Gold-Ore outlines drill targets at Yuscaran

Vancouver — Gold-Ore Resources (GOZ-T) is gearing up to drill its Yuscaran gold-silver project in eastern Honduras.

Gold-Ore has the right to earn a 100% interest in the property from Breakwater Resources (BWR-T) by spending US$1.5-million over three years. Breakwater has a 70% back-in option, or accept 1.5 million common shares of Gold-Ore to complete the acquisition.

The 45-sq. km property hosts a number of epithermal mineralized vein swarms that outcrop over an area measuring 4-by-2 km. A number of these have seen historic underground production. Gold-Ore believes that the Yuscaran property is the most promising undeveloped gold-silver prospect in Honduras.

Dring the 1980’s and 1990’s, the United Nations and Breakwater produced a resource calculation within the Guayabillas zone that tallied to 1.5 million tonnes averaging 10.94 grams gold-equivalent per tonne. These calculations are not compliant to National Instrument 43-101 standards.

The resource was based on 39 diamond drill holes that intersected quartz veins that varied in width from a few cm to 5 metres. Because silver is so abundant in the mineralized structures, a gold equivalent figure was calculated by the United Nations. The silver:gold ratio employed was 60:1 which reflected then current metals prices.

In December, Gold-Ore kicked off a first phase, US$400,000 exploration program on the Guayabillas zone. The program will include soil and rock sampling, geologic mapping, trenching, resistivity geophysics, and drilling. The junior also states that it is developing a strong working relationship with the community of Yuscaran. An office and accommodation have been established in the town and continually provides information on exploration activities to the landowners and townspeople.

So far, exploration has been successful in mapping known veins and identified a number of new target areas that warrant additional follow-up. A systematic soil grid was established over 2 km of strike length along the Guayabillas zone. Numerous soil samples returned values exceeding 1 gram gold and 100 grams silver. More soil samples will be collected to further define the extent of the mineralized systems.

Geologically, intensely altered andesite volcanics host the vein arrays. These rocks are capped by younger rhyolite volcanic rocks that are not mineralized. The veins are only visible through erosional windows in the rhyolite. This opens the possibility that many of the veins may be more extensive under the younger cap rocks.

Gold-Ore anticipates that the property will have a number of drill ready targets by the end of March. The junior intends to drill a minimum 2,500 metres of diamond drill core in about 15 holes. The program will be designed to test the continuity of the known mineralized shoots within the Guayabillas zone as well as test strike and depth extensions. Other vein sets south of the Guayabillas will also be tested.