Vancouver —
Strathcona Minerals Services pegs the indicated resource at 41.1 million tonnes grading 1.6 grams gold and 6 grams silver per tonne, equivalent to 2.1 million oz. gold and 7 million oz. silver, and the inferred resource at 94.9 million tonnes grading 1.4 grams gold and 4 grams silver, or 4.1 million oz. gold and 13 million oz. silver.
“What this shows is that a large deposit is growing even larger,” says Greystar President David Rovig. “We’ve got a program under way right now for another forty-thousand metres of drilling plus a lot of metallurgical testing and a transition into a feasibility study as soon as possible. As we get more density into this thing, and start stepping out, we’ve got something like sixty veins. Quite a few of the new veins coming in simply don’t have the drill density that some of the earlier ones do.” (Some of the earlier, 1999, calculated indicated resource has been reclassified to inferred, owing to strict definitions under National Instrument 43-101.)
Also, recent drilling has intersected wide zones of gold and silver-mineralized vein structures in several areas.
At the La Alta zone, hole AL7 cut multiple intersections of gold, including 18 metres grading 12.2 grams per tonne, 6 metres of 2.2 grams, 20.8 metres of 2.31 grams, and 15.5 metres of 1.35 grams.
In the Perezoza area, drilling cut multiple veins in holes LP9 and LP8. Hole LP9 returned 40.5 metres (from 106 metres) grading 1.1 grams gold per tonne, 25 metres (from 153 metres) of 1.55 grams gold, and 33 metres (from 224 metres) of 0.68 gram. These intersections yield a combined grade of 0.89 gram gold over 197.7 metres. Hole LP8 returned 29 metres grading 8.16 grams gold.
Drilling in the Silencio zone returned 5 metres grading 4.17 grams gold, as well as 12 metres of 2.05 grams.
Greystar has been exploring Angostura since 1995, since which time it has spent more than US$19 million and drilled in excess of 66,000 metres. In June 2003, the company launched a 2-year, US$14-million program to define the resource and advance the project to feasibility stage.
The company is now engaged in definition drilling.
Gold and silver mineralization is hosted in multiple vein-like structures, breccia, and fault zones over an area exceeding 1 sq. km and to a depth of up to 1,000 metres.
Greystar has 19 million shares outstanding and trades in the range of $2.50.
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