Consultants for Vannessa Ventures (VVV-V, VNVNF-O) have delivered a revised estimate of the precious metal resource at the Las Crucitas property in Alajuela province, Costa Rica.
The deposit is now thought to hold 25.1 million tonnes grading 1.2 grams gold and 3.2 grams silver per tonne in the indicated category, plus 12.6 million tonnes grading 1.2 grams gold and 3.1 grams silver per tonne in the inferred category.
The new figure moves some tonnage back to the inferred category, based on new geological interpretations by Vannessa. The mineralization is largely in subvertical veins and the lower confidence in part of the resource reflects the structural control of the deposit.
About 20% of the indicated resource and about 25% of the inferred resource is made up of weathered saprolitic material or mixed saprolite and fresh rock.
Vannessa also has placed a deposit on a semi-autogenous grinding mill and a ball mill from Barrick Gold (ABX-T, ABX-N) at the McLaughlin mine in California, closed in 2002. The two mills have 1,350 and 2,200-kw motors, respectively, and together would give the Crucitas plant a capacity of 5,000 tonnes per day.
Vannessa is financing feasibility work on Crucitas with a $5-million convertible debenture with its controlling shareholder, Exploram Enterprises. The debenture matures at the end of January 2009, and is convertible at 63.5 per share. The debenture is secured by Vannessa’s assets.
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