At the Botanamo property in southeastern Venezuela, Bard Silver & Gold (VSE) has completed a preliminary 6-hole drill program designed to test the Nuevo Callao structure.
The drilling was carried out on two historic, small-scale mining areas which occur along a northwest-trending, 7.6-km-long linear anomaly. The drill areas were chosen primarily for ease of access and on the basis of encouraging gold values returned from surface grab samples of quartz stockwork boulders. Outcrop is very limited along the entire length of the structure.
Two holes tested the western extension of Nuevo Callao beneath old mine workings and encountered multiple quartz veins within a wide alteration envelope. Hole 95-1 intersected 3.5 metres of 5.48 grams gold per tonne and 0.76 metre of 3.6 grams, while hole 95-2 returned 7.7 metres of 2.95 grams (including an interval grading 4.62 grams over 4.2 metres). A third hole tested a surface anomaly 300 metres to the west, but failed to intersect economic mineralization.
Hole 95-4 tested the Ana Luisa area, 2 km east of the Nueva Callao mine, and intersected five intervals of gold mineralization within a 56-metre-wide zone of highly sheared, silicified, quartz stockwork volcanics. Intersections include 2.5 metres of 0.83 gram, 15.3 metres of 1.97 grams, 1 metre of 3.8 grams, 3.8 metres of 16.31 grams and 3.7 metres of 3.48 grams. Assay results for the remaining two holes are pending.
Based on results received to date, the company plans to follow up with a much more comprehensive drill program entailing a minimum of 5,000 metres.
Bard holds an option to acquire a 56.7% interest in Greenwich Resources, a Venezuelan company which owns the Botanamo concession, as well as other Venezuelan properties, by spending US$2.5 million on exploration and development before February, 1996. Thus far, the company has spent about US$2.1 million on exploration and US$500,000 on capital costs.
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