Since taking over as operator of the Platoro project in southern Colorado just over a year ago, Panorama Resources (VSE) completed 1,500 ft of drifting on the 9,700-ft level and drove a decline to the 9,500-ft level where it completed a further 1,100 ft of drifting. The company’s objective is to prove up sufficient reserves to support a 500-ton-per-day operation, and to develop mining/metallurgical data for detailed mine and process engineering.
At present, the project is reported to have about 522,000 tons of proven and probable ore at an average grade of 0.186 oz gold and 5.0 oz silver per ton, established by both drilling and underground exploration, plus an additional 2.6 million tons of mineral inventory indicated by drilling and geological investigation.
Panorama is earning a 60% interest in the project while Union Mines, the U.S. subsidiary of Union Miniere of Belgium, has retained a 40% working interest. The property is located about five miles south of the Summitville mine owned by Galactic Resources (TSE). Earlier this year Galactic acquired about 21.3% of Panorama’s issued shares.
Panorama reports that results received on over 800 ft of drifting on the 9500 ft level give an average 8-ft vein width grading 0.18 oz gold and 7.4 oz silver per ton, for a gold equivalent grade (at present metal prices) of 0.30 oz per ton. The company’s plans call for an additional 1,000-2,000 ft of drifting and raising, to be followed by a final feasibility study.
The company said results of metallurgical testing performed by Hazen Research of Golden, CO., indicate gold and silver recoveries of 85% to 90% or better in 24 hours or less, using conventional cyanide treatment on ore crushed to –270 mesh.
In addition, Panorama reports that recent assay results extend ore grade mineralization on the 9,500 level to 894 ft grading 0.19 oz gold and 7.5 oz silver.
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