An independent consulting firm is evaluating the results. A new resource/reserve calculation should be completed by the end of September, along with an update of an earlier economic mining study.
The prefeasibility study was completed last fall. It indicated a resource of 119 million oz. silver-equivalent and a minable open-pit reserve containing 100 million oz. silver-equivalent. The deposit outcrops at surface and at last report had a 0.39-to-1 strip ratio (waste-to-ore).
The company views the Alamo Dorado project as a potential heap-leach producer. Bottle-roll tests indicated excellent recoveries for what Corner Bay describes as “high-grade ores” within the phase-one open-pit area.
Four composite samples produced recoveries ranging from 89% to 96% for gold and from 70% to 97% for silver. Column leach tests from diamond drill core ranged from 66% to 72%, which is more representative of an actual heap-leach environment.
Some impressive widths have been reported, including: 344 metres grading 69 grams silver-equivalent per tonne, 303 metres grading 83 grams, 229.5 metres averaging 134 grams and 223.5 metres grading 58 grams. The highest-grade drill intercept to date returned 52.5 metres grading 697 grams silver and 0.41 gram gold beginning at a depth of 220.5 metres. Most of the mineralization appears to be oxide in nature.
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