On 25 March 2019, Santana Minerals Limited (ASX: SMI) which is a Precious Metals exploration company with projects in Mexico and Australia, has shared a presentation to investors on ASX.
The presentation covers the information about the Becker Project situated in Chile. The project includes 2,000ha exploitation licenses along with over 4,800ha exploration licenses. The Becker Project is situated 40 km North-Wear of Talca, Region VII Chile and 210 km south of Santiago and. This region consists of Intermediate to low sulphidation epithermal-mesothermal Au-Ag mineralization. The exploration done in 1995 in the region led to the discovery of 300 metres x 900 metres zone of quartz boulders which was up to 4 metres in diameter.
The previous sampling from the site reported high-grade assays of 23.5, 37.2, 40.7, 63.5, 70.0 and 79.0 g/t of gold. The previous trenching across veins till 4 metres led to the discovery 30.7 g/t of gold and 6 g/t of silver.
At the site, a maiden drill program was conducted by the company at hole 8 and hole 9. The results obtained reflected encouraging near surface gold anomalism. At hole 8, from the previous 9 metres exploration, another 12 metres exploration led to the discovery of 8.1g/t of gold. There was another drilling of 16 metres at the same hole from the previous exploration of 25 metres which led to the discovery of 3.5g/t of gold.
At hole 9, drilling of 9 metres from the surface resulted in the discovery of 2.8g/t of gold. Another 1-meter drilling from the previous exploration of 14metres led to the discovery of 2.6g/t of gold.
The presentation also highlighted the location and structural setting of the Becker project. The regional, as well as the Becker JV properties of the company, spread in the region of approximately 150km southwest of Yamana’s Minera Florida Mine. The region has a trend of coastal range of gold belt which stretches in the area of 120 km x 55 km.
In the second half of 2018, the company undertook first-ever drilling at Becker Project. Out of the ten drillings at the site, six holes intersected gold mineralization at the Lajuelas prospect. Further, the presence of Fresnillo in the area, which is the world’s largest primary producer of silver and largest gold producer in Mexico validates the Becker District exploration potential.
The presentation also covered the primary prospects of the Cuitaboca project which included Mojardina Prospect, La Plata and La Lupita/La Piedrita. At Mojardina prospect, the mineralization continued at depth. The recent drilling at this site was from MSRC033, MSRC034 and MSRC038. At MSRC033, from previous 1-meter exploration, another drilling of 53 metres led to the discovery of 47g/t of silver. From the same hole, another drilling of 8 metres from the previous exploration of 45 metres led to the discovery of 157g/t of silver.
At MSRC034, from the previous drilling of 3 metres, another drilling of 15 metres resulted in the discovery of 100g/t of silver. From the same hole, another drilling of 5 metres from the previous exploration 3 metres led to the discovery of 197g/t of silver.
At MSRC038, drilling of 7 metres from the surface resulted in the discovery of 53g/t of gold.
By the end of the trading period on 25 March 2019, the closing price of the shares of SMI was A$0.004 with A$2.44 million market capitalization.