Vancouver – Goldcorp (G-T, GG-N) has delivered a significant reserve boost for its Peasquito gold-silver deposit, in Zacatecas, Mexico, that was acquired in 2006 through its takeover of Glamis Gold.
Total proven and probable reserves have been upped 63% to 917.5 million tonnes albeit at lower grades of 0.18 gram gold per tonne and 18.1 grams silver per tonne in the oxide ore (110.4 million tonnes), and 0.48 gram gold and 30.8 grams silver in the sulphide ore (807.1 million tonnes).
Total contained gold in the Mexican deposit is up 31% to 13 million oz. while contained silver has grown 50% to 864 million oz.
The new Peasquito reserve estimate comes from the addition of 240-holes of new drill data since the previous calculation in mid-2006.
The company is evaluating changes to the previous mine feasibility plan calling for twin 50,000-tonne-per-day circuits at the open pit mine to be possibly raised to two circuits with a combined daily capacity of 130,000 tonnes per day.
With construction well underway, Goldcorp anticipates initial heap leaching of oxide ore in 2008 and a sulphide ore milling and flotation operation by late-2009
Goldcorp is also excited at the discovery of a deep high-grade manto-skarn zone at Peasquito, with company president and CEO Kevin McArthur stating it could develop into an eventual underground mine.
The company also tabled its resource estimate for what it dubs its next Canadian gold mine, the lonore gold project in northern Quebec.
Indicated resources of 7.7 million tonnes grading 7.4 grams gold (using a 3.5 grams gold cut-off grade) show about 1.8 million contained oz. gold in the Roberto deposit. An additional 4 million inferred tonnes at 7.1 grams gold add more than 900,000 further contained oz.
Additional drilling, not included in the lonore estimate, designed to test the deposits northern extension encountered significant high-grade gold mineralization associated with quartz veining. The company anticipates it will add to the resource base.
Goldcorp acquired the project from Virginia Gold Mines in early-2006 through a corporate takeover. It is in the midst of a pre-feasibility work on the deposit that is expected to continue through 2007 with a feasibility study anticipated by 2008. Production is forecast by late-2010.
The company also announced an initial gold pour at its Los Filos mine in the southern Mexican state of Guerrero. The mine is expected to produce about 300,000 oz. gold annually once it reaches full commercial production by late-2007.
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