Eaglecrest defining gold shoots in Bolivia

Eaglecrest Explorations (EEL-V) is continuing to encounter high-grade gold as it drifts towards its target at its San Simon property in Bolivia.

The discovery of high grade gold shoots was made through drilling and underground drifts in the main quartz veins and the company says the shoots have the potential to be thicker and have higher gold grades than the main quartz vein because gold mineralization spreads out of the vein and into both the hanging wall and footwall.

The first shoot encountered graded 5.6 grams gold per tonne over 33.5 metres. Those results were released in early December of last year.

But the company remains 40 metres from reaching its target which is the drift drill hole that returned 8.6 grams gold per tonne over 4.2 metres true width.

“We’re getting high gold grades from underground bulk sample while drifting towards even higher grade gold in drill holes,” says Eaglecrest’s recently appointed president Hans Rasmussen.

The company describes the gold vein system of the San Simon plateau as a series of high-grade gold shoots, similar to the Bogoso gold mine in Ghana.

“Based on the geometry of the mineralization, we are treating the new targets like the gold deposits in Ghana, where a single large feeder structure — the main quartz vein at San Simon — forms a conduit along which high-grade gold shoots form at fault intersections or structural deflections,” Rasmussen says in a statement.

Bolivia has recently made the news as the country’s mine’s minister has indicated a significant increase in the export tax on minerals in the soon to be released revision of the mining code.

In Toronto on Jan. 16, Eaglecrest shares were flat at 25 on 400,000 shares traded.