Anacortes Mining Set to Drill Multi-Million-Ounce Tres Cruces Gold Project, Peru

Anacortes Mining Corp. (TSX-V: XYZ)(OTCPINK: XYZFF) — currently trading around C$1.25 per share — has submitted its application for a permitted Phase-1 drill program at its flagship, multi-million-ounce Tres Cruces Gold Project located in the prolific Quiruvilca mining district in northern Peru.

The permit is expected to allow for the construction of up to 20 drill pads covering the main areas of oxide and sulphide mineralization at Tres Cruces. 

Previously drilled by Barrick to the tune of 73,000 meters across some 300-plus holes, Tres Cruces is one of the highest-grade oxide gold deposits in Peru, and globally, and hosts an oxide-plus-sulphide resource base of:

  • 2.47 million ounces Indicated at 1.65 grams per tonne (g/t) gold
  • 104,000 ounces Inferred at 1.26 g/t gold
  • Inclusive of 630,000 oz of high-grade leachable gold at 1.28 g/t gold

Anacortes Mining CEO Jim Currie — whom you’re about to hear from directly via our exclusive interview — commented by press release

“The phase I drilling program will allow the company to advance the development of the Tres Cruces project. With the information gained from this drilling campaign, along with the results of the preliminary economic assessment expected in March, 2022, Anacortes will be one step closer to developing one of Peru's highest-grade oxide gold deposits. We are also very excited to test and extend some of the previous holes that ended in high-grade mineralization, such as drill hole RTC-255 which assayed 228 metres at 2.95 grams per tonne gold.”

Jim Currie is one of the more experienced and successful mining professionals in the world, having held executive positions with several majors and mid-tiers. Now with junior explorer Anacortes, Jim has put together an incredibly well-rounded team that’s off and running with the drills set to turn at Tres Cruces shortly.

The 3,000-hectare (11.5 sq mi) Tres Cruces property is situated in one of the world’s most prolific gold-silver zones — northern Peru’s Quiruvilca mining district. We’re talking world-class deposits, including Newmont/Buenaventura’s Yanacocha Mine and Barrick’s (now Boroo Gold) Lagunas Norte and Pierina Mines (see below).

 

This area of northern Peru has seen historic gold discovery of over 100 million ounces plus historic production of over 50 million ounces — making it one of the premier addresses in the world for precious metals discovery. 

Most of the previous drilling at Tres Cruces by Barrick only reached a depth of around 200 meters with numerous holes ending in high-grade mineralization. Hence, the Anacortes team is excited to get the drills turning… especially with an opportunity to follow-up on world-class, high-grade intercepts such as 228 meters of 2.95 g/t gold and 66 meters of 4 g/t gold.

As you’ll see in our exclusive interview, Mr. Currie is particularly excited about the project’s vast exploration potential. He says, “So we see the sulfides in this as being the real exploration potential. And we truly believe there's over 10 million ounces there. It's just a big, big zone.”

Anacortes is in the process of completing a PEA for Tres Cruces, which is slated for release by the end of the current quarter. Although final numbers have yet to be tabulated, the company is envisioning a future potential production scenario of roughly 80,000 gold ounces per annum. 

The Phase-1 drill program will focus on a combination of deep drilling, infill drilling, and metallurgical drilling for the forthcoming feasibility study. That program will be followed by a much larger planned Phase-2 program focused on deeper drilling along with a number of exploratory holes at previously undrilled areas of the property — hence, the exploration upside. 

As you’re about to discover, Tres Cruces is only just the beginning for Anacortes Mining. Jim Currie and his team have designs on building the next mid-tier gold producer in the Americas with the ultimate goal of producing between 200,000 and 300,000 gold ounces per year. 

Jim’s decades of experience with larger mining firms such as First Quantum Minerals, Miramar Mining, Pretivm, and Equinox Gold — along with the in-country experience of his handpicked team — will no doubt go a long way in meeting those longer-term objectives.  

Anacortes Mining is well-funded with approximately C$13 million in cash and equivalents and has a relatively tight share structure with only 42.3 million shares outstanding. 

Check out Gerardo Del Real’s exclusive interview with Anacortes Mining CEO Jim Currie.  

Yours in profits,

mike-sig200 
Mike Fagan
Editor, Resource Stock Digest

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