Dark Horse Announcement on ASX about Update on SantaCruz Gold Project

  • Dec 14, 2018 AEDT
  • Team Kalkine
Dark Horse Announcement on ASX about Update on SantaCruz Gold Project

Dark Horse Resource Limited (ASX: DHR) has been executing surface exploration works across its Santa Cruz gold projects. The company has reported the preliminary results for its Cachi, Rosita Norte, Canadon Agustin, Estaciones and Cerro Tres Picos tenements.

The company is into mining with a focus on Argentina since it has invested there in gold and lithium projects. It has an objective to control the provincial stake on lithium resources, mine spodumene and producing high-grade Lithium hydroxide for the domestic and global battery and electronic markets.

It is also working to discover gold deposits and production of gold ores. DHR also has a subsidiary Dark Horse Energy which is into power generation. The subsidiary has a substantial holding (9.6 billion shares) in lakes oil, an oil & gas exploration company.

The geologists of the company have collected a total of 384 samples so far in this field season and worked on determining the quality for a diverse suite of elements. The samples have been distributed across thirteen green-field targets and two known prospects. This is primarily comprised of rock chips with some float samples. The green-field targets were selected based on the analysis of regional datasets which includes Landsat-8 to identify alteration halos associated with epithermal systems especially. An exploration program which includes mapping, sampling trenching and geophysics to define drill targets which were carried out at the Los Domos gold target. Preliminary exploration activities and extensive planning are also being undertaken at Cachi gold projects.

The Santa Cruz gold project update includes the below highlights:

  1. Rock chip sampling of outcropping epithermal veins at the Cachi Project has returned anomalous gold and silver results over 750m in length at the Vetas Cachi Prospect and over 400m at the Morena Prospect.
  2. Vetas Cachi displays a complex outcrop pattern of multiple veins with splays that trend ENE over 1500m with anomalous gold?silver values up to 9.7g/t Au and 51ppm Ag.
  3. The Morena Prospect consists of a number of enechelon southeast trending veins cut by mineralized north trending veins. Anomalous gold-silver arsenic mineralization occurs in veins over a sampled area of 600m with maximum values of 2.6g/t Au and 49ppm Ag.
  4. Two prospects in the Rosita Norte tenement have been identified as prospective for gold?silver mineralization.

The company raised $2,320,000 in cash through private placements in December 2017. The company’s board decided to convert $4,30,000 in fees owed to them into raising on the same terms as the third-party investors. The company was also successful in raising $4,054,297 through private placements in June 2018 together with a further $895,000 under the share purchase plan immediately after that.

The company stock is currently trading at $0.005. The stock opened at $0.006 which is also its day high till now with the intraday trading volume of 2,266,667. The stock has a 52-week high of $0.034 and a 52-week low of 0.005. The company’s market capitalization is 9.88 million. The stock has been underperforming over a span of one year and posted a YTD return of -73.68%.


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