Samaranta Mining Provides Exploration Update for Guadalupe Project; Shares Down 20%
Samaranta Mining Corporation (SAX.V) provided an exploration update on the latest work completed at the flagship Guadalupe project in Colombia. Guadalupe is a drill-ready gold prospect strategically located contiguous with the largest gold producer in the Segovia-Remedios Mining district: Frontino Gold Mines, currently owned by Gran Colombia Gold.
Over the past year and a half, the company has worked on the completion of a soil sampling program, airborne geophysics and 3D ground Induced Polarization and has identified four targets for further exploration.
The 2013 program will begin with follow-up work and drilling focused on Target Area 2 in the middle portion of the property which is deemed first priority.
Target Area 2 demonstrates both a strong IP survey correlation and gold outcropping, both great indicators for gold occurrence below surface. The program will aim to drill 5,000-10,000 metres, evaluating the drill core to determine the depth and direction needed.
SAX shares lost half-a-cent to $0.02 on volume of 473,500.
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