Vancouver – A recent hole drilled by Goldmarca (GML-V) has intersected another high-grade zone at the Condor gold project in Ecuador, returning 24 metres of 12.6 grams gold and 38.9 grams silver per tonne within a 196-metre intersection averaging 2.2 grams gold and 20.5 grams silver per tonne.
Another highlight was a hole that returned 378 metres grading 1 gram gold and 10.3 grams silver, which includes a 58-metre interval of 3 grams gold and 28.2 grams silver. A third hole returned 34 metres of 2.1 grams gold and 11.2 grams silver. True widths are estimated at about 60-80% of the reported widths.
The Condor property was previously explored and drilled by TVX Gold in the mid-1990s. TVX, which has since been acquired by Kinross (K-T, KGC-N), spent about US$18 million at the project to explore and develop underground vein targets. A feasibility study for a potential underground mine was completed before work was suspended because of low gold prices.
The Condor project also hosts eight known zones of lower grade disseminated mineralization. Based on a 2004 National Instrument 43-101-compliant technical report, the project hosts an inferred gold resource of 53.8 million tonnes grading 1 gram gold per tonne. The higher grade (historic) resources developed by TVX are yet to be upgraded to meet current regulatory disclosure standards.
Goldmarca’s current drilling program is testing the continuity of bulk-tonnage zones, with one of the main targets being the Emma breccias, which are believed to represent a “window” of a large epithermal system inside a breccia camp with surface dimensions of 1.5 km by 1.5 km and 250 metres in depth.
The breccia mineralization is believed to be structurally controlled and a geophysical program is under way to locate new drill targets and test the continuity along strike and dip of existing targets.
Three drills are turning on the property and two additional rigs are being mobilized to expand drilling of the known breccias in order to define resources and new exploration targets.
Goldmarca has an option to earn 70% of the Condor project, with the balance held by a government-owned corporation. The property is situated within Zamora-Chinchipe province, about 800 km south of Quito, at an altitude of 1,500 metres above sea level. It includes established access roads, a 100-person camp and other surface facilities, and an 800-metre-long, 3.5-metre by 4-metre underground adit crosscutting the veins developed by TVX.
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