Gitennes sizes up Rio Suro gold-silver zone

Gitennes Exploration (GIT-T) has received a preliminary resource estimate for the Rio Suro zone at its Virgen project in north-central Peru.

An independent calculation by Roscoe Postle Associates indicates a measured and indicated resource of 3.6 million tonnes grading 1.77 grams gold, equivalent to 204,900 contained ounces, whereas the inferred resource is pegged at 2.97 million tonnes grading 1.71 grams, or 163,000 contained ounces.

The estimates are based on assay results from 20 surface diamond drill holes, 16 underground holes and 20 reverse-circulation holes. Data from surface trenching and underground panel samples were also considered. Assay values were uncut, and a cutoff grade of 0.3 grams gold per tonne was used.

The measured and indicated resource fell within a 140-metre-long segment of the Rio Suro zone. This area is also coincident with the area of underground drilling and development. The inferred resource covers the entire 700-metre strike length of the zone. Rio Suro represents one of 10 mineralized gold zones that have been discovered on the property to date.

Roscoe Postle says additional infill drilling would likely result in an increase in tonnage. Based on current results, the firm suggests that Rio Suro could be developed into a low-cost, open-pit mine. Metallurgical tests indicate that run-of-mine ore could be heap-leached with a minimum gold recovery of 80%.

Several new targets have been identified, including the Cuchi zone, which was outlined 1,500 metres east of Rio Suro. The prospect is defined by a 120-by-500-metre soil geochemical anomaly, and several outcrops of oxidized quartzite breccia can be found within the anomaly’s boundary. About 117 chip samples with an average length of 6 metres were taken from these outcrops. Assays yielded consistently anomalous gold and silver values, with the average working out to be 463 parts per billion gold and 10.4 parts per million silver. About 21 of the samples assayed between 0.5 and 2.1 grams gold, and one chip sample cut 9.84 grams gold and 684 grams silver across 11.4 metres.

Another area of interest is the Scorpion zone, 600 metres northwest along strike of Cuchi. Outcrop sampling has identified a 300-by-50-metre area where assays have returned values of 0.45-1.68 grams gold and 10.7-235 grams silver.

Also, additional work has been performed along the Alumbre fault structure, 500 metres north of Rio Suro. Isolated outcrops reveal a mineralized breccia traceable for 70 metres and which resembles the high-grade breccia that can be found underground at Rio Suro. Chip samples assayed between 0.26 and 2.27 grams gold.

Targets have yet to be drill-tested. However, two diamond drill rigs are on-site and exploration can resume on short notice. Gitennes says it has been approached by several companies interested in forming a joint venture and that discussions are under way. Drilling will resume once additional financing has been secured.

Gitennes can earn a 100% interest in the Virgen property through its Peruvian subsidiary, Compania Minera Kori Pampa.