Oro Gold Resources (ORG-V) says that drill results from its Taunus resource expansion program in Sinaloa, Mexico, are prompting the company to expand its 2,000-metre program.
Oro has received assay results for the first two drill holes of the program.
Highlights include an 11.55-metre intersection grading 2.19 grams gold per tonne on the northeast side of the abandoned Taunus pit and a 14.05-metre-interesection grading 3.01 grams gold per tonne near surface on the south side of the pit.
Given these results and the additional targets that we have identified in the immediate area, we are likely to increase the current 2,000-metre drill program, Oro Gold vice president Frank Powel said in a statement.
The company also reported trench results, which included 48 metres grading 0.98 grams gold per tonne and 42 metres grading 0.98 grams gold per tonne.
The Taunus deposit is located on Oros 65 sq. km Trinidad property. The company says drilling should be complete by the end of the month.
Last month, Oro, reported an inferred resource of 1.6 million tonnes grading 1.76 grams gold per tonne, or 91.915 oz. gold, for Taunus.
Oro plans to put out another resource estimate by the end of the first quarter of 2008, which will include drilling done this year.
Oro shares rose 10% today, or 8, to 83 on a trading volume of 19,000 shares.
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