A private placement of up to 4 million units at $2.25 each will provide additional funding for Ecuadorian Minerals (TSE), leaving the company well-funded for final feasibility work on its Gaby gold-porphyry deposit in Ecuador.
Prefeasibility drilling, nearly complete, is expected to exceed 32,000 ft. Half the drilling has concentrated on further delineating the main Gaby deposit, while the remainder is testing a large geochemical anomaly surrounding it.
At last report, the Gaby deposit contained an estimated 120 million tons grading 0.03 oz. gold per ton. The gold mineralization is associated with sulphides, and milling will be required.
Roughly 60% of the deposit lies on Ecuadorian’s ground; the rest extends on to Zappa Resources’ (VSE) Guadalupe concession, where Ecuadorian is earning a 51% interest.
Ecuadorian will complete the prefeasibility study this summer, with a full feasibility expected to follow.
Zappa has completed a $1.5-million financing, and a ground magnetic survey is under way on its Papa Grande-Mollo Pongo concessions, which are adjacent to the Guadalupe.
Eleven widely spaced holes indicate potential for a large, bulk-minable gold deposit. Results include: 1.14 grams gold over 163 metres; 1.11 grams over 90 metres; 1.24 grams over 28 metres; and 1.1 grams over 118.6 metres.
The magnetic work will be followed by an induced-polarization survey that will attempt to outline drill targets within the mineralized breccia system.
On Zappa’s Plata joint venture in Ecuador, Cambior (TSE) completed a systematic soil survey of more than 1,800 samples from a 50-by-100-metre grid. Cambior can earn a 51% interest in the property, where soil sampling and trenching will soon get under way.
The Plata stretches over 5 km of a volcanic belt favorable for volcanogenic massive sulphide deposits. Historic work on the property includes a drill hole south of the old Plata mine, which featured a 41.2-metre intersection grading 6.9% copper and 5% zinc, as well as 3.9 grams gold and 52.6 grams silver per ton.
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