Lyon Lake encounters gold at Beta Vargas

In the latest round of drilling at the Beta Vargas concession in Costa Rica, Lyon Lake Mines (LLL-T) has intersected additional low-grade gold mineralization.

Previous work outlined a deposit contained in a 500-by-400-metre area hosting reserves, in all categories, of 2.9 million tonnes grading 1.33 grams gold per tonne. The company is developing this deposit as an open-pit, heap-leach operation.

The latest drilling, which consisted of 1,357 metres in 20

reverse-circulation (RC) holes, was aimed at increasing the known reserves.

Results have been received from the first 10 holes, eight of which returned greater than 1 gram gold over a minimum width of 6 metres.

Results from the best intersections include: hole 5, which returned 18 metres (from 32 to 50 metres) grading 2.44 grams gold; hole 10, which cut 10 metres (from 62 to 72 metres) of 4.05 grams gold; hole 4, which yielded 16 metres (from 52 to 68 metres) grading 1.11 grams gold; hole 6, which hit 10 metres (from 46 to 56 metres) of 2.34 grams gold; and hole 3, which returned 6 metres (from 8 to 14 metres) grading 1.05 grams gold, and 8 metres (from 36 to 44 metres) grading 2.17 grams gold.

In light of these new results, the company considers its initial assessment of the deposit’s gold-bearing potential to have been too conservative, and is now anticipating a possible increase in reserves.

Production is slated for May at the daily rate of 645 tonnes, resulting in gold output of 10,000 oz. in the first year. Lyon Lake hopes to increase production to 1,000 tonnes later in the year, which would add 5,000 oz. to output levels.

While development work continues at Beta Vargas, the company has begun a drill program on the adjacent Canamazo concession. The program will comprise 3,600 metres of follow-up, RC drilling.

The two concessions, which encompass a total of 39 sq. km, lie 150 km north of the nation’s capital, San Jose.

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