Dark Horse Announces Exploration Update On Santa Cruz Gold Projects

  • Jan 16, 2019 AEDT
  • Team Kalkine
Dark Horse Announces Exploration Update On Santa Cruz Gold Projects

Dark Horse Resources Limited (ASX: DHR) has invested in several gold and lithium projects in Argentina. It has an aim to control the provincial stake of lithium resources and mine spodumene, with the production of high-grade Lithium Hydroxide for the domestic and international battery and electronic markets.

On 16 January 2019, the company updated about the Santa Cruz gold projects. As per the release, the company continues its exploration on the surface across its portfolio of Santa Cruz gold projects. The Santa Cruz gold project includes Los Domos, Cachi and DHR-PROAR group of tenements.

The geologists across the Santa Cruz projects have collected 200 rock samples additionally in November and December 2018. This amounted to the total number of collected samples to 584 in this field season. The latest work completes the preliminary research sampling of Green Field targets, as identified by former workers and images from the satellite ‘LandSat 8’.

As per the preliminary research, the gold grades vary from a below detection limit to a maximum of 3.8g/t Au. Among these samples, eight are in excess of the capacity of 0.2g/t Au and four greater than 0.5g/t Au. Silver grades, however, vary from a below detection limit to an upper limit of 68ppm Ag.

These assay results are statistically comparable to the previously collected 384 samples in the field season and as reported to Australian Stock Exchange on 14 December 2018. In the previous samples study released report disclosed 19% anomalous gold samples and 16% of silver samples anomalous.

Strong anomaly has been found in the arsenic and antimony as well. Thirteen samples in the arsenic have values greater than 500ppm As and one sample exceeding 0.5% As, however, Antimony has five samples exceeding 50ppm Sb.

The regional preliminary surveys till date have confirmed that the Cachi and Rosita Norte tenements have prospects in mineralization of epithermal gold and silver. However, other tenements in the Santa Cruz portfolio are still being explored and evaluated. For further tests by drilling and trenching environmental permitting has been started, however, the results will be produced once they are available.

The agreement with the vendor of Los Domos gold project has been terminated by the company since the surface exploration results of this project is not much helpful to the company’s current resource objectives. The company is aggressively continuing its lithium business in Argentina and will update about the same in a separate report going forward.

Now let us quickly have a look at the performance of the stock of Dark Horse Resources Limited and the returns it has produced over the past few months. The stock last traded at $0.004 with a market capitalization of $7.9 million. It has a 52-week high price of $0.033 and a 52-week low of $0.004, with an average trading volume of 1.2 million approximately. The stock yielded a negative YTD return of 10.0% and posted negative returns of 73.53%, 35.71% and 18.18% in the past six months, three months and one month period, respectively.


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