Vancouver — Partners
Based on 438 holes comprising 96,135 metres, the overall resource is now pegged at 49.4 million tonnes grading 1.41 grams gold per tonne. A cutoff of 0.5 gram gold per tonne was employed. Of the total resource, 8.2 million tonnes grading 1.64 grams gold are in the measured category, 30.2 million tonnes of 1.38 grams gold are indicated, and 11 million tonnes of 1.35 grams gold are inferred.
Raising the gold cutoff to 1 gram, the resource drops to 21 million tonnes grading 2.41 grams gold. Of this, 4.1 million tonnes grading 2.59 grams gold are in the measured category, 12.5 million tonnes of 2.34 grams gold are indicated, and 4.4 million tonnes of 2.44 grams gold are inferred.
Los Filos is 350 metres east of the La Aguita open-pit gold mine on the eastern margin of a large intrusion. Diamond drilling in 1997 determined that the mineralization is linked to the (previously dubbed) Pedregal zone around the southeastern margin of the stock. The deposit is buried under a cap of unmineralized marble and covers an area measuring 1,300 by 400 metres.
Mineralization is associated with clay, pyrite and iron oxides and is classified as “skarn-style” with several quartz-rich intrusive phases occurring.
Metallurgical tests indicate that more than 70% of the gold can be recovered using heap leaching. Recoveries of more than 90% were achieved by using carbon-in-pulp.
This year’s US$336,000 budget will be used for environmental and permit reviews, as well as a study of capital and operating costs.
Teck Cominco holds a 70% stake in the project, while Miranda has a 30% carried interest.
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