Flagship Minerals Ltd (ASX:FLG) Pantanillo Gold Project - Robust Down Dip Opportunities

(MENAFN- ABN Newswire)

Flagship Minerals Limited (ASX:FLG) is pleased to advise that its ongoing review of the recently secured Pantanillo dataset from Anglo American Norte SpA (Anglo) continues to yield exceptional outcomes, with robust widths and compelling down dip opportunities identified, with many holes finishing in mineralisation.
KEY POINTS
- Dataset facilitates fast-tracking conversion of current 1.05Moz Au foreign estimate (QFE1,2 NI 43- 101) to a Mineral Resource Estimate in accordance with the JORC Code 2012.
- Review identifies mineralised zone up to 500m wide and yields exceptional down dip extension opportunities supported by large intervals of gold mineralisation, continuing to support potential for significant MRE growth.
- Many drill holes with exceptional broad intercepts end in mineralisation, including:
o 109.5m @ 1.18g/t Au from 148m (PNN-10-04DDH)
o 81.2m @ 0.47g/t Au from 254m inc. 31.2m @ 0.89g/t Au from 304m (PNN-11-42DDH)
o 177.9m @ 0.66g/t Au from 18m inc. 62m @ 0.97g/t Au from 30m (PNN-10-03DDH)
o 152.8m @ 0.51g/t Au from 114m inc. 60.8m @ 0.82g/t Au from 206m (PNN-10-30DDH)
o 48m @ 0.66g/t Au from 200m inc. 28m @ 0.92g/t Au from 202m (PNN-10-02DDH)
o 75.4m @ 0.87g/t Au from 126m inc. 65.4m @ 0.97g/t Au from 136m (PNN-10-01DDH)
- Provides pathways for planned drilling aiming for additional strike and down-dip MRE growth.
- Flagship continues to collate and validate drillhole data and supporting information for use in Mineral Resource estimation.
- Ongoing review of additional exploration data.
Flagship Minerals' Managing Director, Paul Lock, commented:
"The Anglo American dataset for Pantanillo continues to produce the goods. "Today's release focuses on cross sections 10580E, 10630E and 10730E, which are either side of CX 10680E, the cross section showing the block model previously released. What we are seeing are many drillholes pulling up in mineralisation, and the grades and widths are exceptional, with several drill holes showing high grade intersections finishing in mineralisation. PNN-10-04DDH on CX 10630E is a great example, with 109.5m @ 1.18g/t Au from 148m to end of hole, as is PNN-10-01DDH on CX 10730E, with 65.4m @ 0.97g/t from 136m to end of hole.
"This follows on from our previous release exhibiting multiple long runs of +100 gram-metre intercepts in oxide material - with outstanding results such as 116m at 1.5g/t and 142m at 1.13g/t gold, as well as several +300m intersections at >0.50g/t gold.
"These results further confirm Pantanillo's credentials as a large, scalable heap leach opportunity with substantial strike and down dip extension potential."
Background
The project data acquired from Anglo is extensive and is comprised of over 700 folders, containing >10,000 individual files all of which totals over 32GB of data. Preliminary review shows the data and associated files are generally in good order. Flagship has elected to initially concentrate on the drillhole data associated with the QFE in order to expedite the preparation of a JORC (2012) Mineral Resource Estimate for the project.
The drillhole database contains 183 holes for a total of 30,370.2m of drilling and comprises 18,865 assayed samples across 29,848.5m of drilling. The bulk of this drilling has been conducted at Pantanillo Norte where 1.05Moz of Au @ 0.69g/t Au has been defined QFE of mineralisation. Flagship will use this drillhole data and other supporting information to prepare a JORC (2012) Mineral Resource estimate for the Pantanillo Norte deposit.
Flagship has also acquired approximately 14,000m of diamond drill core from 48 holes drilled at Pantanillo Norte.
This core, as well as a large amount assay pulps and reject samples from the previous diamond core and RC drilling are available for analysis.
Flagship has generated a new set of assay intersections from the drillhole data used in the QFE. The intersections are calculated at a lower cut-off of 0.15g/t Au, allowing for up 6m of internal dilution at Flagship Minerals Ltd's (ASX:FLG) strategy is to secure and develop projects which it believes will position the Company as a low-cost producer of Copper and Lithium, metals that matter. Specifically, Flagship Minerals seeks to secure low capital intensity projects in low-cost jurisdictions and infrastructure rich settings, projects which are positioned for high margin outcomes, and projects which are proximal to industry, chemical processing, and manufacturing.

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Paul Lock Managing Director M: +61 2 7228 7994 E: ... Elissa Hansen Company Secretary, Australia E: ...

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