Definition drilling by Toronto-based Greenstone Resources (GRE-T) has confirmed the existence of a significant gold find at the Crimea prospect within the company’s wholly owned Libertad concession in Nicaragua.
The best results from the 16-hole program include: 6.1 metres (from 30.5 to 36.6 metres) grading 12.2 grams gold per tonne in hole 3; 9.1 metres (from 134.1 to 143.3 metres) of 7.7 grams in hole 6; 30.5 metres (18.3 to 48.8 metres) of 2.9 grams in hole 8; 30.5 metres (0 to 30.5 metres) of 3.8 grams in hole 11; 39.6 metres (0 to 39.6 metres) of 3.4 grams in hole 12; 30.5 metres (0 to 30.5 metres) of 3 grams in hole 13; 15.2 metres (0 to 15.2 metres) of 3.1 grams in hole 14; and 15.2 metres (from 16.8 to 32 metres) of 3.4 grams in hole 15.
The 1-km-long Crimea structure lies 1.5 km northeast of Greenstone’s Cerro Mojon mine, where gold was first poured on April 30.
The company describes the Crimea deposit as being well-oxidized and metallurgically similar to Cerro-Mojon ore, which averages 1.8 grams gold and yields better than 80% recovery after 60 days of leaching.
About 300 metres south of Crimea lies the Santa Maria structure, where Greenstone is also developing gold resources.
Greenstone President Rudi Fronk says the proximity of the Crimea and Santa Maria structures means that both could be incorporated into a single open-pit mining operation.
Feasibility studies of the two structures will begin this fall, with mine construction potentially beginning in 1998.
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