Holmer Gold boosts exploration budget

The exploration budget for a portfolio of properties that stretches from Ontario to Cuba has been increased to $2 million, reports Holmer Gold Mines (ASE).

Work is under way on Holmer’s gold property in Ontario’s Bristol Twp., 1 mile north of a recent discovery by Band Ore Resources (CDN). Holmer hopes to extend the property’s known deposit, which contains reserves of 440,000 tons grading 0.15 oz. per ton.

In Cuba, Holmer is examining gold, silver and base metal potential in the vicinity of its Loma Hierro silver deposit, where a prefeasibility study is being conducted. Holmer says an independent consultant has confirmed a reserve there of 10 million oz. silver.

So far, Holmer has identified two gossanous belts with precious metal potential on the Matahambre West concession near Loma Hierro. The junior is also following up an intersection of 10.7 ft. grading 18.5% zinc and 7.93 oz.

silver on its San Fernando property, where shallow reserves stand at 2 million tons grading 2.3% copper and 3.5% zinc.