A successful 1996 exploration campaign in Central America has enabled Greenstone Resources (GRE-T) to increase reserves at four of its gold properties there.
Total proven and probable reserves at the Santa Rosa in Panama, La Libertad and Bonanza in Nicaragua, and San Andres in Honduras now stand at 102.2 million tonnes grading 1.58 grams per tonne, equivalent to 5.2 million contained ounces, up from the previous estimate of 53.9 million tonnes grading 1.61 grams. The properties also contain possible reserves of 41.6 million tonnes grading 1.32 grams.
Of those reserves, 62.9 million tonnes grading 1.64 grams are classified as minable.
The reserve picture breaks down as follows:
* The Cerro Mojon mine at La Libertad now contains 33.4 million tonnes grading 1.35 grams. Proven and probable reserves stand at 28.8 million tonnes grading 1.4 grams, equivalent to 1.3 million contained ounces. Minable reserves stand at 16.5 million tonnes grading 1.8 grams. In addition, exploration in 1996 identified an additional 830,000 oz. gold in the proven and probable category. (The company has not released a grade and tonnage estimate for that figure.)
* Reserves in all categories at the Santa Rosa mine stand at 34.9 million tonnes grading 1.3 grams. Of the total, 26.5 million tonnes grading 1.38 grams are classified as minable. Reserves at the Bonanza mine stand at 1.5 million tonnes grading 7.24 grams. Of the total, 1.5 million tonnes grading 7.17 grams are minable.
* The Water Tank Hill deposit on the San Andres property hosts proven and probable reserves of 15.3 million tonnes grading 1.52 grams. Possible reserves stand at 9.5 million tonnes grading 0.99 gram gold, whereas minable reserves are 18.4 million tonnes grading 1.44 grams. The deposit is expected to enter production in mid-1998 at an annual rate of 85,000 oz. (T.N.M., March 10/97).
At the end of 1996, reserves on the four properties, in all categories, stood at 143.8 million tonnes grading 1.5 grams, equivalent to 6.9 million contained ounces. The reserves are contained within deposits that are being actively mined or are under development, as well as in zones situated elsewhere on the properties.
Much of the company’s reserve increase is attributable to the discovery of the Twin Hills deposit at San Andres in 1996. Drilling there has outlined a reserve, in all categories, of 33.8 million tonnes grading 1 gram, equivalent to 1.1 million contained ounces.
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