A third phase of drilling by Minefinders (MLF-V) is expanding the main zone of mineralization at the company’s wholly owned Dolores property in Mexico’s Chihuahua state.
The Dolores property comprises seven concessions, with a total area of 2000 ha.
The company notes that 12 of 14 infill and exploration holes drilled in the Chabacan and Hondo target areas intercepted gold-silver mineralization.
Hole R16 intersected 193.5 metres averaging 1.23 grams gold and 251.17 grams silver per tonne, which includes 76.2 metres averaging 2.54 grams gold and 51.77 grams silver.
Hole 97-0 cut 32.5 metres averaging 1.95 grams, which includes 6 metres averaging 7.03 grams.
Assay results are pending for 11 holes, with five remaining to be drilled.
Once this work is complete, Echo Bay Mines (ECO-T) can elect to become operator and fund a bankable feasibility study,
The next phase of work will be directed towards infill drilling to upgrade resources to the proven and probable categories.
Echo Bay can earn a 60% interest in Dolores for US$20 per production ounce multiplied by 60% of the proven and probable gold and gold-equivalent ounces defined in the feasibility study. Minefinders will retain a 40% stake in all production from the property.
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