Gold producer Greenstone Resources (TSE) has almost doubled the gold resource contained within the San Andres project in Honduras.
The resource rose to 1 million oz. after completion of a 2,500-metre drill program. Most of the increase is due to an expansion of the Twin Hills zone, which now contains about 10 million tonnes averaging 1.1 grams gold. This is believed to be equivalent to more than 300,000 oz. (9.3 million grams). The Water Tank zone, almost 2 km to the northwest, now contains 12.6 million tonnes averaging 1.8 grams. Of the 716,000 contained ounces, about 75% is classified as either proven or probable.
Over the next year, Greenstone will conduct a feasibility study into the possibility of replacing the small heap-leach operation with one capable of producing 50,000-75,000 oz. annually. If this is positive, the operation could start as early as 1997.
Greenstone holds a 71% interest in San Andres and is negotiating to acquire an additional 20%
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