Ecuadorian still drilling at Gaby

Diamond drilling continues to evaluate the Gaby gold porphyry deposit near Guayaquil, Ecuador.

Ecuadorian Minerals (TSE) can earn a 35% interest in any oxide deposit identified in the Muyuyacu concession and a half interest in any underlying sulphide resource. It is committed to spend US$1 million on exploration plus property payments totaling US$3 million. In addition, a feasibility study must be completed by mid-1995.

Recent drill results include: 105 ft. of 0.042 oz. gold per ton for hole GD-1; 210 ft. of 0.027 oz. for GD-7; and 354 ft. of 0.041 oz. for GD-8 (including an interval grading 0.109 oz. over 131 ft.)

Rock and soil sampling has expanded the Portilla and Tama zones to form a semi-circular zone that surrounds the Gaby deposit and measures 8,500 ft. in length and up to 1,500 ft. in width.

The Portilla zone extends into Ecuadorian’s wholly owned Calvario 2 concession. Trenching along the western extension has returned 650 ft. of 0.032 oz.

East of Gaby, in the southern area of Tama, soil values from a 1,300-by-1,300-ft. area are as high as 0.039 oz., with rock samples reported to be in the range of 0.15 oz.

Preliminary geochemical sampling on Ecuadorian’s El Viejo concession outlined three large gold anomalies. Rock sampling along the access road through the concession returned 575 ft. of 0.022 oz. El Viejo is one of 11 concessions that comprise the Cerro Pelado property, 22 miles south of Machala.