Vancouver — Exploration by
The project is at the prefeasibility stage. Delays caused by engineering contractors with competing work commitments, coupled with the need for additional drilling, have pushed back the expected startup date to late June 2005.
In the meantime, Exeter is carrying out reconnaissance work on new mineralized zones and extensions of known zones. Channel chip-sampling at surface in the Mandibula zone returned up to 50.8 grams gold per tonne over 2 metres, and 8.7 grams over 6 metres.
Additional channel sampling outlined high-grade surface mineralization outside the known footprint of the Luna zone. Results include 5.1 grams over 20 metres and 6.8 grams over 12 metres.
Environmental and engineering work is continuing at La Cabeza, which at last report hosted a global resource of 11.9 million tonnes grading 1.83 grams gold per tonne, or 718,000 oz., using a cutoff grade of 0.5 gram. The prefeasibility study will incorporate results from recent reverse-circulation drilling.
About half the known resource is within 50 metres of surface, while 80% is within 100 metres of surface. An open-pit mine is envisaged, though exploration has revealed higher-grade mineralization at depth, which could be mined by underground techniques.
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