Drilling at the Albino 1 gold property in Venezuela has expanded reserves for owner Crystallex International (KRY-T), while, at the same time, adding promise to other nearby targets.
The results stem from a 10,500-metre program of 56 holes, 42 of which were drilled to prove up additional reserves and test mineralization at depth in the Conductora and Aguao 2 zones. The remaining holes were collared to test several peripheral targets.
Reserves for the Conductora zone now stand at 1.07 million tonnes grading 7.1 grams gold per tonne, whereas the Aguao zone is estimated to contain 214,500 tonnes of 4.9 grams gold.
The property also contains 307,000 tonnes of tailings grading 3.1 grams gold, which were left behind from previous artisanal mining. The results also extended ore-grade mineralization in the Conductora zone to 250 metres below surface and in the Aguao 2 zone to 100 metres below surface. Both zones remain open at depth.
The Albino concession is underlain by rocks of a lower Proterozoic greenstone belt, which have been saprolitized to depths of 30-60 metres below surface.
The saprolitic portion of the Conductora zone is currently being mined by open-pit methods, with ore processed in a 300-ton-per-day mill.
While the company awaits government approval to begin underground development of the two zones, it will attempt to prove up additional reserves with further drilling.
Encouraging results were also reported from holes ALB96-49 and ALB96-60, which returned 4.35 metres of 3.13 grams gold and 1.57 metres of 4.76 grams gold, respectively. The former was drilled 200 metres southwest of Aguao 2 to test a 1-km-long gold-in-soil anomaly.
Crystallex believes the area has potential for hosting a deposit amenable to heap-leaching and will shortly begin follow-up surface exploration.
The Albino property is adjacent to the Cristinas and Brisas del Cuyani concessions of Placer Dome (PDG-T) and Gold Reserve (GLR-T), respectively.
Together, the two deposits are reported to host more than 20 million oz. gold.
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