(MENAFN - ProactiveInvestors - Australia) Minera Gold (ASX: MIZ) has received high grade results of up to 238 grams per tonne (g/t) from its Torrecillas Gold Project in Peru pointing to a significant new gold discovery.
The latest exploration results from the Retorno 1 Exploration Target, located 4 kilometres north of the Torrecillas mine camp, have revealed a vein structure at surface that can be traced over a strike length of 850 metres.
Worth noting is that Minera's producing mine, Torrecillas, has a strike of less than 200 metres.
Minera has now identified a total of seven vein structures within 4 kilometres of the operating Torrecillas mine, with surface mapping and regional exploration so far only covering less than 5% of the project area.
Results from near-surface trench samples of four new mineralised structures include 0.2 metres at 238g/t gold, 0.07 metres at 81.6g/t gold, 0.07 metres at 31.2g/t gold, 0.1 metres at 23g/t gold, and 0.07 metres at 18.45g/t gold.
Some areas at Retorno 1 have been explored and mined by informal miners in the past, and small tunnels and trenches can be seen over hundreds of metres.
Two samples taken from ore left behind in a dump have returned gold values of 150g/t and 15g/t, indicating the potential of this new target area at depth.
Three additional structures have been identified, running parallel to the principal vein at Retorno 1.
These veins are in addition to the Julia, 5 Noviembre West and Sandra targets previously announced.
Minera Gold has been on an upwards share trajectory of late having risen to an intra-day high of 0.063 today, a 91% increase over the low of 0.033 the company was trading at in early August.
The Torrecillas Gold Project is located within a 15,000 hectare tenement package in a well-established gold belt in southern Peru.
A maiden JORC resource of 102,000 ounces at a grade of 16.1g/t gold was announced in January 2012.
A strategy to ramp-up production from this asset is currently being implemented.
Exploration efforts during 2012 are focused on two additional high grade veins, with a view to establishing additional high grade underground mining operations.