Underground sampling by
The Certej exploration concession covers ground with extensive underground workings dating back to Roman times, as well as numerous gold and base metal deposits. The resource estimate, prepared by Resource Service Group of Australia, is based on 5,946 metres of underground channel sampling at the Coranda deposit on four underground levels.
Coranda, which consists of a cluster of five deposits, hosts indicated and inferred resources totalling 45.6 million tonnes grading 1.9 grams gold and 14 grams silver per tonne, equal to 2.7 million oz. gold and 21.2 million oz. silver, based on a cutoff grade of 0.8 gram gold.
If a 1-gram cutoff grade is used, the total falls to 38.6 million tonnes grading 2 grams gold and 15 grams silver, equal to 2.5 million oz. gold and 18.4 million oz. silver. Mineralization remains open in all directions and at depth.
The deposits in the Certej gold belt are defined by a major northwesterly trending structural zone that contains several gold-silver and lead-zinc deposits. The known deposits occur over a 12-km-long, east-west strike distance and are associated with Cretaceous sediments (pyritic black shales and sandstones) and later Neogene quartz andesitic volcanics, sub-volcanic intrusives and Neogene sediments.
Mineralization in the five deposits is hosted in five different settings: veins; a microfractured and silicified quartz andesite; sediments associated with lead-zinc mineralization; and tellurides.
A planned program of surface and underground drilling at the Coranda deposit is designed to upgrade resources into reserves. In the meantime, underground channel sampling will continue at several nearby deposits.
Gabriel currently holds a 60% interest in Certej, which can be increased to 80% upon receipt of a prefeasibility study. The project is in an area that has been deemed disadvantaged, which means various tax credits and financial incentives are available to companies creating jobs in the region.
Gabriel’s most advanced project is Rosia Montana, which hosts a resource of 144 million tonnes grading 1.7 grams gold and 10 grams silver (7.7 million contained ounces gold and 44.3 million contained ounces silver), based on a cutoff grade of 0.8 gram gold.
Once a prefeasibility study by Pincock Allen & Holt is completed later this fall, Gabriel will be able to increase its current 65% interest in the Rosia Montana exploitation concession to 80%. The other 20% will be retained by joint-venture partner Minvest, a state-owned mining company, though Gabriel has a pre-emptive right on this 20% stake.
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