Astur Gold Corp. is pleased to announce that it has been successful in a bidding process for the La Codosera project, consisting of five mining concessions totaling 1,851 hectares (approximately 20km2) in the province of Badajoz, Extremadura Autonomous Region, Western Spain. La Codosera is only 40km away from the provincial capital of Badajoz, and 80km from the capital of the Extremadura Autonomous Region, Merida. The Extremadura region is known as a leader in mining industry support in Spain. The permits are for the concessions of Afra, Buenavista, Brena, Monteviejo, and Sierra Lugar. Despite available historical data, the area has been insufficiently explored and may represent significant potential for gold mineralization in Spain.
Cary Pinkowski, CEO & Director commented, “We are pleased to have won the tender process for this land package in Badajoz, Spain. The historical data indicates that there is excellent gold exploration potential. By adding these exploration assets, in concert with the development of our flagship Salave deposit in Northern Spain, we are leveraging our Spanish exploration expertise and human resources.”
LA CODOSERA GEOLOGY
The La Codosera area is regionally situated on the southern boundary of the Paleozoic Center Iberian Zone, on the border with the Ossa Morena Zone. The mineralized zones and historic workings are situated within a network of quartz veins, and breccias associated with a major NW-SE trending shear zone. The gold occurs as free gold (up to 300um diameter) and associated with sulphides within shear and fracture hosted quartz veins. The sulphides are oxidized to depths ranging from 50-100m below surface.
PREVIOUS WORK ON LA CODOSERA
The La Codosera area is a historic gold district in Spain, mined by Romans about 2,000 years ago. There are more than 13 outcropping gold occurrences within an area of more than 4km2 that has historically been mined by the Romans. Gold mineralization within veins and breccias are believed to be related to a regional northwest trending shear zone proximal to felsic intrusive rocks.
La Codosera was historically a State gold reserve, which later hosted sporadic exploration programs by the Institute of Geology & Mining of Spain (“IGME”) from 1984 to 1993. The IGME invested a total of approximately 100 million pesetas (approximately EUR600,000) to investigate the existence of gold in the La Codosera area. Historical work includes trenching, drilling, soil geochemistry, and minor geophysical work. Preliminary review of historical data has been done by the Company, which is to be followed by more detailed analysis and validation.
There has been 8,445 meters of core drilling in 54 diamond holes completed on the property.
Approximately 6,000 meters of trenching has been done in the area. Extensive channel sampling consisting of 2m continuous samples returned gold values as high as 33.16 g/t. In total, 18 samples returned gold values greater than 5 g/t Au, and 121 samples returned gold values between 1 and 5 g/t Au. Highlights of the historic trenching results on the La Codosera property are shown in Table 2. The intercepts listed below were calculated using a 0.50 g/t Au cut off grade.
PATH FORWARD FOR LA CODOSERA
The recently acquired permits cover all of the historic target areas, including those areas investigated by the IGME. The Company has committed to spend EUR880,497 over a 3 year period to maintain the property in good standing. Over the coming months the company intends to conduct a detailed review and compilation of all available historic information, culminating in the preparation of a NI 43-101 technical report and recommendations for further work in the coming year.
Property location maps and historic data for the La Codosera Property can be reviewed on the Company’s website at http://www.asturgold.com/projects/la_codosera_gold/.
Brian McEwen, P. Geol. is the qualified person as defined in NI 43-101 and has reviewed the content of this press release. The information presented has been supplied by others and has not been validated by Astur Gold.