Vancouver – Drilling by Goldmarca (GML-V, GMLCF-O) tapped into bonanza grade mineralization at its Condor gold project in southern Ecuador.
Hole DEN-31 cut 48 metres (from 76 metres) grading 16.7 grams gold per tonne and 221.6 grams silver per tonne within a breccia mineralized zone. An additional hole, DEN-30, intersected 56 metres averaging 3.6 grams gold and 53.4 grams silver plus 0.75% zinc.
Gold and silver mineralization encountered occurs within the Enma breccias, which forms a window of a larger epithermal system defined within an area of 1.5 km by 1.5 km and extending to a depth of 400 metres. Eleven gold bearing breccias have been identified on the project and are generally structurally controlled pipes along a common strike. Goldmarca reviews project similarities to the large Pascua gold deposits in Chile.
From 1994-to-1997, TVX Gold spent about US$18 million on the project primarily evaluating the underground vein potential of the property. A completed feasibility study was completed in 1997 but low gold prices prompted the company to subsequently drop the project.
The project contains an inferred resource of 53.8 million tonnes grading one gram gold, containing 1.7 million oz., within several deposits.
Goldmarca commenced its exploration in 2003 and is earning a 70% interest in Condor from the state-owned corporation Minera Condor.
The company’s stock rallied 35% on the June 1st news, gaining 11 to close at 42.5 per share on trading volume of almost 4.1 million.
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