O2Gold (TSXV: OTGO) this morning released that it has identified two new vein systems at its Otu Centro Gold project, located in Segovia, Colombia. The announcement was part of an updated related to the first work the company performed on the recently acquired property.
The two newly discovered vein systems were found following a mapping and sampling program conducted on the program that began in February. The veins saw a total of 169 samples collected from them, with samples averaging 0.44 g/t gold and 0.69 g/t silver, with values reported being as high as 50.19 g/t gold and 40.60 g/t silver.
Exploration work is currently being conducted on mineralized veins of the Aurora-Quintanillo target, where a total of 23 artisanal mines have historically been located. The target is located west of the Otu Fault, which has an extension of more than 80 kilometres and notably hosts Gran Colombia Gold’s El Silencio mine 20 kilometres to the south, and Soma Gold’s El Limon mine 20 kilometres to the north.
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The main lode at this target is believed to be 4 kilometres long, with two systems being in proximity to this lode. One of the systems is parallel to the lode, while another is subordinate. Mineralized veins here range from 0.40 to 1.00 metres on average, reaching up to 3.00 metres wide in thickness.
The company has now contracted a firm to conduct ground geophysical surveys on the identified vein systems and their projections to define the extensions of the systems. Trenching is also slated to be carried out on the targets this month, after which the data will be utilized to conduct a drill program.
Additionally, 13 targets have been defined for follow-up on the property, all of which have gold-silver mineralized vein systems which are currently being mapped and sampled.
Finally, the company has seen the project expand to a total of 278.72 square kilometres following recent applications that added an additional 21.18 square kilometres.
O2Gold last traded at $0.32 on the TSX Venture.
Information for this briefing was found via Sedar and O2Gold Inc. The author is currently long the equity. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
