Essex Resources (VSE) is financing exploration work on its Miguela project in Bolivia by exercising 1.3 million share purchase warrants at 57 cents each.
The company has 10.4 million shares outstanding and $3 million in its treasury.
Trenching and auger drilling on the concession outlined two mineralized shear zones.
The West zone has been traced over a strike length of 450 metres to a depth of about 20 metres. The structure measures 25 to 30 metres in width, and has returned gold values of up to 8.4 grams over 15 metres. It remains open on strike and at depth.
The East zone returned up to 21 grams gold over widths of 14 metres.
Deep drilling will be carried out on both zones this year.
Meanwhile, at Essex’s Dannybroge gold mine project, north of Sacramento, Calif., a geophysical survey will test for vein structures at depth. Drilling will follow.
Newmont Mining operated the Dannybroge until 1952, and veins are reported to average greater than 25 grams gold.
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