Drilling extends gold zones at Bolivar’s Tomi prospect

Drilling on the Tomi concession in Venezuela’s Bolivar state is resulting in the extension of gold-mineralized zones.

Preliminary estimates by Bolivar Goldfields (TSE) put the minable resource at 3.7 million tonnes grading almost 5 grams gold per tonne. The estimate includes zones of quartz-gold-pyrite stockwork veining in the northeastern region of the concession to depths of up to 170 metres.

Particularly impressive is the depth potential of the Charlie Richards zone. Hole 1-9519 returned both an 8-metre intersection at a depth of 204 metres grading 14.1 grams gold and a 15-metre intersection at a depth of 222 metres grading 11.4 grams.

Drilling on the Milagrito zone extended that structure about 250 metres to the northeast, with one of the better holes returning a 78-metre intersection grading 4.11 grams gold starting at a depth of 25.5 metres.

A 12,000-metre drill program will upgrade and refine the resource estimate.

Preliminary engineering work indicates the potential for a

50,000-oz.-per-year open-pit operation. Metallurgical work indicates mill recoveries of 90% from both the oxide and sulphide material.

Vengold (TSE) holds the right to back-in for a 50% interest in the Tomi concession for a 60-day period, following delivery of a feasibility study. To earn the interest, Vengold would have to reimburse Bolivar’s property costs, as well as arrange production financing.