It was announced this morning by Monterey Minerals (CSE: MREY) that a new vein has been discovered at its Alicia Project, located in the Philippines. The additional vein brings the total to eleven identified veins on the wholly owned property, with the latest discovered via the trenching and sampling program conducted on site.
The latest vein to be identified has been labelled as the Toto vein, with the vein assaying 10.08 grams per tonne gold and 65.6 grams per tonne silver over 0.3 metres via trenching. The vein is said to be geologically significant, as it “displays clear breccia characteristics and is significantly altered.” Sericite, quartz, and base metal sulphides have been reported as being present in the vein.
Outside of the newest vein to be discovered on the property, several other gold and silver results were returned via trenching, at both the Pamaraw and Baloy veins. At Pamaraw, 2.31 g/t gold and 0.5 g/t silver over 1.0 metre was discovered, as well as 1.35 g/t gold and 2.0 g/t silver over 1.3 metres. At Baloy, 1.58 g/t gold and 9.0 g/t silver over 1.0 metre was also reported. Sampling and trenching is said to be ongoing.
“Monterey will build on these results and continue to undertake a systematic trenching, mapping and sampling program at the Alicia Project. With the addition of the Toto vein, over 11 veins, with high grade gold and base metals, have been identified to date over a combined strike length of greater than 10 km. We continue to believe that our property location is situated on a system that could prove to be very rewarding for our shareholders.”James Macintosh, President & CEO
A short update on the ongoing 3,000 metre drill program was also provided, with the first hole having been completed. Drilling is being conducted to a depth of 300 metres, with the aim of discovering the source of the veins at surface and defining the down dip and extension of the vein system. The company is currently in the process of beginning the groundwork for a maiden resource, with Pamaraw-Sumilhig and Baloy being the current primary targets.
Monterey Minerals last traded at $0.07 on the CSE.
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