An 11,000-Metre program of stepout drilling is under way on the 3,600-ha Diablillos gold-silver property in the northwestern Argentine province of Salta.
The property is held by a jointly owned Argentine subsidiary of Barrick Gold (ABX-T) and Pacific Rim Mining (PFG-V). In order to retain a 70% indirect interest, Barrick must reach a production decision by spending a minimum of US$10.5 million.
Two reverse-circulation rigs and one diamond rig are drilling on and around the Oculto zone, which contains an estimated resource 26.1 million tonnes grading 0.34 gram gold and 109 grams silver per tonne. The estimate is based on a gold-equivalent cutoff grade of 0.35 gram, 79 reverse-circulation holes and 17 diamond drill holes.
The previous estimate, calculated in 1994, was 4 million tonnes grading 2.1 grams gold and 256 grams silver.
Oculto remains open along strike to the northeast, east and southwest.
Meanwhile, Pacific Rim reports that eight holes drilled on its adjoining, wholly owned Cerro Blanco property encountered only anomalous gold mineralization in two of the holes.
Silver and base metal assays are pending.
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