First came La Colorada, then La Trinidad and now Los Duendes. Situated in Mexico, the three gold projects are being explored and advanced by Eldorado (VSE).
The junior company is nearing commercial production at the La Colorada project in Sonora state, a heap-leach joint venture with 30% partner Campbell Resources (TSE).
Adjacent to this project, the newly acquired Los Duendes property covers 38 acres and includes an east-west striking mineralized zone parallel to the El Creston and Cran Central deposits (La Colorada project) one mile to the north. Eldorado can buy a 100% interest by paying US$5,000 on signing and US$50,000 by the end of 1993. The Duendes property was previously drilled, which outlined a 55,000-ton reserve grading 0.093 oz. gold per ton. Eldorado’s recent program of mapping and sampling of this project is reported to have revealed a larger gold zone extending up to 3,300 ft. to the west “in a similar geological environment” to the El Creston deposit. Eldorado is also exploring the La Trinidad project, 80 miles southeast of Mazatlan, a 51% joint venture with Almaden Resources (VSE). Recent drilling (six holes) and six bulldozer trenches outlined an open-pit gold deposit over a 1,000-ft. strike length, and a width of 500 ft. The deposit is an oxidized, shallow east-dipping, epithermal quartz breccia exposed along its entire western flank.
The southern portion (or 650 ft. of strike) has a true thickness of 33-66 ft. grading 0.1 oz. gold, while the northern portion (330 ft. of strike) has a true thickness of 33 ft. grading 0.03 oz. gold.
A high-grade zone was also identified within the deposit having a strike length of 160 ft., and a true thickness of 13-16 ft. grading 0.34 oz. gold. Several more high-grade zones are expected to be outlined which would increase the overall grade of the deposit.
A multi-phase development program is being planned to include reverse circulation drilling, mine modelling, and construction of a pilot heap-leach operation.
Eldorado is managed by mining professionals, including Chester Millar of Glamis Gold, and a team from the Hemingson group.
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