Drilling at Miata Metals’ (TSXV: MMET; US-OTC: MMETF) Sela Creek project in Suriname has returned stacked, high-grade intercepts in the Jons Trend, giving it the potential for open-pit mining, the company says. Shares rose.
Highlight hole 26DDH-JT-023 cut 35 metres grading 3.41 grams gold per tonne from 97.7 metres depth, including 5.5 metres at 15.36 grams gold and 5.2 metres grading 3.4 grams gold, Miata reported Tuesday. Hole 26DDH-JT-022 returned 37.9 metres at 1.6 grams gold from about 158.3 metres downhole, including 6 metres grading 3.9 grams gold.
‘Mineralized repetitions’
The strong Jons intercepts, alongside lower-grade results from the Howler target, suggest that Jons-style mineralization may repeat elsewhere across Sela Creek, SCP Equity Research analyst Eleanor Magdzinski said in a note.
“Sela Creek remains materially underexplored, with only a small portion of the broader 14-km trend systematically augured to date.”
All holes reported on Tuesday cut through several zones of mineralization, demonstrating the continuity of vein zones at depth and along strike, Miata CEO Jacob Verbaas said in a release.
“These higher-grade plunging zones may repeat at regular intervals, connected by zones with moderate grades,” he said.
Suriname taking shape
The results advance Sela Creek as one of several emerging gold projects in Suriname which sits on an underexplored part of the prolific Guiana Shield that has seen less mine development than in neighbouring Guyana. The most advanced Western gold explorer in Suriname is the Gold Fields (NYSE, JSE: GFI) -backed Founders Metals (TSXV: FDR; US-OTC: FDMIF), which holds the Antino project.
In August, Guiana Shield-focused La Mancha Resource Capital invested $13.7 million in Miata for a 19.9% stake. La Mancha gained the holdings in Guyana gold miner G Mining Ventures (TSX: GMIN) and Greenheart Gold (TSXV: GHRT), which is exploring in Suriname.
Shares in Miata gained 4% to 78¢ apiece on Wednesday morning in Toronto, for a market capitalization of $82.4 million. The stock has traded in a 12-month range of 34¢ to 99¢.
Zone goes deeper
Hole JT-023 also confirmed that the higher-grade zone previously intersected in holes JT-019 and JT-08 – reported in July and April – extends a further 50 metres down-plunge, Miata said. JT-019 returned 30 metres at 4.06 grams gold from 117 metres depth and JT-08 cut 23.7 metres grading 5.73 grams gold from 82 metres downhole.
Highlight intervals from Jons host strong to intense strain zones inside tightly folded quartz-biotite schist which is silicified and altered by biotite, the company said.
Miata holds a 70% interest in Sela Creek, with private Surinamese company Selakriki Okanisi Resources (SOR) holding 30%. Miata has an option to acquire 100% of the project, under the condition that SOR retains a 2% net smelter return royalty.
Sela Creek is about 230 km southeast of the capital Paramaribo.
Source: https://www.mining.com/miata-drills-3-4-g-gold-at-sela-creek-in-suriname/
