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  • Laconia Resources Finds “El-Indio Style” Gold, Silver And Copper Porphyry Success In Peru 0 comments
    Feb 27, 2013 1:38 AM

    Laconia Resources (ASX: LCR) recent decision to acquire the Rasuhuilca Project in Peru is paying handsome dividends, with the company discovering some high grade copper-gold-silver from drilling.

    Significant results from the Española 1 underground sampling include;

    - 2.1 metres at 8.4% copper, 6.13 g/t gold and 111.7 g/t silver;
    - 2.2 metres at 6.8% copper, 6.47 g/t gold and 141.8 g/t silver; and
    - 1.1 metres at 9.7% copper, 8.7 g/t gold and 152.8 g/t silver.

    Showing the prospectivity and potential of the project, a historical adit intersect from the 1990's was; 24.9 metres at 3.88% copper, 2.98g/t gold and 66.63g/t silver, including 15.5 metres at 6.54% copper, 4.77g/t gold and 103.86g/t silver.

    Today's results follow-on from recent significant gold targets generated from exploration activity, with Laconia now expanding the exploration model to include the porphyry copper system.

    This defining outcome of the copper occurrence, is that in combination with previously released knowledge of the geology, mineralisation and alteration, is significant for Laconia as it dramatically expands the exploration model to an "El-Indio style" gold, silver and copper porphyry system.

    Ian Stuart, managing director, commented: "The company is very pleased with the identification of
    positive copper-gold-silver grades from our flagship Peruvian project.

    "We are continuing to grow our knowledge of the wider Rasuhuilca Volcanic system through the systematic processing of historical data. The presence of significant copper in conjunction with the gold and silver epithermal veins already identified adds significantly to the potential of the entire Rasuhuilca Project."

    Next steps; permits and diamond drilling

    Laconia has also recently been progressing permitting and approvals to commence exploration drilling, with a preliminary 2000 metre diamond drilling program planned.

    The drilling will be targeting two specific outcomes, the first being an upgrade the existing
    JORC Inferred Resource of 360,000 tonnes at 1.97g/t gold and 179g/t silver.

    The second objective will be to test high quality gold and copper targets identified through previous exploration activity.

    Laconia is currently planning further exploration programs for gold-silver and copper zones. Surface and underground channel sampling and drill testing will be undertaken during 2013 and into the first half of 2014, subject to approvals.

    Location of Española 1 to Rasuhuilca Resource

    The Española 1 Prospect lies about 900 metres to the north east of the Rasuhuilca Resource. Mineralisation is hosted by a set of two veins of different orientation, plus tectonic and hydrothermal breccias.

    The Española 1 prospect currently hosts an Exploration Target for gold-silver of 54,000-154,000t at 3.75 - 3.9g/t gold and 57.7 - 79.2g/t silver.

    Exploration targets

    Laconia recently reported five additional Exploration Targets of 365,000 tonnes to 792,000 tonnes at 2.4-3.1g/t gold and 84.9-122.4g/t silver at vein systems within Rasuhuilca - adding significant potential to the project.

    Analysis

    The significance of today's results are that they dramatically expands the exploration model to an "El-Indio style" gold, silver and copper porphyry system.

    Why this is important is that the El Indio Gold Belt is a mineral-rich region spanning the border between Chile and Argentina that contains large quantities of gold, silver and copper - and in Chile the main precious metal containing mineral is enargite.

    On both sides of the border the belt is located within the Andes, with Laconia's Rasuhuilca strategically located in the Southern Andes.

    Laconia has pointed to the presence of enargite/pyrite/marcasite and abundant High Sulphidation Ag/Au quartz vein systems in pervasive quartz-alunite alteration.

    If the diamond drilling results confirm the presence of enargite, then Laconia may have the potential to discover a "El-Indio style" system - which would be a valuation catalyst as this would point to a potentially much larger resource.

    While early days, as Laconia only acquired the project less than a year ago, but considering the high copper grades from just sampling - this is one to watch.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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