02:53:53 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Guerrero Ventures Inc
Symbol GV
Shares Issued 52,251,963
Close 2015-01-22 C$ 0.08
Market Cap C$ 4,180,157
Recent Sedar Documents

Guerrero drills 26.98 m of 1.07 g/t Au at Biricu

2015-01-26 15:07 ET - News Release

Mr. David Baker reports

GUERRERO DRILLS 26.98 METRES GRADING 1.07 G/T GOLD ON BIRICU PROJECT, GUERRERO GOLD BELT, MEXICO

Guerrero Ventures Inc. has provided the results of the recently completed maiden diamond drill program at its Biricu project in the Guerrero gold belt, Guerrero state, Mexico. Highlights of the drilling program include a drill intersection of 26.98 metres grading 1.07 grams per tonne gold and 0.29 g/t silver at the Punto Rojo target. The interval includes a zone of 6.85 m grading 2.78 g/t gold and 0.92 g/t silver. Drilling at Punto Rojo has to date outlined an area with a minimum strike length of 700 m and minimum depth extent of 600 m of strongly hornfelsed and selectively skarn-altered Mezcala sediments, intrusive units as well as a breccia unit. All units exhibit strong similarities in composition and alteration to productive units encountered in other exploration and mining operations in the prolific Guerrero gold belt (GGB).

Guerrero's chief executive officer, David Baker, commented: "Our phase one drilling succeeded in encountering a very large volume of GGB-style alteration and mineralization. Our task now is to further test this new discovery, seeking gold anomalism at the scale this system is clearly capable of hosting. The company will begin follow-up drilling at Punto Rojo and other targets as soon as practical."

The 2014 NQ diamond drill core drilling program was completed between Oct. 3, 2014, and Dec. 3, 2014, by Bylsa Drilling SA de CV based in Hermosillo, Sonora state, Mexico. The program consisted of 5,387.78 m distributed over three priority areas of the property, these being Punto Rojo (2,669.47 m), La Curva (811 m) and Hornfels Hill (1,907.23 m) (see plan: property geology and target areas on the company's website). Drill hole lengths ranged from 270 m to 696 m. In all cases, the program was targeting a combination of geochemical, geophysical and/or geological targets that were outlined during the 2012 exploration program. An additional purpose of the initial drill testing was to locate the favourable Mezcala formation/Morelos formation contact that is one of the significant hosts to skarn mineralization in the GGB. The analytical results are presented in the attached table. Plans and tables associated with this press release are also available on the company's website.

In the Punto Rojo area, a total of five drill holes were completed (see plan: Punto Rojo drill collars on the company's website). The drilling has outlined a zone of hornfels, and selectively altered and mineralized Mezcala sediments, which have been intruded and cut by dikes and sills of diorite and granodiorite composition. Most promising analytical results have been obtained in drill hole GV2014-011, with a highly anomalous and continuous drill intersection of 98.17 m grading 0.42 g/t gold and 0.18 g/t silver from 266.53 m to 364.70 m. Within this interval, a zone located at or near an intrusive contact returned a drill intersection of 26.98 m grading 1.07 g/t gold and 0.29 g/t silver from 284.00 m to 310.98 m. A higher-grade interval hosted within an altered volcanic breccia returned 6.85 m grading 2.78 g/t gold and 0.92 g/t silver from 301.35 m to 308.20 m. Highest analytical results in this interval are located within a strongly altered breccia unit with an interval of 0.95 m grading 6.51 g/t gold and 5.8 g/t silver (see Punto Rojo section A-A on the company's website).

Drill holes GV2014-002 and GV2014-010, also in the Punto Rojo target area, intersected hornfels and continuously altered Mezcala formation sediments with anomalous intervals up to 23.00 m grading 0.36 g/t gold and 0.93 g/t silver from 189.00 m to 212.00 m in GV2014-002, as well as massive sulphide veins and veinlets with a highlight of 8.90 g/t gold and 8.10 g/t silver over 0.42 m from 163.92 m to 164.34 m in GV2014-002. The Mezcala formation/Morelos formation favourable contact was intersected in drill hole GV2014-010.

Based on the geological and analytical results obtained to date, the Punto Rojo target area is interpreted to be an intrusive centre, where the presence of hornfels and alteration typically associated with skarn deposits in the GGB suggests that additional diamond drilling is required to zero in on and follow intrusive-related precious-metal mineralization akin to the GGB-type deposits.

Guerrero's consultant, David Jones, who shares credit for several GGB discoveries, reviewed the phase one core (without the benefit of assays from hole GV2014-011). Among Mr. Jones's conclusions was that "the initial five holes drilled in the Punto Rojo target area have confirmed the exploration model and the presence of significant Guerrero-gold-belt-style alteration and related gold mineralization at depth; this is extremely encouraging in light of the subtlety of surface expressions showing alteration and mineralization."

