Laconia Resources (ASX: LCR) has discovered additional exploration targets over five areas of exposed and previously sampled high grade epithermal gold and silver veins at its Rasuhuilca Project in Peru.
Significantly, these additional targets combined with current resources support the project's near-term development potential.
Laconia has been using available geology, structural information, sampling and topography to develop a series of detailed exploration targets to be further evaluated and defined through a systematic exploration program in 2013.
The company's primary objective is to expand the existing resource base at Rasuhuilca and ensure a longer term for the planned operation.
Ian Stuart, managing director, commented: "The company is very pleased with the progress of the ongoing review of the historical data being undertaken at our exciting Rasuhuilca Project in Peru.
"The identification of five targets, which will undergo systematic exploration with the aim of adding to the existing JORC Resource, further strengthens our view that Rasuhuilca is an exciting near term development opportunity."
Further exploration, including drilling and additional surface/underground sampling, is planned to increase geological confidence and convert the exploration targets to Inferred Resources.
Surface and underground sampling and drill testing of the targets will be undertaken during 2013 and the first half of 2014, subject to approvals.
Permitting and community agreements are being finalised to obtain exploration approval for drilling and sampling to begin.
Target 1 - the Condor Zone has exploration potential of 60,000 to 167,000 tonnes at 1.1 to 1.45 grams per tonne (g/t) gold and 184.5 to 244.8g/t silver.
Condor is a zone of high grade silver with sub-ordinate gold at the western end of the current Rasuhuilca Resource.
Target 2 - the Hyallatas Prospect has exploration potential of 94,000 to 200,000 tonnes at 2.3 to 2.4g/t gold and 37.7 to 78.2g/t silver.
Hyallatas is a series of gold-silver mineralised lodes in silicification alteration assemblages on the western extension of the vein system that hosts the Rasuhuilca Resource.
Target Area 3 - the Olga Prospect has exploration potential of 42,500 to 50,000 tonnes at 2.4 to 2.55g/t gold and 81.1 to 90.5g/t silver.
The Olga Prospect is a vein, 1.5 kilometres to the northwest of the Rasuhuilca Resource that has surface sampling and underground development and sampling.
Target 4 - the Española 1 Prospect has exploration potential of 54,000 to 154,000 tonnes at 3.75 to 3.9g/t gold and 57.7 to 79.2g/t silver.
The Española 1 Prospect has surface sampling and sampling of underground development. It consists of two intersecting vein sets that host gold and silver mineralisation.
Target 5 - the Marcelita Prospect has exploration potential of 114,500 to 220,000 tonnes at 2.48 to 4.4g/t gold and 71.9 to 127g/t silver.
The Marcelita Prospect is located 4.5 kilometres to the southeast of the Rasuhuilca vein system. It consists of three parallel north-south trending veins, and one breccia pipe, that is the Elsa Breccia.
Rasuhuilca is an advanced, high grade gold and silver project which contains existing development levels and cross-cuts.
The flagship project presents Laconia with near-term development potential in the current high gold and silver price environment.
Rasuhuilca currently has an Inferred Resource of 360,000 tonnes at 1.97g/t gold and 179g/t silver, using a 2.5g/t gold-equivalent cut-off.
The deposit style is high-sulphidation epithermal gold and silver, hosted in veins and, to a lesser extent, the alteration zones that are immediately adjacent.
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