiz B
147.1
149.4
2.3
7.51
537
14.2
Including
147.1
147.6
0.5
12.77
324
16.8
Including
147.6
148.6
1.1
6.18
274
9.6
ZM-157
Ortiz System
64.3
64.7
0.4
9.57
33
10.0
Ortiz A
71.9
73.7
1.8
5.80
415
11.0
Including
71.9
72.3
0.4
3.43
281
6.9
Including
72.3
73.0
0.7
8.03
367
12.6
Ortiz System
78.3
78.8
0.5
6.05
287
9.6
Manto Antiguo
84.8
85.7
0.9
9.49
155
11.4
Including
85.2
85.7
0.5
14.31
202
16.8
ZM-158
Manto Antiguo_E
46.8
49.7
3.0
7.67
150
9.5
Including
46.8
47.3
0.5
14.31
15
14.5
Including
47.7
48.3
0.5
16.18
756
25.6
Including
49.4
49.7
0.4
11.16
40
11.7
Unknown
56.5
56.8
0.3
12.81
374
17.5
Manto Antiguo
83.3
84.6
1.3
6.87
9
7.0
ZM-159
Manto Antiguo_E
42.9
44.3
1.4
4.99
124
6.5
Including
43.6
44.3
0.7
4.88
228
7.7
Manto Antiguo
58.6
59.4
0.8
4.02
24
4.3
Manto Antiguo
60.6
62.1
1.6
7.74
890
18.9
Including
61.7
62.1
0.4
22.37
2,752
56.8
Ortiz B
131.4
132.2
0.7
20.80
387
25.6
ZM-160
Unknown
13.5
13.9
0.5
44.71
1,889
68.3
Unknown
16.5
17.6
1.1
10.62
93
11.8
Including
16.9
17.6
0.7
12.90
142
14.7
ZM-161
Porvenir
55.7
56.4
0.7
3.10
73
4.0
69.0
72.9
3.9
3.89
224
6.7
Including
69.0
69.7
0.7
5.07
400
10.1
Including
69.7
70.3
0.6
3.86
307
7.7
Including
72.2
72.9
0.8
9.62
495
15.8
Manto Antiguo
75.6
77.8
2.1
7.13
317
11.1
Including
75.6
76.0
0.4
17.16
21
17.4
Including
77.0
77.4
0.4
10.60
1,484
29.2
Including
77.4
77.8
0.3
10.80
86
11.9
ZM-162
Unknown
3.0
6.7
3.7
7.12
10
7.2
Including
4.1
4.9
0.8
16.13
13
16.3
Unknown
32.7
33.1
0.4
8.21
44
8.8
Ortiz System
42.7
43.1
0.4
11.07
109
12.4
Porvenir
52.4
53.2
0.8
11.75
201
14.3
Including
52.8
53.2
0.4
17.53
380
22.3
ZM-163
Manto Antiguo_E
38.5
39.0
0.5
8.81
161
10.8
Ortiz B
111.7
112.3
0.5
7.11
264
10.4
Ortiz B
115.2
116.1
0.8
4.38
16
4.6
ZM-164
Porvenir
24.5
25.0
0.5
5.11
19
5.3
28.6
29.5
0.9
8.03
42
8.5
Including
28.6
28.9
0.3
18.21
82
19.2
Ortiz A
53.5
54.2
0.7
4.81
45
5.4
Ortiz B
95.1
97.0
1.9
5.66
56
6.4
Including
95.1
95.7
0.6
15.64
86
16.7
Ortiz System
98.4
98.7
0.3
5.62
133
7.3
ZM-165
Unknown
17.2
17.8
0.6
43.75
42
44.3
Porvenir
47.6
48.0
0.4
23.28
64
24.1
Ortiz System
55.4
55.7
0.4
8.40
2
8.4
Ortiz System
57.6
58.0
0.4
9.75
25
10.1
Manto Antiguo
64.6
65.7
1.1
4.27
203
6.8
Including
64.6
65.0
0.4
9.54
578
16.8
ZM-166
Unknown
3.1
3.7
0.6
20.15
180
22.4
Ortiz System
39.7
40.4
0.7
5.71
12
5.9
Including
40.0
40.4
0.4
10.80
22
11.1
ZM-167
Manto Antiguo_E
30.6
32.5
2.0
6.94
79
7.9
ZM-168
Unknown
2.0
2.6
0.7
16.07
230
18.9
Porvenir
28.1
28.7
0.6
4.66
7
4.8
Ortiz System
35.6
36.2
0.6
4.69
104
6.0
ZM-169
Unknown
2.8
4.6
1.8
4.68
55
5.4
Including
4.2
4.6
0.4
4.76
183
7.0
Unknown
7.0
7.8
0.8
24.39
190
26.8
Porvenir
54.4
54.7
0.4
4.11
862
14.9
ZM-170
Ortiz System
33.4
33.8
0.4
6.83
27
7.2
Porvenir
139.0
139.3
0.3
7.02
497
13.2
Ortiz System
148.6
150.6
2.0
3.63
108
5.0
Including
148.6
149.1
0.5
9.02
305
12.8
Including
150.3
150.6
0.3
7.12
168
9.2
ZM-171
Porvenir
105.7
106.2
0.5
7.27
512
13.7
ZM-172
Manto Antiguo_E
3.3
3.6
0.3
23.47
398
28.4
ZM-173
Manto Antiguo_E
1.1
2.1
1.0
14.97
137
16.7
Including
1.1
1.5
0.4
37.27
169
39.4
Ortiz B
158.3
159.0
0.7
4.43
13
4.6
Including
158.7
159.0
0.3
9.63
27
10.0
ZM-174
Unknown
9.4
11.8
2.4
12.88
437
18.3
Including
10.6
11.8
1.1
17.06
791
26.9
Unknown
43.9
44.2
0.3
10.54
82
11.6
Porvenir
87.1
87.6
0.4
5.31
204
7.9
Ortiz B
129.3
129.8
0.5
6.13
200
8.6
ZM-175
Unknown
15.4
17.2
1.8
4.15
65
5.0
Including
16.6
17.2
0.6
8.24
165
10.3
Ortiz B
143.2
143.5
0.3
8.71
6
8.8
ZM-176
Unknown
7.8
8.3
0.5
4.47
7
4.6
Ortiz B
185.8
186.3
0.5
10.03
7
10.1
ZM-177
Ortiz B
134.0
134.9
0.9
6.97
35
7.4
Including
134.0
134.5
0.6
5.76
14
5.9
