Check-sampling yields low values from ‘high-grade’ project

Check-sampling by Brett Resources (BRN-V) has returned low gold values from previously reported “high grade” areas at the Victoria project in northern Bolivia, near the Peruvian border.

The junior began a due diligence review shortly after securing the right to acquire up to a 95% interest in the project (T.N.M., Oct. 23/00). Previous work on the property showed potential for a 10-to-15-metre-wide zone with grades of more than 10 grams gold per tonne and an exposed strike dimension exceeding 1 km.

This zone was tested by sample panels spaced along 800 metres of the structure, all of which returned high-grade values. However, when Brett’s geologists re-sampled two of the six “high grade” panel areas, they found only marginal values.

Thirteen 1-metre chip samples taken from one panel returned a maximum value of 0.5 gram and averaged less than 0.1 gram, as did the twenty 1-metre samples taken from the second panel. These results are in marked contrast to previous samples, taken from the same panels, that averaged 28.21 grams and 13.63 grams, respectively.

Brett says it will investigate the reasons for these discrepancies while it continues check-sampling.

The junior can earn an 85% interest in the project by escalating payments totalling US$3.5 million over four years and by issuing 180,000 shares. Another 10% can be earned by making a one-time payment of US$2.3 million.