Partners test Trinidad South (November 24, 2003)

Globestar Mining (GMI-V) has launched a 2,000-metre drill program over the 3-sq.-km Trinidad South gold-in-soil anomaly on the Bayaguana gold project in the Dominican Republic.

Globestar believes Trinidad South represents a large hydrothermal system similar in size to that which hosts Placer Dome‘s (PDG-T) nearby Pueblo Viejo gold project.

In September, 10 trenches cut into saprolite at Trinidad returned between 150 and 932 parts per billion gold over intervals ranging from 1 to 33 metres. The trenches targeted strong induced-polarization (IP) conductors.

Meanwhile, further work, including drilling, is planned for 2004 on the Dona Loretta target, where hole CC-07 cut 2.03% copper and 0.3 grams gold over 24 metres, and Trinidad North, where copper- and gold-in-soil anomalies overlie IP conductors.

The 23-km-long Bayaguana project also contains the Cerro Kiosko deposit, which is home to resources totalling 4.9 million tonnes grading 2 grams gold, 5.1 grams silver per tonne and 1% copper, and the Dona Amanda deposit, which has 45.5 million tonnes of 0.45 % copper and 0.22 grams gold.

The Bayaguana properties are situated along an 18-km-long strike length of the Los Ranchos formation, the same geological formation that hosts Pueblo Viejo.

Everton Resources (EVR-V) is earning a half-interest in Bayaguana from Globestar by funding US$1.5 million worth of exploration over two years. Everton is must spend another US$500,000 before Globestar begins funding its share of exploration expenses.

Everton can also earn a half-interest in Globestar’s Cuance concessions by spending US$1.15 million over three years; it can boost its stake to 70% by advancing the project to the feasibility stage. These properties are near Globestar’s Cerro de Maimon copper-gold project (T.N.M., Oct. 31-Nov. 6/03), and are also in the Los Ranchos formation.