Dartmouth, N.S.-based
The drilling is designed to expand and upgrade the resource, which currently comprises 3.5 million tonnes grading 5.9 grams gold and 302 grams silver per tonne (underground measured and indicated) and 4.5 million tonnes grading 6.1 grams gold and 298 grams silver (inferred).
The underground estimate employs a cutoff grade of 3 grams gold-equivalent, a gold price of US$300 per oz., and a silver price of US$4.61 per oz.
Measured and indicated resources in the surface portion stand at 2.4 million tonnes grading 1.32 grams gold and 55 grams silver. Some 1.1 million tonnes averaging 1.12 grams gold and 47 grams silver lie in the inferred category. The cutoff grade is 0.4 gram gold-equivalent.
Gammon plans to drill 45,500 metres from underground drill stations spotted along the ramp currently being developed. The specific objective is to expand resources in the Aventurero, San Juan, Rosario and Las Animas zones downdip, while converting inferred resources to measured and indicated. The work will also aid in completion of a feasibility study.
Crews will lengthen the 4.5-by-4-metre ramp to 6 km from the originally planned 2.5 km. The Aventurero zone was expected to have been reached by presstime, whereas the San Juan, Las Animas and Rosario zones should be reached by year-end.
Drilling will also target untested near-surface zones, such as La Fe, Belen, Altagracia, El Peol, Santa Ana and Olvidada.
In all, Gammon hopes to outline a total resource of about 6 million oz. gold-equivalent.
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