Toronto-listed junior Altai Resources is negotiating with a Canadian mining group to put the placer portion of the Chimu project into production in late 1994.
The placer project lies adjacent to the Rio de Oro property along the banks of the Tablachaca River.
Altai estimates that the deposit contains at least 40 million tons of gold-bearing material. It is anticipated that the operation will process 10,000 tons per day.
Altai further reports that it has received assay results from about 60% of the surface samples collected from the Rio de Oro property. The bulk samples were processed at a lab in Lima, Peru, using a gravity method. Since the values were generally low grade, Altai believes that the gravity method may not be the best technique to use. Cyanide leach and flotation are now being done to check the values from the gravity technique.
The company also says that it is talking with a major Canadian mining firm regarding the formation of a joint venture on all of its Peruvian holdings.
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