Work completed by Rayrock Yellowknife Resources has outlined proven and probable reserves on the Bellavista property in Costa Rica in excess of 10 million tons grading 0.05-0.07 oz gold per ton. Other partners on the project include Midland Gold Corp. and Westlake Industries. The project is held under option from Rembrandt Gold Mines.
The reserve calculation is based on data from 51 reverse circulation drill holes which extended the deposit towards the north. A drill program totalling 7,000 m is in progress which will provide infill information about the deposit. The program will also focus on delineating a high grade zone which ranges from 0.1-0.3 oz in grade. The deposit is amenable to open pit mining and conventional milling methods. Metallurgical tests suggest a gold recovery of 88% is available with surface oxidized ore yielding 90%-95% recovery. Unoxidized material occurring at deeper levels yields recoveries of 80%-88%. Silver values, although variable, are expected to average up to three times that of gold. Silver recoveries are approximately 60%.
Drilling completed on the Montezuma deposit eliminated the potential for open pit mining. The work failed to intersect widespread low grade gold stockworks, which would have made the deposit amenable to open pit mining. Additional work to test the lower section of the deposit for its underground mining potential will be deferred until work on the Bellavista deposit is completed.
The Bellavista drill program should be completed by May. Based on results received to date, Rayrock envisages an open pit mining operation processing one million tons of rock per year to produce 50,000-60,000 oz of gold. A feasibility study is expected to begin sometime in late 1988.
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