Vancouver Less than two months after picking up the Ampliacion Pueblo Viejo property, Linear Gold (LRR-V) has dealt Placer Dome (PDG-T) an option to earn up to 62.5% of the promising ground in the Dominican Republic.
"Placer Dome is a natural choice for the project since they are evaluating the adjacent gold deposit," says Linear’s VP of Exploration, Philip Pyle.
Under the deal, Placer can earn a 52.5% stake by paying US$775,000 and spending US$4 million over a three and a half-year period. The major can then take up another 10% interest by completing a bankable feasibility study.
Lying adjacent to Placer’s Pueblo Viejo property, the Ampliacion Pueblo Viejo project hosts the La Lechoza prospect where previous work by the government mining company, Rosario Dominicana, identified oxide gold mineralization. The best results from 61 shallow drill holes include 12 metres grading 12.3 grams gold per tonne and 8 metres grading 11 grams gold.
Aussie-based MIM Exploration took over the property in 2002 and went on to identify coincident gold-in-soil and induced polarization chargeability anomalies over the surface mineralization. Subsequent trenching yielded up to 154 metres grading 1.6 grams gold, while drilling returned 10.5 metres grading 3.4 grams gold and 16 metres grading 2.9% copper.
The property hosts several other target, including the La Colorado prospect where induced polarization chargeability anomalies have been recognized to the west of Placer’s project.
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