Greenstone boasts strong property portfolio for 1990

Exploration results from Canadian interests and production developments in South America are resulting in a strong property portfolio for Toronto-based Greenstone Resources (TSE). The Scott Lake base metal property in Chibougamau, Que., is beginning to look more like Aur Resources’ (TSE) Louvicourt discovery everyday. Recently, Greenstone added a new target — a 300-ft.-wide copper stringer zone — to the zinc-rich massive sulphides confirmed earlier this year.

Results from narrow intersections within the zone returned up to 7% copper. In addition, a large exhalite unit, a common indicator of volcanogenic deposits, is associated with the stringer zone. Thunderwood Resources (TSE), project operator, is Greenstone’s 50% partner on the project.

Just down the road from Scott Lake, a drilling program on the Tache Lake project is intersecting high-grade zinc-gold mineralization. The first hole returned mineralization over 141 ft. grading 5.5% zinc and 0.11 oz. gold per ton. To the east and west of the Main zone, narrow, high-grade intersections are confirming the continuity of the open pit deposit. Bitech (ASE), project operator, has the option to earn a 50% interest in the property.

Still in the startup phases, Greenstone’s Oronorte gold mine in Columbia is producing at 60% of its planned capacity of 110 tons per day. According to Greenstone, production should be up to 90% capacity in April. At full production, Oronorte will produce about 20,000 tons of gold annually. To add to these reserves, Greenstone is evaluating a high-grade deposit on the Carmen property, 20 miles from Oronorte.

Other Greenstone properties include: the Recio gold project Costa Rica, where a production decision is imminent; the Millie Mack open pit gold-silver deposit in British Columbia, where a feasibility study will be completed this summer; and the Gold Creek and McNeil properties, also in British Columbia, where drilling has intersected significant areas of mineralization.