A field program by Altai Resources (TSE) on its Rio de Oro property in north-central Peru has confirmed the presence of a high-grade surficial gold deposit amenable to open-pit mining.
Four gold-bearing zones have been delineated, three of which consist of unconsolidated material deposited near the base of a steep slope. Altai President Niyazi Kacira said this is an “unusual deposit” as it consists mainly of coarse material (talus) weathered from nearby slopes and cliffs. The largest zone is 700 meters long by 800 meters wide, with an average thickness of 50 metres. Of 29 surface samples collected, 19 contained visible gold. Five bulk samples were collected with values ranging from a low of 2.1 grams gold per tonne to a high of 3.7 grams gold.
Based on results from this program and on work by previous operators, a geological inventory of 65 million tonnes at 2.8 grams gold per tonne has been calculated.
Recovery tests indicate 90% of the gold can be recovered by gravity separation. The company says the mineralized material can also be heap-leached.
A second zone, 700 metres long by 150 metres wide with a varying thickness of about 75 metres, was also tested. Of 52 surface samples collected from this zone, 43 contained visible gold. A geological inventory of 18 million tonnes has been calculated for this zone; and although no bulk samples were collected, the company believes the gold grade will be similar to that of the larger zone.
A third deposit containing an estimated one million tonnes was also investigated.
The fourth zone outlined is a placer deposit containing an estimated 40 million tonnes. Grades for this deposit have not been released. Later this month, Altai will be starting an advanced exploration program which will consist of the collection of 40-50 bulk samples from each of the four zones. Should the sampling prove successful, the company envisions a full feasibility study in the early spring of 1994.
Work is also continuing on Altai’s two other Peruvian projects.
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