Drilling on the Macuelizo gold-oxide project in Honduras recently returned encouraging results for owner Melinga Resources (VSE).
One hole in a previously untested zone known as the Sugar Loaf Hill returned a 6.3-ft. intersection grading 0.56 oz. gold per ton. Stepout drilling to the east of any previous drilling on the main oxide deposit returned 196.8 ft. grading 0.058 oz. gold in one hole and 101.3 ft. grading 0.14 oz. gold in another.
The last reserve estimate on the deposit, dating back to September, 1992, put preliminary reserves at about 9.4 million tons grading 0.053 oz. gold. Melinga is awaiting assay results from a number of other holes. As well, the company reports that negotiations with major mining companies regarding a potential joint venture are continuing.
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