Santa Cruz Gold Projects
Dark Horse continues the surface exploration works across its portfolio of Santa Cruz gold projects. These have previously been referred to separately as Los Domos, Cachi and the DHR-PROAR group of tenements. The Company now refers to them collectively as the Santa Cruz gold projects because exploration is now advancing across the portfolio of the Company’s tenements in Santa Cruz province. Regional reconnaissance work to date has confirmed the Cachi and Rosita Norte tenements as prospective for epithermal gold-silver mineralization. Other tenements in the Santa Cruz portfolio continue to be explored and evaluated. Gold (Au) grades vary up to a maximum of 3.8 g/t Au; 8 samples are in excess of 0.2 g/t Au and 4 greater than 0.5 g/t Au. Silver (Ag) grades vary up to a maximum of 68ppm Ag; 65 samples are in excess of 5ppm Ag and 16 greater than 20ppm Ag. These results are statistically comparable to the 384 samples collected earlier in the 2018 field season and reported to the ASX on December 14, 2018 which displayed a data range up to 9.72 g/t Au and 226ppm Ag. In that release 19% of the gold samples were anomalous and 16% of the silver samples were anomalous.
Las Opeñas Gold Project
Dark Horse Resources entered into an Exploration Agreement with Option to Purchase with Genesis Minerals (Argentina) SA to acquire up to 100% of the Las Opeñas Gold Project in Argentina through a series of staged cash and share payments over 3.5 years, weighted towards the end of the period and earning equity progressively, totalling USD880,000 and 90 million DHR shares (refer ASX Announcement dated 22 January 2019).
The Las Opeñas Gold Project is a 1,462ha lease located in the north-western region of San Juan Province, Argentina at an elevation of between 2,800m and 3,500m. The region is host to numerous third-party, multi-million-ounce epithermal style gold-silver deposits in the Andes Mountains including Veladero (12Moz), Pascua Lama (18Moz), Gualcamayo (2Moz) and Casposo (0.45Moz) in San Juan Province and El Indio (8Moz) in neighbouring Chile.
Dark Horse has undertaken preliminary technical and legal due diligence work on the Las Opeñas Project in late 2018 which has allowed it to design an aggressive exploration program. A six hole drill program will commence as soon as an RC rig can be mobilized to site. This program will provide an initial test of the principle vein structures. The drilling will target high value rock chips on defined structures and provide information on grade, vein thickness and structural orientation.
Contractual negotiations with an Argentine drilling company are in progress and a rig is expected to be on site and drilling during the first quarter of 2019 as all government permitting for drilling and other high intensity activities is already in place.