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Minera Exploration Work In Argentina Yields Eye-Catching Results

Minera IRL (LON:MIRL, TSE:IRL) has announced some eye-catching early exploration results from three prospects close to its Don Nicolas Project in Deseado Massif area of Argentina's Patagonian Desert.

The first, called Cecilia, hosts a two kilometre vein system from which diamond saw channel samples returned grades of gold of up to 19.3 grams per tonne.

The undrilled Paula Andrea returned channel sample results of up to 54.4 grams per tonne of the precious metal, while recent surface samples taken from the Goleta Prospect contained values of up to 24.9 grams per tonne with scattered gold found over an area of 600 metres by 400 metres.

"Surface sampling results from three new epithermal vein systems, Cecilia, Paula Andrea and Goleta, continue to demonstrate the excellent discovery potential of the Deseado Massif in Patagonia," said Minera chairman Courtney Chamberlain.

"To conserve cash during the current market downturn, we have temporarily deferred all drilling programs and are concentrating on generative exploration within our 2,600-square kilometre tenement package.

"Our exploration team is rapidly advancing these new prospects to the drill-ready stage as they offer excellent potential for discoveries and additional mineral resources."

Separately, Minera said financing negotiations with Argentina-based funds continue.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.