Greystar and Churchill to drill Angostura property in Colombia

An initial phase of 6-7,000 metres of diamond drilling is planned for the Angostura project in northeastern Colombia.

Churchill Resources (VSE) is funding the program under an option that gives the company the right to earn a 50% interest from Greystar Resources (VSE).

To do so, it must spend US$2 million and issue 1 million shares.

The drilling will test a gold-rich copper porphyry system identified by surface work conducted last year.

Greystar has also executed an agreement to acquire a 25% working interest in prospecting licences covering 1,800 sq. km of gold concessions in Brazil’s Amazon Basin.

Preliminary reconnaissance work on the Apui and Sucunduri blocks, near the Tapajos River, returned gold values of up to 3 oz. per ton from a shear breccia zone 1-2 metres wide.