Highlights include a 7.4-metre intersection grading 7.68 grams gold per tonne and 0.38% copper at a down-hole depth of 19.6 metres. Another hole intersected 11.4 metres of 4.25 grams gold and 0.1% copper at 18.6 metres down-hole.
Six other holes intersected zones of mineralization 3-23 metres wide grading 0.53-2.42 grams gold and 0.02-0.17% copper. One of these holes intersected 1 metre of 11.1 grams gold per tonne.
The Varvarinskoye deposits are on the eastern side of the northeast-striking Varvarinsky fault zone. Gold is associated with sulphides, primarily chalcopyrite, pyrite and pyrrhotite, in garnet-pyroxene skarn, or stockwork veins in volcanic rocks. There is also significant supergene oxide mineralization.
Since April, 5,300 metres have been drilled. Condemnation holes have confirmed the absence of mineralization in areas that are proposed for mine facilities, waste dumps and tailings.
Last year, the Varvarinskoye reserves were estimated at 54 million tonnes grading 1.35 grams gold and 0.28% copper, and the measured and indicated resource was pegged at 39 million tonnes grading 0.97 gram gold and 0.17% copper. Plans call for six pits to be mined, with a stripping ratio of 3.7-to-1. Proven and probable reserves are equivalent to 2.2 million oz. gold and 255 million lbs. copper.
A bankable feasibility study is expected in September, and Metallurgical Design Management of Johannesburg has agreed to enter into a contract for construction and development.
JSC Varvarinskoye holds the right to develop the deposits on the 3-sq.-km mining licence. It is 86%-owned by European Minerals, with the remainder held by
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