Sur American Gold (SUR-A) has postponed its recently announced $8.55-Million financing in light of the ongoing market turmoil surrounding Bre-X Minerals (BXM-T).
The financing, along with $2.4 million from Sur American’s treasury, was to have funded drilling programs on the company’s properties in Colombia.
In the meantime, Sur American says it has sufficient funds in hand to proceed with a planned 5,000-Metre, 15-To-20-hole diamond drill program in June. It has also contracted out geophysical surveys for the wholly owned Mina Rica, Gavia and Vende Cabeza epithermal gold projects in western Colombia. The results, expected by May, will enable Sur American to select drill targets.
The company acquired the 250-ha Gavia-Vende Cabezas licence in January 1996.
Subsequent mapping and sampling led to the discovery of two large gold anomalies. Most of the licence consists of a hydrothermally altered sequence of agglomerates containing an average of 3% to 5% gold-bearing sulphides.
Zonge Engineering is using induced-polarization and resistivity surveys to determine the volumes of sulphides and silicification likely to be associated with gold mineralization.
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