In October 2014, Orinoco materially increased the size of the Faina Goldfields Project (Faina Project) after securing a 70% interest in the highly prospective Española Prospect – a tenement with known gold mineralisation.
The tenement is situated immediately to the north of both the Cascavel Gold Mine (Cascavel) and the Central Tinteiro IOCG (iron oxide, copper, gold) prospect (Tinteiro). The tenement contains significant north-west extensions of both the Cascavel and Tinteiro geological trends, extending the known Cascavel structure by 60% to approximately 4km of strike.
Significantly, the tenement contains a well-known “Española” (artisanal mine – previously known as Garimpo) that produced gold from approximately 2010-2012, when Orinoco’s 30% partner at Cascavel purchased the farm-land and removed the artisanal miners.
The previous artisanal mining activities targeted gold mineralisation hosted by a low angle thrust fault immediately above and parallel to the structures that host the mineralisation at Orinoco’s 100%-owned Cascavel and Sertão Gold Project (Sertão).
The artisanal workings are located approximately 1.5km further north-west along strike from the most northerly results reported previously by Orinoco where a 2.5-tonne bulk sample from the Cuca winze returned an average grade of 27.2g/t Au. The artisanal workings consist of a series of winzes developed along approximately 200m of strike. As with Cascavel, the mineralised horizon is composed of a set of quartz veins and associated biotite alteration halo, which also carries gold grades.
A limited chip sampling program was conducted over the mineralised horizon with positive gold grades in all samples and 9 of the 10 samples returning grades of over 1g/t Au, with a maximum result of 9.9g/t Au (for full details refer to ASX Announcement 7 October 2014).
The addition of this tenement not only significantly extends the strike of the Cascavel structure and confirms the repetition of mineralised horizons almost 1.4km to the north-west but also highlights the prospectivity of the shear zones along (and beyond) the underexplored 20km long Sertão – Cascavel corridor.