EXPLORATION ROUNDUP — Cabo uncovers more Cuban gold

Ongoing chip sampling and geological mapping by Cabo Exploration Ventures (CVE-V) have revealed another gold zone at the San Juan prospect in Cuba.

The prospect, several hundres metres southwest of the San Juan ridge zone, forms part of the Trinidad concession. Three other areas, 800 metres to the northwest, are also deemed prospective.

Thirty-six chip samples at San Juan returned 12 assays grading more than 1.6 grams gold per tonne and 0.4% copper. Of these, four exceeded 11 grams and six exceeded 1% copper.

Cabo is earning a 35% interest in the Trinidad concession from Panama-based MinAmerica Cuba. In return, the junior must spend US$2.5 million on exploration over four years and pay MinAmerica US$545,000 over three years.

At the Retiro prospect, 11 km north of San Juan, geophysical results indicate the presence of at least two chargeability-resistivity targets 50-70 metres deep. Results are awaited from a trenching program, and drilling is expected to follow.

In other Cuban developments, Cabo will drop the options it has on the Cifuentes and Coralillo concessions, owing to poor assay results. The concessions are owned by state-owned Geominera.

To fund further exploration on the island nation, Cabo is raising $1.7 million in a private placement.