LCL 8.33% 1.1¢ lcl resources limited

Ann: Tesorito Gold porphyry drilling delivers 582m @ 0.94g/t gold, page-4

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    Globally significant 582m @ 0.94g/t Au drill
    intercept – Tesorito Gold Porphyry
     Hole TS-DH16 at Tesorito South hits spectacular intercept of 460.9m @ 1.11g/t Au, with gold
    mineralisation starting from surface including:
     116m @ 2.32g/t Au and 0.12% Cu from 132m including –
    o 34.0m @ 3.03g/t Au and 0.12% Cu from 214m – the highest porphyry gold
    grade intercept ever recorded at Tesorito
     Total intersection 629m @ 0.88g/t Au1 (553gram.metres) from surface including
    582.3 @ 0.94g/t Au from surface
     Significant potential for higher grade envelopes extending at depth to south west
     Porphyry mineralisation south-west of fault raises exciting questions at regional level
     Assays pending for four Tesorito diamond holes (TS-DH17, 18, 20, 21)
     Drilling remains ongoing at the Quinchia Project, with two diamond rigs at Tesorito South and a
    third diamond rig drilling at the Chuscal prospect
    Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) is extremely pleased to advise that
    Tesorito South diamond drill hole TS-DH16, within the 100% owned Quinchia Gold Project in
    Colombia, has delivered an outstanding intercept of 460.9m @ 1.11g/t Au from surface within a
    broader intercept of 582.3 @ 0.94g/t Au from surface, far eclipsing the best drill intercepts to date,
    and elevating Tesorito South to a globally significant recent gold porphyry discovery (Figure 1).
    Porphyry associated mineralisation is now demonstrated to continue below and south-west of a fault
    structure at 356m downhole, introducing opportunity for more deep mineralisation in all directions.
    Whilst gold mineralisation started from surface, the drill core reveals higher grade mineralisation of the
    target porphyry suite from 90m down hole as indicated by increased porphyry signatures such as vein
    density and including -
     254m @ 1.61g/t Au from 92m which includes an even higher grade interval of 116m @
    2.32g/t Au and 0.12% Cu from 132m.
    Within this interval is a 34m zone grading 3.03g/t Au and 0.12% Cu, the highest grade porphyry style
    mineralisation intersected at Tesorito South to date. The drill hole continued through the porphyry suite
    of mineralised andesites, magmatic breccias and diorites down to 356m where it crossed a fault, as
    expected (Figure 2).
    TS-DH16 was drilled in the same fence line as TS-DH07, which was drilled in 20172 and generated
    253m @ 1.01g/t Au from surface, with a higher grade zone of 64m @ 1.67g/t Au from 144m. The
    higher grade zone of TS-DH16 (254m @ 1.61g/t Au) is thought to be a much thicker extension of the
    high grade zone encountered in TS-DH07.
    1
    Uncut, assays range from 0.005g/t Au to 6.9g/t Au and includes a 32m intercept grading <0.2g/t.
    2
    See ASX announcements of 31 July 2018 and 30 August 2018 for the initial reporting of the assays for drill holes TS-DH01 to TS-DH07; 10 September
    2020 for TS-DH08 assays; 10 November 2020 for TS-DH10 & ’11; 21 January 2021 for TS-DH12, ‘13 & ’14 and 18 March 2021 for TS-DH15. The Company
    confirms that it is not aware of any new information that affects the information contained in the announcements.
    HIGHLIGHTS
    6 April 2021
    ASX Announcement
    ASX: LCL

    In previous drilling, the above-mentioned fault marked the end of the zone of interest, with
    unmineralised units encountered to the west of the fault at depth. However, mineralisation in TS-DH16
    continued for another 226m below and south-west of the fault (to 582.3m downhole), albeit at lower
    average grade, but with some zones of interest such as:
     20.4m @ 0.51g/t Au from 380m in porphyritic andesite
     13.7m @ 0.51g/t Au from 447.2m in porphyritic andesite
     12.0m @ 0.51g/t Au from 510m in breccia contact with diorite
     6.2m @ 0.52g/t Au from 554m in breccia
    The above-mentioned 12m and 6.2m intervals are within a porphyry suite of magmatic breccias and
    porphyritic diorite over a 119.3m interval from 463m to 582.3m and show encouraging porphyry
    signatures and vein density3. At this stage it is inconclusive if the 119.3m interval represents the faulted
    extension of the Tesorito South porphyry suite or a separate porphyry suite. These results at depth
    have greatly enhanced the potential for Tesorito to be further expanded to the south-west, and will
    require a more thorough assessment, including multi-element analysis, to better understand the
    relationship between this new porphyry suite and the Tesorito South porphyry.
    Below 582.3m to EOH at 690m, the drill cut country rock andesites which carry low grade gold
    mineralisation to 629m.
    Los Cerros Managing Director, Jason Stirbinskis added:
    “On a gram.metre basis TS-DH16 is the best hole ever recorded in the entire Quinchia district and has
    raised exciting questions about the potential scale of this gold system. The near surface (first 411m of
    this hole) has expanded to the south-west the modelled gold envelopes described by the high grade
    intercepts reported in the TS-DH02, ’14, ’11, ’15 drill fence and mineralisation still remains open to the
    south west. Follow-up drilling will further explore this region of relatively sparse data. The Company will
    offer further detail on interpretation of the porphyry suite intercepted below and south-west of the fault
    in coming weeks as we assimilate new drill data as it arrives.”
    Assays remain pending for an additional four completed holes at Tesorito South (TS-DH17, 18, 20 and
    21) all of which tested the lateral and depth extensions of the porphyry system. Tesorito South is
    developing into an exciting addition to the mid-Cauca porphyry belt which hosts many multi-million
    ounce gold porphyry discoveries (Figure 3)
 
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