An updated resource estimate by Gabriel Resources (GBU-T) at its advanced 80%-owned Rosia Montana gold project in Romania has added 1.5 million oz. gold and 6.4 million oz. silver to the deposit.
The resource boost resulted from work this year that tested previously unexplored extensions to existing resources and reserves at the Orlea and Igre deposits, as well as a zone between Igre and Tarina. The Igre and Tarina deposits are situated to the north of Cetate and Cirnic, the two main deposits at Rosia Montana.
Using a 0.6 gram-per-tonne cutoff, measured resources now stand at 135.5 million tonnes grading 1.6 grams gold and 9 grams silver, for 6.9 million contained oz. gold and 37.8 million contained oz. silver.
In the indicated category lie another 217 million tonnes of 1.1 grams gold and 4 grams silver, for a count of 7.7 million oz. gold and 29.5 million oz. silver.
Another 48 million tonnes at slightly lower grades are found in the inferred-resource category.
The updated resource is based on 69,199 metres of surface and underground channel sampling, 83,125 metres of reverse circulation drilling, and 30,119 metres of surface and underground diamond drilling, in a total of 814 holes.
Gabriel also reports that, through the end of the third quarter, the company has acquired more than 36% of all residential properties necessary to begin building the new mine. The company anticipates it can begin construction of an access road and infrastructure for the new town site at Piatra Alba in the first quarter of 2004.
An environmental impact assessment is also due for completion early in the new year.
The latest development plan has actual mine construction beginning in the second quarter of 2005, a delay of six months compared the previous schedule.
At the Bucium project, immediately southeast of Rosia Montana, Gabriel has completed a 21-hole drilling program on the Rodu-Frasin target, and plans on poking up to ten follow-up holes before year-end.
Gabriel will calculate a resource estimate at Bucium next quarter.
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