Drilling has resumed at the Gaby gold property, 70 km southeast of Guyaquil, Ecuador, and operator Ecuadorian Minerals (TSE) plans to determine grades and tonnages for prefeasibility work.
Ecuadorian expects to finish the drilling in April. It will also test a 5.5-by-1.7-km area of anomalously high gold concentrations, which surrounds the deposit.
The prefeasibility study, scheduled for completion next summer, will include reserve and cost estimates, as well as a metallurgical design. Privately placed purchase warrants are now being exercised, and the company is funding the exploration work from the proceeds. Ecuadorian has received about $1.1 million so far and expects another $3 million by year-end.
The property is being explored under a joint venture of Ecuadorian and Compania Minera Gribipe, the mining subsidiary of Filanbanco, Ecuador’s largest commercial bank.
Be the first to comment on "Ecuadorian Minerals resumes drilling program at Gaby property"