After 10 months of drilling, Carpathian Gold (CPN-T) has released an official resource for its Rovina copper-gold property in Romania.
Carpathian shares rose nearly 17% in Toronto today to $1.75 on a trading volume of more than 2.4 million shares.
The company has been testing the potential for an open pit on two deposits on the property the Rovina copper gold porphyry and the Colnic gold-copper porphyry, which are located about 2.5 km apart.
Based on drilling completed up until the end of 2006, the Colnic porphyry has an indicated resource of 68 million tonnes grading 0.64 gram gold per tonne and 0.12% copper, or 1.41 million oz. gold and 175 million lbs. copper.
The inferred resource for Colnic is 9.4 million tonnes grading 0.47 gram gold per tonne and 0.47% copper, or 140,000 oz. gold and 20 million lbs. copper.
Ravinas inferred resource is currently 144 million tonnes grading 0.33 gram gold per tonne and 0.24% copper, or 1.38 million oz. gold and 829 million lbs. copper.
Dino Titaro, president and CEO of Carpathian, said the company exceeded its initial hopes.
The global resource has more than met our initial expectations and our original minimum target goal for the project of at least 200 million tonnes has already been surpassed, Titaro said in a statement.
The resource estimate for Colnic was based on 49 drill holes, or 16,000 metres of drilling, over an area of 600 metres by 600 metres while Rovinas estimate was based on 17 drill holes, or 8,4,00 metres drilling, over an area of 400 metres by 300 metres.
The company reports that there is mineralization outside the conceptual pit outline that was not included in the resource, but will likely be included in the future.
Carpathians latest results from drilling on the Ravina deposit this year include 462 metres grading 0.43 gram gold per tonne and 0.41% copper, and 235 metres grading 0.79 gram gold per tonne an d0.12% copper on the Colnic deposit.
In total, Carpathian has 630 sq. km of mineral exploration licenses in Romania and Hungary.
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