An independent resource calculation has increased by 31% the size of the Chocolate Reef gold deposit in Tanzania’s Lake Victoria Gold district.
Chocolate Reef is situated on the Kahama property, which is owned 70% by Anglo American and 30% by Pangea Goldfields (PGD-T). Anglo is project manager.
Resources are now pegged at 26 million tonnes grading 2.3 grams gold per tonne, based on a cutoff grade of 0.5 gram gold. At a 3-gram cutoff, the resource drops to 5.6 million tonnes grading 5.72 grams gold.
Drilling on 50-metre centres indicates that 87% of the resource occurs within 175 metres of surface. This spacing also boosts 90% of the resource to the indicated category.
Toronto-based Roscoe Postle Associates did the calculations, and now Anglo plans to produce its own estimate.
Under the joint-venture agreement, Anglo has until July 2001 to make a production decision. If the decision is positive, the company must arrange project financing.
Mineralization at Chocolate Reef remains open at depth and to the west.
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