Drill results have enabled Greenstone Resources (TSE) to boost reserves at its 75%-owned Libertad gold project in Nicaragua.
Geological reserves in the Cerro Mojon area have risen to 920,000 from 275,000 oz., while overall reserves have climbed to 1.6 million from 1 million oz.
The company completed 1,000 metres of bulldozer trenching and 5,800 metres of reverse-circulation drilling at Cerro Mojon. The program confirmed a proven and probable geological reserve of 10.6 million tonnes averaging 2 grams gold per tonne, with an additional 5.1 million tonnes grading 1.4 grams in the possible category.
Drilling has also outlined several high-grade zones of mineralization. The best intersections included: 16.2 grams over 44.2 metres; 6.11 grams over 20.3 metres; and 8.28 grams over 33.5 metres.
A feasibility study of Cerro Mojon is expected before October.
La Libertad hosts 25 other targets that Greenstone believes could hold similar promise. Exploration has begun on some of these.
The remaining 25% of the deposit is owned by a Nicaraguan company representing mine workers.
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