Following the completion of a recent drilling program on the Aldebaran property in northern Chile, Arizona Star Resource (VSE) estimates reserves in all categories at 75.1 million tons grading 0.025 oz. gold per ton.
The Cerro Casale reserve includes a higher-grade portion totalling 59.5 million tons grading 0.027 oz. gold, at a cutoff grade of 0.02 oz. gold. Arizona Star can earn a 51% interest in the property from a Chilean company by spending a total of US$4 million in exploration as well as making cash payments totalling US$2 million over a 3-year period.
Drilling to date on the property has outlined a northwest-southeast trending zone of oxidized stockwork gold mineralization measuring 3,000 ft. long, 1,110 ft. wide and over 1,100 ft. in vertical extent.
The zone remains open to the south, southeast and to depth.
The company plans to start a preliminary feasibility study on the project in the fourth quarter as well as conduct additional drilling on the Cerro Casale deposit.
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