An expanded resource at the Pederson project and results from ongoing exploration have Orvana Minerals (ORV-T) confident that other gold deposits will be found on the Bolivian property.
The company estimates that geological resources at Pederson now total 51.6 million tonnes grading 1.4 grams per tonne, or 2.3 million contained ounces.
Of this total, 35.5 tonnes are classified as measured and indicated, while 16.1 million tonnes are in the inferred category. A cutoff grade of 0.5 gram gold was used, along with a minimum thickness of 3 metres.
Only drillhole data from an area measuring roughly 1,500 by 500 metres were used in the 1997 calculation. This area was tested by 106 reverse-circulation holes and 10 core holes totalling 18,500 metres.
The updated resource represents a sizable increase from the 1996 estimate of 37 million tonnes at 1.5 grams. Orvana plans more drilling this year to confirm and expand the known resource and to test for additional mineral systems on the project lands.
The Vancouver-based junior says the updated resource “represents significant advancement of the project and reaffirms the likelihood of a 3-to-5-million-oz. gold resource being present on the property.” Gold mineralization at Pederson occurs as broad, interconnected stratiform bodies within gently folded sediments along the axis and flanks of an anticline which has been locally disrupted by cross faults.
In addition to drilling, Orvana plans to carry out metallurgical work this year. The company and a Bolivian partner each hold 50% of the 2,936-ha Pederson project.
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