Cancana Resources Corp., with its venture partner Ferrometals, provided an update on Phase One of its expedition in Rondonia, Brazil.
Cancana has received final aerial geophysics survey data and initial assays from drilling. The results are positive and confirm the company’s operating geological model that supports the existence of significant, high-tenor mineralization at a depth similar to the surface boulders currently being processed.
“These early stage results exceeded our expectations,”
Cancana CEO and President Anthony Julien said. “We expected to find evidence of high-tenor mineralization at a depth similar to surface mineralization, but the identification of an abundance of additional targets and more than (125 miles) of additional fault systems is welcome indeed. Our shareholders can be pleased by these initial results, as we will be expanding drilling activity with the objective of delineating an initial resource in 2016.”
Highlights from the data include 131 strike miles of prospective fault systems identified, with additional trends under evaluation.
Phase One drilling confirmed the company’s geological model that the manganese mineralization persists at depth in structurally controlled, hydrothermal veins at the same tenor to that seen at surface. Thirty-eight drill holes were completed for 1.3 miles, with results from the first two of eight targets received to date.
