Re-emerging gold miner Orinoco Gold (ASX: OGX) has continued its bonanza gold grade run with the latest assay batch from the Cuca deposit, part of the Cascavel project in Brazil, returning up to 212 grams per tonne gold.
The first batch of 25 samples averaged at 31.7g/t gold with the higher precious metal grades comprising 64.8g/t, 67.6g/t, 73.6g/t, 102g/t, 105g/t and the whopping 212g/t.
Orinoco claimed the results were similar to the 2.5-tonne bulk sample that was taken from the deposit four years ago, which achieved an average 27g/t gold.
“I am delighted by the first 35 panel samples at Cuca that show some bonanza grades,” Orinoco head of exploration Marcelo de Carvalho said.
“It’s still too early to determine the strike length of the Cuca reef and a drilling program from underground in early April will give us further clarity,” Mr de Carvalho added.
A second sample batch was taken from Cuca earlier this month, with assays due from the 36 samples mid-March.
While this batch is under analysis, Orinoco will focus its mining efforts at Mestre, Central and Northern zones to ensure high grade ore continues to be fed in the third hammer mill.
“For now, the Mestre zone continues to show the highest grades in the deposit, although Cuca has the potential to be a close second,” Mr de Carvalho stated.
If the second batch of Cuca assays prove positive, trial mining will begin at the end of March, with a decision on whether or not to proceed to commercial mining at Cuca to be made soon after.
Despite the hurdles to be jumped prior to making an ultimate decision to kick-off commercial mining at Cuca, Orinoco claims it is “confident” Cuca will be a fourth source of consistent high-grade ore.
In addition to hosting gold, Cuca hosts a silver zone where Orinoco reported a drill intersection of 17.56m grading 1,292g/t silver.
Orinoco has planned a silver exploration program to test the extent of silver mineralisation across the zone, with initial steps to be detailed mapping and sampling of the main fails.
Shares in Orinoco were up 2% in mid-afternoon trade to A$0.10.