Vancouver – Greystar Resources’ (GSL-T) drilling on its Angostura gold-silver deposit, in northeastern Colombia, has intersected further high-grade gold.
The company has focused on confirming continuity of vein-hosted mineralization in the core Diamante zone, with infill holes, in addition to further testing the La Alta and northern Veta de Barro zones.
Hole DM05-09 on the Diamante zone intersected a 29-metre interval (from 141-metres depth) grading 4.4 grams gold per tonne in veins 314 and 52. Core drilling also cut a number of other mineralized vein structures averaging 1-7 grams gold over 12-48 metre widths.
Drilling at La Alta intersected a new vein, in hole AL05-07, averaging 6.5 grams gold over an 11.5-metre width. A separate hanging wall vein delivered a 1.5-metre section grading 28.5 grams gold. Drilling also cut other veins returning significantly gold-mineralized intercepts.
Four new holes on the Veta de Barro confirm it as the northern extension of the Main deposit. A number of mineralized-vein intercepts ranging from 1.5-20 metres averaged up to 39 grams gold.
The main Angostura deposit hosts an indicated resource of 87.3 million tonnes grading 1.2 grams gold and 5.2 grams silver per tonne (3.4 million oz. gold and 14.5 million oz. silver contained). An additional inferred resource of 111.5 million tonnes at 1.3 grams gold and 4.7 grams silver (4.5 million oz. gold and 17 million oz. silver contained) was calculated in the March 2005 study by engineers Snowden Mining Industry Consultants.
Gold and silver mineralization at Angostura is hosted in multiple vein-like structures, breccias and shoots, and fault zones over an area exceeding 1 sq. km and to a depth of up to 1,000 metres. Greystar has been exploring the project since 1995 and has spent well in excess of US$20 million on the deposit.
The results impressed the market with investors driving up the share price 17% to the $5.80-level on volume of over 400,000 shares. With 33.1 million shares outstanding, Greystar posts a $192-million market capitalization.
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