Reserves triple at Limon gold mine

Idaho-based Fischer-Watt Gold (FWGO-O) has tripled proven and probable reserves at its Limon gold mine in northwestern Colombia.

The figure now stands at 99,400 tonnes grading 16 grams gold per tonne, equivalent to 51,000 contained ounces, compared with the previous estimate of 34,000 tonnes of 15 grams, or 16,500 contained ounces.

The revised calculation is based on development drifting to the fifth level of the Limon vein. The company expects to find similar mineralization at the sixth level and, toward that end, will complete another ramp into the vein in April.

Meanwhile, Fischer-Watt has suspended work on the ramp that was being driven into the vein from the company’s Juan Vara property, to the south.

Drilling at the Carmen vein, to the northeast, has confirmed low-grade stockwork mineralization in the hangingwall, and the target is believed to have open-pit potential.

Fischer-Watt is also evaluating the recently acquired Veinte property, south of Limon.