The third hole of a deep drilling program on the Passagem Gold Mine property in Brazil has returned improved gold values for Lysander Resources (VSE).
Hole MG-04 intersected 2.07 metres, at a depth of 463.4 metres, grading 15.25 grams gold per tonne. A check assay on the hole returned 13.55 grams.
Lysander is targeting the downdip projection of the old Passagem gold mine, which produced more than 1 million oz. to a vertical depth of 330 metres.
Gold mineralization at Passagem, which is characterized as stratabound, occurs on the nose of a shallow-dipping anticline.
MG-01, Lysander’s first hole there, returned a 2.39-metre intersection grading 19.05 grams at a depth of 345 metres. The hole is 300 metres northeast of MG-04
The second hole of the program (MG-02A, 100 metres southeast of MG-01 and 150 metres east-northeast of MG-04) returned disappointing results, with a 2.35-metre intersection grading 0.35 gram gold at a depth of 463.1 metres and a 3.56-metre intersection grading 0.21 gram at a depth of 473.4 metres.
Lysander is drilling holes MG-05 (150 metres southwest of MG-04) and MG-06 (100 metres east of MG-04), as well as a deflection hole off MG-04, in order to obtain a second intersection in the area.
Lysander holds an option to earn an 80% interest in the Passagem property.
Teck (TSE), in turn, can acquire a half interest from Lysander by completing certain share purchases and funding the property through to the bankable feasibility study stage. Teck must also arrange project financing.
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