An increase in the estimated gold resource of the Gaby deposit in Ecuador has prompted Ecuadorian Minerals (TSE) to resume drilling.
The estimate more than doubled to 3.5 million oz.
More than 10,000 metres of core and reverse-circulation drilling will be carried out in an effort to delineate mineralization in the main deposit and examine a geochemical anomaly surrounding it.
Nearly half the work will consist of infill drilling, while 5,500 metres will define the mineralization in an area measuring 5.5 by 1.7 km, or roughly 10 times the size of the main deposit.
A prefeasibility study is expected by next summer.
Funding will be made possible by the exercise of share purchase warrants from previous private placements. So far, $1.1 million has been raised, and another $3 million is expected by year-end.
The deposit is situated on Ecuadorian’s wholly owned Gaby concession and on the northern part of the Guadalupe concession (which is owned 51% by Ecuadorian and 49% by Vancouver-listed Zappa Resources).
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