A new technical report on Medoro Resources’ (mrs-v) newly acquired Zona Baja property in Colombia outlines a measured and indicated resource totaling 3.4 million oz. gold and 9.6 million oz. silver.
The resource is contained in 92.5 million tonnes grading 1.17 gram gold per tonne and 3.26 grams silver and is based on about 17,000 metres of drilling in 79 holes using a cutoff grade of 0.3 gram gold per tonne.
The property includes the Mineros Nacionales gold mine which currently produces about 25,000 oz. gold per year.
Zona Baja adjoins two other properties; Zona Alta and Echandia, and combined they have measured and indicated resources totaling 6.87 million oz. gold and another 2.55 million oz. gold under the inferred category.
The company plans to expand, upgrade and combine the resources while finding ways to improve efficiency and increase production at the mine. It’s looking into developing the low-grade resources into an open pit mine, recovering gold and silver through cyanide leaching or by heap leaching.
Medoro recently acquired Zona Baja from a private Colombian company, Mineros Nacionales S.A..
And it acquired Zona Alta and Echandia after it took over Colombian Goldfields last fall.
All three properties are in the Marmato Mountain gold district on the eastern edge of the Western Cordillera of the Colombian Andes.
Locally, Marmato is known as ‘Golden Mountain’ and is believed to have been mined by locals for the last 500 years.
Medoro shares were down 7% in Toronto today, or 5¢, to 66¢ apiece on a trading volume of 1.2 million shares.
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