Homestake, which has the right to earn a 60% interest, completed a soil geochemical survey over a 3,000-ft by 2,500-ft grid. Assays showed the entire grid to be anomalous with many values exceeding one g per tonne.
A follow-up program will triple the size of the grid and will include deep auger drilling in the highest grading zones. “We expect results from this follow-up work by the end of June,” South American Goldfield’s President Alan Spence told The Northern Miner. The bedrock is covered by a 200-ft thick weathered soil cap, which Spence says is believed to cover a gold- bearing felsic intrusive.
At the Quartz Hill project held under option by Denison Mines, two distinct gold environments have been identified. Adjacent to the big Omai gold deposits owned by Placer Dome Inc and Golden Star Resources, the Quartz Hill property protects volcanic- and intrusive-associated gold enriched environments. More than 2,500 geochemical samples have been taken by Denison and assays are expected shortly.
An exploration program is also in progress on the Aurora property, formerly Guyana’s largest gold mining operation. Developed to a depth of only 250 ft, the mine yielded 200,000 tons of ore grading between 0.4-0.5 oz gold per ton. Drilling immediately below this level encountered high grade values of 0.59 oz across 16.4 ft and 0.96 oz in a 7.5-ft section. Other strong assays came from a 12.8-ft section of core which graded 0.64 oz.
South American Goldfields recently completed a $980,000 financing and was listed on the Toronto Stock Exchange. Spence, who formed the company with Tor Jensen, a Toronto-based mining engineer, previously spent 22 years with Inco Ltd. in international mineral exploration. He also acted as a consultant to Golden Star on that company’s Omai project.
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