Monterey Minerals (CSE: MREY) this morning released a minor update in relation to its ongoing drill program at the wholly owned Alicia Gold project located in the Philippines. To date, the company has conducted a total of four drill holes on the property, to a total depth of 800 metres, while also discovering a new vein as previously announced.
Summary highlights were provided for the four holes conducted so far, with the company indicating that cores collected thus far might suggest that the project is located in what is referred to as the boiling zone of an epithermal system. This is said to be evidence by breccias, native gold, and quartz banding among other signatures that have been logged on site.
Highlights are said to include:
- Hole EX-PV-011 – Drilled to 150 metres, with an intersection at 106.5 metres two metres in length
- Hole EX-PV-012 – Drilled to 268 metres, intersections at 100 metres and 228 metres, with intersections being 13 metres wide and 5 metres wide, respectively
- Hole EX-PV-013 – Drilled to 180 metres
- Hole EX-PV-014 – Drilled to 193 metres, with an intersections at 167 metres that was 5 metres in length
Assay results are said to be pending from holes 011 and 012, with holes 013 and 014 are still in the process of being logged. Once completed, the company will then move to the next drill pad to conduct further drilling.
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Monterey Minerals last traded at $0.055 on the CSE.
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