Bolivar drills Tomi in Venezuela

Junior Bolivar Goldfields (VSE) has completed a second phase of reverse-circulation drilling on the Tomi concession in Venezuela’s Bolivar state.

The 3,800-metre program identified two new mineralized quartz shoots within the altered mafic country rock. In addition, the drilling confirmed the continuity at depth, and the easterly-to-southeasterly plunge of three known shoots: the Milagrito, Charlie Richards and McKenzie.

Drilling on the Charlie Richards, at angles of 45 and to depths of 70 metres, returned the following values: 11 metres of 13.4 grams gold per tonne for hole 94-35; 16 metres of 12.7 grams for hole 94-36; 37 metres of 9.5 grams for hole 94-37; and 9 metres of 3.8 grams for hole 94-38. Preliminary metallurgical test work, based on earlier core samples, suggests gold recoveries of 98%. It is believed this can be achieved under normal grinding and cyanide leach conditions.

Vengold (TSE), which has a right to back-in, can acquire a half interest in the project by carrying out a feasibility study. The company would be required to reimburse Bolivar for all costs incurred on the property, as well as be responsible for completing the financing needed to achieve production. An additional 10,000 metres of drilling are under way at Tomi in an effort to delineate the known mineral shoots, explore other targets and test extensions of mineralized zones into the adjacent Dividival 1 and 2 concessions. The overall exploration program is budgeted at $5 million.