(TheNewswire)
Cosigo Resources Ltd. (TSXV: NEX.CSG.h) – April 2 3 , 2024 – TheNewswire. The management of CosigoResources reports that the Company at its Taraira North property hascompleted converting its onsite field-portable “Hornet” 45 HPdrill from a Reverse Circulation system to a thin wall “btw” drillrod core system. This method recovers 48 mm size diameter coreenhancing sample size. Senior Geological Professor Ricardo Tobon andCosigo’s drill team initiated the hydraulic and water pressuresystems in a challenging -50-degree hole oriented perpendicular to thestrata. Our first drill hole reached 57 feet at which depth sanding“choked” the drill system and the drill was reset to a steeper -70degrees achieving 80 feet depth.
The “Hornet” drill has a small footprint, can bemoved readily using available manpower and is ideally suited forreconnaissance testing of our large area of rugged jungle-like ground. Its potential convertability between RC and core functions willallow the technical team to more readily access locations that wouldrequire much greater efforts if a larger machine were employed whilestill retaining versatility.
Placement of the test drill holes was determined forconvenience near the Cosigo camp tool shop and not for geologicalpotential. [The test holes were named “Gallinero” the Spanishword for Cosigo’s camp chicken coop.]
The operating experience will now help guide innovativeimprovements to the existing drill and, possibly, selection of analternative, more robust machine. Cosigo’s geological and drill teamwill consider the results of drilling difficulties, logistics, corerecovery and other issues and endeavor to design an efficient andpractical drilling campaign. Core handling and sampling issues willalso be improved.
Table 1. Sample Data – TCR of Gallinero 1 DrillHole inserted for illustration.
From (ft) | To (ft) | Core Length (ft) | Total core recovery (TCR) (%) |
0.00 | 3.80 | 2.20 | 57.9 |
3.80 | 9.00 | 1.30 | 25.0 |
9.00 | 14.00 | 3.25 | 65.0 |
14.00 | 15.00 | 0.33 | 33.0 |
15.00 | 19.00 | 0.67 | 16.8 |
19.00 | 24.00 | 4.75 | 95.0 |
24.00 | 26.00 | 2.00 | 100.0 |
26.00 | 29.00 | 2.30 | 76.7 |
29.00 | 34.00 | 5.00 | 100.0 |
34.00 | 38.00 | 4.00 | 100.0 |
38.00 | 41.00 | 2.88 | 95.8 |
41.00 | 42.00 | 0.67 | 67.0 |
42.00 | 44.00 | 2.00 | 100.0 |
44.00 | 48.00 | 4.00 | 100.0 |
48.00 | 50.00 | 2.00 | 100.0 |
50.00 | 55.00 | 3.67 | 73.4 |
55.00 | 57.00 | 2.42 | 121.0 |
The equipment test and stratigraphic information willassist future selection of target drill angles, depths, and locations. Cosigo currently is reaching out to a known Canadian commercialdrill contractor with drills located in Bogota regarding provision ofa machine capable of reaching greater depths with power to overcomesanding and broken formations.
Drill Holes Gallinero 1 & 2
The core retrieved from Gallinero 1 and 2 holesprovided improved stratigraphic study and, incidental to the test,revealed a previously unsuspected conglomerate layer from a depth of 9feet to 25.67 feet below the camp; the remainder comprised sandstone. Atomic absorption assays of 50g Gallinero 1 samples showed 3 of 11samples contained 10 ppb or greater Au with one sample returning 20ppb Au. Four of 12 conglomerate samples from Gallinero 2 drill holereturned assays of 10 ppb Au. A two sample Screen Test showed nobenefit compared to values obtained from standard samples.
Gallinero 2 was assayed in its entirety of 80 feetand in addition to the conglomerate mentioned above, returned assaysof 170 ppb Au and 380 ppb Au in samples from near the bottom of thehole. Although the Cosigo team hoped to reach greater depths, inparticular a known conglomerate layer, sand in the rock package couldnot be overcome using the small machine.
Stratigraphic and mineral information from G – 1 andG-2 will be added to our district geological database and ultimatelycontributes to the larger ridge map in the Cosigo mineral concession.
Cosigo believes that a significant “nugget”effect may apply to Taraira gold mineralization that needs to beconsidered in future when evaluating the property. Also, the Companyis exploring use of the innovative “Chrysos” analytical processthat may offer substantial savings.
Erik Ostensoe, P.Geo., a geological consultant to theCompany and a Qualified Person as defined by National Instrument43-101, has reviewed Gallinero 1 & 2 drill cores and approves thescientific and technical disclosure in this news release.
About CosigoResources
Cosigo Resources Ltd. is a junior exploration companytrading on the TSX Venture’s NEX Exchange (symbol CSG.h). TheCompany is exploring and developing its 100% owned properties in theTaraira Gold District in south-east Colombia near the border ofBrazil. The Company also holds a 100% interest in the Willow Creekproperty, located near Winnemucca in the northern sierras of Nevada, a100% interest in the Damian property in the Cordillera region ofColombia, and owns 13.26% of DHK Diamonds Inc. a company exploring fordiamonds in the DO27 region of the NorthWest Territories ofCanada.
To find out more about Cosigo Resources visit ourwebsite at www.cosigo.com .
FOR MORE INFORMATIONCONTACT:
Cosigo Resources Ltd.
Andy Rendle
President & COO
Andy@Cosigo.com
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