Vancouver — Diamond drilling by
The drilling was designed to upgrade the reserves and resources contained within the limits of the Intermediate pit, which is being mined at the daily rate of 1,500 tonnes. The results confirm the continuity of the mineralization, as well as cutting a high-grade oreshoot at the southern end of the pit with two holes. Hole 3 returned 20.5 metres grading 14.1 gram gold, whereas hole 13 hit 17.2 metres grading 4.41 grams gold and 33.1 metres averaging 8.07 grams gold.
Other highlights include the following:
– Hole 1 — 7.5 metres grading 2.72 grams gold;
– Hole 7 — 4.5 metres grading 6.44 grams gold;
– Hole 8 — 7.2 metres grading 5.27 grams gold;
– Hole 9 — 7.7 metres grading 10.85 grams gold;
– Hole 11 — 3 metres grading 9.28 grams gold;
– Hole 14 — 13 metres grading 4.03 grams gold;
– Hole 20 — 5.1 metres grading 11.6 grams gold;
– Hole 22 — 7.6 metres grading 8.37 grams gold;
– Hole 25 — 7.9 metres grading 7.52 grams gold;
– Hole 27 — 6.9 metres grading 9.08 grams gold;
– Hole 34 — 11.7 metres grading 5.64 grams gold.
Lying along a brittle-ductile deformation zone known as the Lo Increible belt, La Victoria marks one of several deposits that extend over a strike length exceeding 15 km near the town of El Callao in Bolivar state.
At last count, the deposit held 5.11 million tonnes grading 3.14 grams gold per tonne in the indicated category and 8.63 million tonnes grading 3.19 grams gold in the inferred category. The figures are based on a cutoff grade of 1 gram gold per tonne.
Says Chief Executive Officer Marc Openheimer: “Our exploration work at La Victoria [plus] the investment allocated to the future opening of two underground mines and the expansion of our Revemin mill facilities demonstrate the company’s commitment to . . . the gold industry in Bolivar state.”
Based on the latest results, a new resource calculation is under way.
Crystallex plans to launch another round of drilling in the second quarter of the year. The program will attempt to upgrade the reserves at a second pit, dubbed Ultimate.
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