Ecuadorian doubles its gold resource at Gaby

The Gaby gold porphyry property in Ecuador appears to contain far more gold than owner Ecuadorian Minerals (TSE) had thought.

Following a definitive evaluation of data from more than 22,000 metres of reverse-circulation and core drilling, Ecuadorian has added 1.9 million oz. gold to its March 1995 estimate of 1.6 million oz., for a new total of 3.5 million oz. The total includes a gold resource of 1.3 million oz. for the northern part of the Guadalupe concession (51% Ecuadorian, 49% Vancouver-listed Zappa Resources), which adjoins the main Gaby deposit.

The gold resource lies within a U-shaped, mineralized structure that sits astride the Gaby-Guadalupe boundary. It is 1,800 metres long and up to 300 metres wide, with gold mineralization intersected over a vertical depth of more than 500 metres.

Notable gold intervals include 186 metres grading 1.2 grams per tonne, 166 metres of 1.6 grams, 108 metres of 1.8 grams and 108 metres of 1.7 grams.

Drilling will resume this month in an effort to define the gold resource in the main Gaby deposit and evaluate the overall, 5.5-by-1.7-km zone of gold mineralization. A prefeasibility study is expected to be completed by summer, 1996.