Lundin Gold Inc. announced that it has received the exploration permit for the Emperador concession, which includes the highly prospective, drill ready Barbasco target. With the receipt of the permit, the Company is now planning a 6,000 metre drill program at Barbasco for mid to late fourth quarter of this year. Prior to the start of drilling, community socialization and implementation of COVID-19 protocols is required.
Barbasco is located approximately seven kilometres (“km”) south of the Company’s Fruta del Norte gold mine (“Fruta del Norte”) in Ecuador, within the 16 km long geological structure known as the Suarez Pull-Apart Basin (“Basin”). The Target is 3.8 km in length and has a similar structural location and orientation within the Basin to Fruta del Norte. Similar to the surface expression of Fruta del Norte, it is defined by soil and rock samples anomalous in the epithermal pathfinder elements arsenic and antimony, illite and marcasite alteration and a ZTEM (resistivity) geophysical survey. Small scale epithermal gold-silver stockwork veins in the Target area have assayed up to 10.4 grams per tonne gold. Barbasco’s surface consists of Basin conglomerates and late Fruta del Norte andesite. The drill program will test for mineralization buried below these surface indications in a geological setting very similar to that of Fruta del Norte.
“Our exploration strategy is focused on our highly prospective land package and receipt of this permit means we can finally drill known targets starting with Barbasco,” said Ron Hochstein, Lundin Gold’s President and CEO. “Our strategy is to systematically explore the Basin as we believe that the geological conditions that led to the formation of Fruta del Norte could also exist elsewhere within this structure.”
The Emperador concession is 100% owned by Lundin Gold.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the largest and highest-grade gold projects in the world currently in production.
The Company's board and management team have extensive expertise in mine operations and are dedicated to advancing Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
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