Samco Gold Limited Announces Board Changes
Nov 18 13
Samco Gold Limited announced that Mr. Wayne Hubert has stepped down as a director. Mr. Hubert's role as Chairman of the Audit Committee will be assumed by Mr. Kevin Tomlinson.
Samco Gold Limited Announces Results of Further Surface Exploration Work Including Lag Survey and Further Rock Chip Sampling at its Corina Project in Santa Cruz Province, Argentina
Sep 4 13
Samco Gold Limited announced encouraging results of further surface exploration work including a lag survey and further rock chip sampling at its Corina Project in Santa Cruz province, Argentina. Lag geochemistry: The lag survey comprised 23 east-west lines 100 m apart, sampled every 25m. It covers essentially the same area as the geophysical survey carried out over the Cerro de la Mina prospect and its extension to the south, announced on June 17, 2013. Two reference lag samples were also taken over known Ag mineralization at Cerro Cubilete. They assayed 124 and 100 ppm Ag, thus supporting the effectiveness of the method. Lag geochemistry aims to detect metal anomalies by separating heavier or coarser surface material such as pisolites or quartz fragments from finer-grained exotic components such as volcanic ash from recent eruptions, wind-blown material etc. It is considered a particularly effective method in Patagonia where both recent ash and wind-blown dust are commonly present. In the present survey, the material sampled was sieved to provide a fraction in the plus 3 mm to minus 19 mm size range. Samples were assayed by Alex Stewart Argentina S.A. for Au and Ag by fire assay with an AAS finish, with lower detection limits of 0.01 and 2 ppm respectively. Ag was also analyzed by ICP (Inductively coupled plasma), with lower and upper detection limits of 0.5 and 200 ppm. Ag values reported here are the ICP determinations up to 200 ppm, and the fire assays for samples above 200 ppm. 38 other elements including As, Ba, Cu, Pb and Zn were also determined by the ICP method. Gold-silver anomalies: A cluster of three lag samples at Cerro de la Mina immediately west of a shallow ephemeral lake returned Au values above 1 ppm: 10.2 ppm Au, 170 ppm Ag; 7.1 ppm Au, 154 ppm Ag; 4.7 ppm Au, 43 ppm Ag. These three anomalous samples are 800m NW of existing drill-holes at Cerro Cubilete, and occur in an area of chargeability anomalies recorded in the I.P. survey. Two other lag samples returned anomalous Au values above 1 ppm: 6.7 ppm Au, 94 ppm Ag; 4.9 ppm Au, 53 ppm Ag. These two samples are 700m west and 1.3 km south of the three anomalous samples west of the lake. Anomalous gold values have been recorded in rock chip samples and drill-core at Cerro Cubilete, but this is the first time that gold values above 1 ppm have been recorded at Cerro de la Mina. Known mineralization at Corina comprises base metal sulfides +/- Ag, but Au-Ag veins similar to those which occur in the adjoining Cerro Moro property may also be present. The association between the Au-Ag lag anomalies and a prominent chargeability feature is regarded as encouraging. Pb and Zn anomalies: The distribution of Pb and Zn values on the lag geochemistry grid. Pb values above 250 ppm are strongly clustered in the Cerro de la Mina area west of the lake, in the area of the north-trending I.P. features and Au-Ag anomalies mentioned above. A similar pattern is shown by Zn values above 80 ppm, and the distribution of higher values in both these elements appears to be strongly influenced by a NW-trending I.P. feature. Silver anomalies: The distribution of Ag independent of Au on the lag grid. Values between 2 and 52 ppm are widely distributed across the grid; values above 52 ppm are restricted to the samples which also contain anomalous Au and to the area of known Ag mineralization at Cerro Cubilete. Other elements: As, Ba, Cu, Mo and Mn show similar distributions to Pb and Zn, with high Ba also in the southern and SW part of the sample grid. Rock chip sampling: Recent rock chip sampling has returned four gold values of 0.2-0.25 g/t at Cerro de la Mina. The corresponding Ag values are all below 6 ppm, whereas similar or higher gold values in rock chips at Cerro Cubilete are associated with much higher Ag values. The anomalous samples at Cerro de la Mina seem to show a broad association with both a NW ground magnetic trend and with NW to north-south I.P. anomalies. The contrasting Ag:Au ratios at Cerro Cubilete and Cerro de la Mina suggest different metal associations in the two areas. An assay of 299 ppm Ag was previously reported from a 20cm, WNW-striking barite vein 250m WNW of the Cerro Cubilete drill-holes. After cleaning off surface material, the vein was re-sampled over 1.5m, and averaged 185 ppm Ag over that width. Conclusions and next steps: Recent lag sampling at Cerro de la Mina and its extensions has shown that: Au-Ag veins as well as the known base metal-silver mineralization may be present at Cerro de la Mina. Anomalous Pb-Zn values in association with Ba, Mn, Mo and As extend south of Cerro de la Mina to the eastern limit of the sample grid. The mineralization appears to be strongly influenced by a NNW-trending structure expressed as a linear I.P. anomaly. Further geochemical and other surface work will continue on the core Cerro de la Mina-Cerro Cubilete area and their southern and western extensions. The property offers substantial further exploration upside along the NW trending lineament on which these more advanced targets sit.
Samco Gold Announces Management Changes
Aug 13 13
Samco Gold Limited announced that Paul Richardson, the company's Chief Executive Officer and a director, has advised the company that he will be leaving to pursue different opportunities effective August 13(th) 2013. In order to maintain continuity Mr. Richardson's consultancy company will continue to provide certain consultancy services to the company for a period of time. The role of Chief Executive Officer will be assumed by the company's Executive Chairman, Charles Koppel with immediate effect.