In the La Curva area, two diamond drill holes were completed to evaluate previously outlined surface gold anomalies in a geological setting that suggests the presence of an intrusive unit within Morelos formation carbonates. A potential for epithermal-vein-type gold mineralization is also present in the area. Analytical highlights include a drill intersection of 1.68 m grading 0.83 g/t gold and 3.10 g/t silver from 75.17 m to 76.85 m in GV2014-009. Sections of similar core above and below were not assayed initially. They are being sampled now, and results will be announced in a future release.

In the Hornfels Hill target area, a total of five diamond drill holes were completed. The drill tests targeted an extensive hornfels alteration zone in close proximity to intrusive units within Mezcala formation sediments. To date no significant analytical results have been obtained from the target area, and additional drilling to determine the origin of the hornfels is planned for 2015.

Additional exploration activities undertaken during the period of September, 2014, to December, 2014, included a continuation of previous geological mapping at a regional scale, as well as a detailed, target-oriented scale to evaluate the large propertyholdings. The geological mapping program included the collection of additional rock samples, as well as additional stream-sediment sampling to add to the property database. To date a total of 298 rock samples, 187 stream-sediment samples and 390 soil samples have been collected over the property.

An airborne gradiometer magnetic survey was also initiated in late 2014 and was completed on Jan. 7, 2015. Geotech Ltd. of Aurora, Ont., Canada, flew a total of 2,052 line kilometres by utilizing its three-axis airborne magnetic gradiometer geophysical system. Survey lines were flown in an east-west direction at a line spacing of 200 m, with isolated areas (Punto Rojo) being surveyed at a 100 m line spacing. Results of this survey will be announced once the data are received and interpreted.

Biricu project

Guerrero, through its recently acquired subsidiary, Citation Minerals Inc., has an option agreement with Esperanza Resources Corp. (a subsidiary of Alamos Gold Inc.) to acquire a 100-per-cent interest in the Biricu project mineral exploration concession located in Guerrero state, Mexico. The Biricu project comprises more than 41,000 hectares of highly prospective ground that management believes lies along direct on-strike extent of five skarn deposits in the Guerrero gold belt (Torex Gold Resources Inc.'s El Limon-Los Guajes; Goldcorp Inc.'s Bermejal, Los Filos and Nukay; Newstrike Capital Inc.'s Ana Paula).

Quality assurance/quality control

Guerrero Ventures' vice-president of exploration, Siegfried (Sig) Weidner, BSc, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, has verified the data (including sampling and analytical data), and prepared the information contained in this news release. All samples from the project were sent from the project to ALS Chemex and taken to its sample preparation facility in Guadalajara, Jalisco state, Mexico, with multielement ICP fire assay analytical work being completed at its North Vancouver, B.C., laboratory. A QA/QC program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream, and the results were confirmatory.

        BIRICU PROJECT, 2014 DIAMOND DRILLING RESULTS 
  
                  Length
                 of hole    From      To Width    Au    Ag
Hole No.              (m)     (m)     (m)   (m) (g/t) (g/t)

Punto Rojo area
GV2014-002        616.00  163.92  164.34  0.42  8.90  8.10
                          189.00  212.00 23.00  0.36  0.93
                          359.50  360.60  1.10  1.03  0.80
GV2014-006        270.36                         NSV   NSV
GV2014-010        696.48                         NSV   NSV
GV2014-011        647.71  266.53  364.70 98.17  0.42  0.18
                    incl  274.71  284.00 17.47  0.21  0.18
                    incl  284.00  310.98 26.98  1.07  0.29
                    incl  301.35  308.20  6.85  2.78  0.92
                    incl  310.98  364.70 53.72  0.17  0.11
                          488.00  503.80 15.80  0.16  0.50
                          523.00  525.92  2.92  1.11  1.98
                          547.12  567.50 20.38  0.15  1.65
                    incl  559.20  567.50  8.30  0.22  1.62
GV2014-012        438.92                         NSV   NSV
(Southern)
La Curva area
GV2014-008        417.58                         NSV   NSV
GV2014-009     393.50 (2)  58.73   66.60  7.87  0.19  2.58
                           75.17   76.85  1.68  0.83  3.10
Hornfels Hill
srea
GV2014-001        301.75                         NSV   NSV
GV2014-003        349.00                         NSV   NSV
GV2014-004        509.71                         NSV   NSV
GV2014-005        448.06                         NSV   NSV
GV2014-007        298.71                         NSV   NSV

(1) NSV denotes no signficant values.
(2) Additional sampling is required as the interval between
    66.60 m and 75.17 m was not sampled.

We seek Safe Harbor.

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