New drilling results have allowed partners
Resources in the Main zone now total 15.5 million tonnes grading 3.2 grams gold per tonne, equivalent to 1.6 million contained ounces. This raises to 2.2 million the number of contained ounces in the total resource at Golden Ridge, including satellite zones Hill 4 and Hill 5. Revised figures for the satellite zones, which were last estimated to host a combined 10 million tonnes averaging 1.85 grams, will be released once drilling there has been completed.
A 1.5-gram cutoff grade was used in the update.
Gold mineralization in the Main zone is characterized by stratabound sulphide replacements in banded iron formation; crosscutting subvertical quartz veins also hold gold. In preparation for the resource update, several holes were sunk at oblique angles to the iron formation to cut those veins at a depth of 100 metres, though shallower intersections are noted.
Gold values varied from 0.99 gram gold over 9.95 metres (from 98.8 to 108.75 metres) in hole 103, to 10.1 grams over 6.86 metres (31-37.86 metres) in hole 92. Other selected results include:
– hole 65, which cut 19.17 metres (101.75-120.92 metres) grading 2.7 grams;
– hole 72, which cut 46.65 metres (56.35-103 metres) grading 3.25 grams;
– hole 100, which averaged 2.71 grams over 7.77 metres (77.4-85.17 metres), 2.71 grams over 5.6 metres (89.6-95.2 metres) and 8.64 grams over 5.5 metres (100.2-105.7 metres); and
– hole 105, which averaged 1.4 grams over 17.5 metres (85.5-103 metres).
Combined, the oblique holes returned a weighted average of 3.72 grams gold, the single best result being 8.11 grams over 19.97 metres in hole 90. This compares with a weighted average of 2.66 grams for all holes drilled at right angles to the iron formation, suggesting that the quartz veins are enriched in gold relative to the host rock.
The partners are also drill-testing the geologically similar Siga Hills areas, situated 4.5 km to the immediate west. Trenching results of 21 grams over 5 metres and 7.7 grams over 10 metres highlight the zone’s potential.
Barrick and Pangea each hold a half-interest in Golden Ridge, though the former is funding and managing the exploration program. Barrick also retains the right to increase its interest to 65% by completing a feasibility study and arranging project financing.
Barrick’s efforts in the region are part of new strategy aimed at focusing on projects near to ones that are being developed or are already producing. Golden Ridge falls into the former category, as it lies 29 km southeast of the major’s Bulyanhulu gold deposit, which is scheduled to begin production in the second quarter of 2001 (T.N.M., Feb. 14/00).
Meanwhile, Pangea has begun a 6,000-metre program of diamond drilling at its Tulawaka property, also in the Lake Victoria Goldfields district. The program is part of a feasibility study of the East zone, where up to 121.6 grams gold over 5 metres have been intersected in previous drilling.
Gold mineralization is characterized by three steeply dipping shoots spread over a strike length of 1 km. Several of the planned holes will attempt to confirm their extention at depth. The deepest hole drilled so far returned 7 metres of 10.92 grams at a vertical depth of 160 metres.
Metallurgical results of two composite samples of the talus and saprolite zones are expected shortly. Also, a composite sample of the primary sulphide zone below the 50-metre depth is being tested.
Pangea has also begun an environmental baseline study in preparation for a full environmental impact study. Both will be included in the feasibility study, which is scheduled for completion by year-end.
Pangea operates and owns a 70% interest in the Tulawaka property. The remaining interest is held by
Also, Pangea has completed additional geochemical sampling at its wholly owned Muhama property, which adjoins Tulawaka. The program was carried out over a soil anomaly said to be similar to the one overlying the East zone. Rapid-air-blast drilling at Muhama is planned.
Be the first to comment on "Golden Ridge gets boost"