The company recently reported results from 56 stepout and infill holes, some of which were drilled from surface and some from underground in the northeastern portion of the property. Highlights include high-grade intercepts from the Aventurero structure, such as 390 grams gold and 1,402 grams silver per tonne over 1 metre. Other holes in this target intersected 1-5 metres grading 3-11 grams gold and 27-335 grams silver.
Another structure, San Juan, was intersected in 17 holes. One hole cut 2 metres grading 17.65 grams gold and 359 grams silver, a section that was included in a 6-metre intercept grading 8.16 grams gold and 164 grams silver.
Of the 56 holes drilled, 47 contained intercepts exceeding 3 grams gold-equivalent per tonne.
Exploration drilling is ongoing, and crews are building a ramp to gain access to the Aventurero structure. During this development, Gammon Lake intersected the Esperanza vein and tested it with seven holes. One cut a 7-metre intercept grading 14.82 grams gold and 161 grams silver, including a 1-metre intercept of 90.4 grams gold and 812 grams silver. The six other holes intersected 0.5-3.8 metres grading 0.66-15.8 grams gold and 68-399 grams silver.
Another high-grade vein, Veta Chica, was intersected while tunnelling. Situated 30 metres west of the Esperanza vein and running parallel to it, Veta Chica returned assays of 8-91.7 grams gold and 218-1,395 grams silver over widths of 20-50 cm. One high-grade sample assayed 55.9 grams gold and 1,010 grams silver over 0.5 metre.
Eighteen deep holes were drilled below the shallow mineralization in the area of the proposed open pit, resulting in an expansion of the pit resource. Fourteen of the holes intersected grades greater than 3 grams gold-equivalent. One hole intersected 3 metres grading 15.26 grams gold and 227 grams silver.
The Ocampo property is underlain by volcanic rocks intruded by dykes and sills. The predominantly west-northwest-striking trend is defined by numerous faults and breccias. There are two major hosts to the mineralization: gold, silver, electrum, argentite and pyrite, which are present in low-sulphide quartz stockworks and breccias; and high-sulphide, enargite-bearing, vuggy breccias with sulphide-replacement in rhyolite and dacite.
In June 2003, the Northeast Ocampo open-pit resource was estimated to contain 2.37 million tonnes grading 1.32 grams gold and 55 grams silver per tonne (measured and indicated). The estimate was based on a gold-equivalent cutoff of 0.4 gram per tonne, a silver-to-gold ratio of 65-to-1, and gold and silver prices of US$300 and $4.61 per oz., respectively.
The measured and indicated resource in the Northeast Ocampo underground area was pegged at 3.5 million tonnes grading 5.9 grams gold per tonne and 302 grams silver per tonne, for a total of 1.18 million contained gold-equivalent ounces. The estimate was based on a cutoff of 3 grams gold-equivalent.
The 35-sq.-km-Ocampo project comprises 44 mining concessions held by Gammon Lake’s subsidiary, Gammon Lake de Mexico.
Be the first to comment on "Gammon back drilling at Ocampo (June 21, 2004)"