Working to reach the feasibility stage at two U.S. gold projects next year, Panorama Resources reports encouraging results from its recent drilling programs.
At the Spanish mine property near Nevada Cty., Calif., drilling has defined an orebody amenable to open pit mining and heap leaching. The company is working on mine permitting and aims to complete a feasibility study late in 1988.
Since beginning work in May, some 20,000 ft of drilling in the Upper Spanish Mine zone has defined a mineralized zone about 2,000 ft long, 200 ft deep and up to 100 ft wide, grading an average 0.065 oz gold per ton. Within this larger zone is a body of mineralization 35 to 40 ft wide averaging 0.1 to 0.15 oz. Earlier reports estimated gold reserves of over 200,000 oz (N.M., Oct 12/87).
Equally encouraging results are reported from the Platoro mine property in southwestern Colorado where Panorama aims to start feasibility work next summer. The current program, which started in September, consists of driving a drift for 1,000 ft along the Mammoth- Revenue vein on the 200 level and for 1,500 ft along the vein on the 400 level. So far, the company has completed 328 ft of drifting on the 200 level and has begun a ramp down to the 400 level. Results from the first 200 ft of drifting at the 200 level show the vein to have an average width of 6.5 ft grading an average 0.497 oz gold equivalent. At the present heading on this level the vein is more than 30 ft wide and is mineralized across the full width.
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