Diadem Resources explores for gold deposits in Nicaragua

Toronto-based Diadem Resources (DIR-M) has released a resource calculation for La Mestiza, its gold property in Nicaragua.

The company’s consulting engineer has calculated proven and probable reserves of 2.1 million tons grading 0.25 oz. gold per ton, equivalent to 518,610 contained ounces. Possible resources stand at 2.8 million tons of 0.32 oz. gold, equivalent to 916,500 contained ounces.

Recent exploration has identified new veins near existing workings, bringing to eight the number of veins known to exist on the property.

The original Buenos Aires vein is being explored by a drive following the vein eastward from the adit. To date, the vein has been exposed along a length of 22 metres. Channel sampling has returned 10.69 grams gold (0.34 oz.) and 6 grams silver across 0.85 metre, and 40.48 grams gold (1.3 oz.) over 0.45 metre.

The samples are taken by Canadian geologists, then sealed and sent to a sample preparation lab in Honduras operated by TSL Assayers.

The company is conducting environmental studies in preparation for an underground program.