Recent drilling and a revision of the economic cutoff grade have combined to increase the reserve and resource figures at the Las Cristinas gold project in Bolivar state, Venezuela.
Ongoing feasibility work by Mine Development Associates for operator Crystallex International (KRY-T) included revising the proposed mine plan and pit designs based on new drilling in the Conductora pit, one of two planned open pits on the property. A 7,100-metre drill program in 2004, and a 2,200-metre program the previous year, allowed previously inferred resources to be reclassified as indicated resources, and confirmed the continuity of resources at depth.
The consultants also revised the reserve figure based on a gold price of US$350 per oz., up from US$325. They also plan to do a price-sensitivity analysis on the project this month.
The result was that the proven and probable reserve at Cristinas was increased to 333 million tonnes grading 1.2 grams gold per tonne. A revised design for the larger Conductora-Cuatro Muertos pit, including some deeper mineralization verified by the recent drilling, has a stripping ratio of 1.45 and takes in 310 million tonnes. The balance, about 24 million tonnes, is in the Mesones pit, with a stripping ratio of 1.18.
The earlier Conductora pit, which would have mined 202 million tonnes at a grade of 1.3 grams per tonne, was 330 metres deep and had a stripping ratio of 1.34. The redesigned pit is designed to go to 390 metres.
Resource figures have also been revised based on the recent drilling. The measured and indicated resource at Conductora and Cuatro Muertos now stands at 415 million tonnes at an average 1.1 grams gold per tonne, with an additional 152 million tonnes of 0.88 grams gold per tonne in inferred resources.
Mesones contains a measured and indicated resource of 47 million tonnes at 1 gram, plus 20.5 million tonnes grading 0.7 grams in the inferred category.
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