Including
134.5
134.9
0.3
9.05
72
10.0
ZM-178
Unknown
0.0
1.9
1.9
3.30
71
4.2
Porvenir
189.7
190.1
0.4
3.77
84
4.8
ZM-179
Porvenir
20.2
21.0
0.8
5.66
188
8.0
Including
20.2
20.6
0.4
11.32
387
16.2
Ortiz B
141.9
142.4
0.5
2.47
332
6.6
ZM-180
Unknown
19.5
20.5
1.0
6.04
114
7.5
Including
19.5
19.9
0.4
11.43
295
15.1
El Ortiz A
59.8
60.5
0.7
4.01
5
4.1
El Ortiz B
128.3
128.7
0.4
6.57
251
9.7
ZM-182
Unknown
66.4
66.7
0.3
9.25
20
9.5
(1) The intervals are core lengths. The true widths are estimated to be 80% to 90% of the lengths. (2) Equivalent gold grades (AuEq g/t) were calculated using prices of US$2,000/oz gold and US$25.00/oz silver. Gold equivalent formula: AuEq = Au + (Ag / (Au Price/Ag Price)). (3) "Unknown": new structure that doesn't correlate with any of the known structures/veins
Please refer also to the attached illustrative images showing the location of drill holes for the 2024 drilling campaign, a sketch of the main structures for the Los Albertos target, and 3D sections showing intercept locations for the Manto Antiguo structure and the Ortiz B Vein.
Qualified Person
Dr. Stewart D. Redwood, PhD, FIMMM, QMR, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification including a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Quality Assurance and Quality Control
The drill samples from the Project were prepared by SGS Labs (ISO 9001:2015) at their laboratory in Medellin, Colombia, and assayed by them at their laboratory in El Callao, Lima, Peru. Gold was assayed by 50 g fire assay with AAS finish. Samples over 6.0 g/t gold were re-assayed by 50 g fire assay with gravimetric finish. Silver and other elements were analyzed in a multi-element package by aqua regia digestion and ICP-AES finish. Silver samples above 100 g/t were re-assayed by multi-acid digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
About Denarius Metals
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts.
In Spain, the Company owns a 100% interest in the Lomero Project, a polymetallic deposit (copper, lead, zinc, gold, silver) located on the Spanish side of the prolific copper-rich Iberian Pyrite Belt, and a 50% interest in Rio Narcea Recursos, S.L., which owns a 5,000 tonnes per day processing plant and has the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura, Spain, approximately 88 km northwest of the Lomero Project. The Company is also carrying out an exploration campaign on the Toral Project (zinc, lead, silver) located in northern Spain pursuant to an option and joint-venture arrangement with Europa Metals Ltd. pursuant to which it can acquire up to an 80% ownership interest in Europa Metals Iberia S.L., a wholly-owned Spanish subsidiary of Europa which holds the Toral Project.
In Colombia, Denarius Metals is carrying out construction activities at its 100%-owned Zancudo Project, which includes the historic producing Independencia mine, to develop production and cash flow expected to commence in the fourth quarter of 2024 through local contract mining. The Company is currently carrying out a 10,000 meters drilling program on the Zancudo deposit which remains open in all directions.
Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results and mineral resource estimates. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-Looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated April 25, 2024 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-Looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Michael Davies Chief Financial Officer (416) 360-4653 [email protected]
