Drilling has revealed significant gold mineralization at Llallagua, a few kilometres from the Kori Kollo gold mine in Bolivia.
Both projects are owned by Battle Mountain Gold (NYSE).
Estimates for the Llallagua-Nueva Esperanza area indicate a contained proven and probable reserve of 4.7 million tonnes grading 1.26 grams gold and 14.64 grams silver per tonne.
The drilling is aimed at classifying a comparable amount of oxide mineralization by the end of the year.
A review of the much greater sulphide mineralization at Llallagua is also under way, to be concluded by the end of next year. No metallurgical process has been established for this refractory material.
The company controls 300 sq. km surrounding the 88%-owned Kori Kollo mine.
Battle Mountain’s other operations are moving ahead. The company is on schedule to meet its goal of increasing attributable gold production by 17%, and it has received the draft environmental impact statement for the Crown Jewel gold project in northeastern Washington state.
Battle Mountain’s earnings in the second quarter amounted to US$6.3 million, which, after quarterly dividends, were reduced to US$4.4 million (or 5 cents per share). This compares with US$3.1 million (or 1 cents per share) for the same quarter last year.
Consolidated net income for the first half of 1995 was US$8.8 million (or 6 cents per share), compared with US$5.9 million (or 3 cents per share) for the first half of last year.
Gross revenue was US$86.4 million for the second quarter and US$142.5 million for the first half of the year, compared with the previous year’s corresponding figures of US$60.2 million and US$113 million.
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