Vancouver – Drilling beneath and beyond the past-producing open pit at the Riacho dos Machodos (RDM) gold project in Brazil has confirmed historic gold grades for Carpathian Gold (CPN-T, CPNFF-O).
Since acquiring the property in early 2008 Carpathian has aggressively re-drilled it, putting in 64 holes as part of its assessment of Vale do Rio Doce’s historical data on the mine. Vale do Rio Doce operated RDM for just under a decade until it closed up shop in 1997.
Each of three pit areas – south, central and north – produced grades mostly in to 1-4 grams gold per tonne range.
In the south pit area, for example, hole 33 hit 16 metres grading 3.96 grams gold per tonne starting 171 metres downhole and hole 26 returned 14 metres grading 3.66 grams gold per tonne starting about 196 metres downhole.
In the central pit hole 30 hit as much as 6.9 metres grading 3.5 grams gold starting at a depth of 48 metres and in the north pit hole 12 returned a 30 metre intersection grading 2.01 grams gold.
Carpathian also expanded the previously known mineralization with a strike length of about 1,400 metres by 500 metres. Drilling a southern extension hole 18 hit 6.4 metres grading 1.4 grams gold starting 67 metres downhole.
In a press release Carpathian president and CEO Dino Titaro says the latest drilling suggests there may be a larger gold resource than last estimated by Vale do Rio Doce.
The Brazilian mining company pegged a sulphide non-43 101 compliant resource in the open pit area at 3.8 million tonnes grading 4.61 grams gold for just over 500,000 oz. contained gold.
Carpathian picked the project up from Zoneplan and Repalla in March 2008 in exchange for 75 million common shares and an additional 25 million warrants. Each warrant is convertible into a common share only if Carpathian produces a 1 million oz. gold resource estimate at RDM.
The RDM mining concession, 540 km north Belo Horizonte, is 1,000 ha. in size. Carpathian also holds 21,000 ha. under exploration license.
Carpathian’s other properties include the Rovina Valley project in Romania for which it recently estimated a 178 million tonne measured and indicated resource grading 0.68 gram gold and 0.17% copper for about 3.9 million oz. gold and 660 million lbs. copper.
On news of the results Carpathian’s share price shed half a cent to close at 12.5¢. The company has just over 207 million shares outstanding.
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