Results of a preliminary ore reserve and open pit design study undertaken on the Bellavista gold project in Costa Rica were recently released by project operator, Rayrock Yellowknife Resources (TSE).
The Bellavista/Montezuma property is a joint venture (under option from Rembrandt Gold Mines) involving Westlake Industries (VSE), with 40%, and Midland Gold Corp. (VSE) with 60%. Rayrock is a substantial shareholder of Midland and is earning 50% of that company’s interest in the project.
Using a cutoff of 0.02 oz, mineable reserves at Bellavista are now reported as 14.2 million tons grading 0.05 oz gold with a waste to ore ratio of 2.2:1 or, using a cutoff of 0.03 oz, 11.1 million oz of 0.06 oz gold per ton with a waste to ore ratio of 3.1:1.
Based on a recovery rate of 85%, with cutoff grades of 0.02 and 0.03 oz, the company has determined that recoverable oz are 603,000 and 566,000 oz respectively. The open pit design and mineable ore reserve calculations are based on a gold price of $450(US) per oz and operating costs utilizing a 3,000- ton- per-day milling operation.
Drilling to date consists of 130 rotary holes totalling 63,000 ft; 116 of these tested the Bellavista deposit while 14 tested the Montezuma deposit. The companies believe there is good potential for the discovery of additional reserves by further drilling within and outside the present pit design.
Current work on the project consists of underground and surface sampling, check assaying, metallurgical testing and engineering studies for the selection and evaluation of several alternative mill sites and tailings disposal areas. A bulk sampling program and additional drilling, as part of a feasibility study, are planned to begin later this year.
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