Gammon drills Ocampo (December 16, 2003)

Gammon Lake Resources (GAM-T) has completed a second round of drilling on its Ocampo gold-silver project in Mexico.

Results from infill and step-out drilling on the high-grade Aventurero zone include:

• Hole OG-99 — 4 metres (beginning 264 metres below surface) grading 7 grams gold and 637.3 grams silver per tonne;
• Hole OU-6 – 2 metres (from 132 m) running 12.7 grams gold and 227.5 grams silver;
• Hole OU-8 – 4 metes (from 133 m) of 4.5 grams gold and 85.8 grams silver, including 1 metre (from 136 m) of 13.6 grams gold and 100 grams silver;
• Hole OU-9 – 6.25 metres (from 155 m) averaging 4.6 grams gold and 101.8 grams silver, including 2 metres (from 159 m) of 10.8 grams gold and 224.4 grams silver; and
• Hole OU-10 – 1.5 metres (from 171 m) grading 13 grams gold and 257 grams silver. The hole also cut a 1.5-mertre interval (from 199.5 m) running 4.5 grams gold and 16 grams silver. The intercept represents a new structure.

On the Las Animas zone, hole 95 cut an impressive 21 metres (from 105 m) grading 6.4 grams gold and 284.3 grams silver, including 5 metres (from 120 m) of 16.2 grams gold and 558.8 grams silver. Hole 96 yielded 3 metres (from 112.5 m) averaging 5.8 grams gold and 240.5 grams silver. During the first round of drilling a single hole (no. 88) returned several intervals, the best runs 5.7 grams gold and 809 grams silver over 3 metres.

Hole OU-8 also cut two intervals in the San Juan zone, and surrendered 19 metres (from 175 m) grading 3.1 grams gold and 133.5 grams silver. A 16-metre interval (from 212 m) runs 2.6 grams gold and 249.6 grams silver.

The holes, drilled from surface at the Las Animas zone and from underground in the Aventurero zone, are part of an ongoing 65,000-metre drill campaign designed to expand underground resources at Ocampo. The holes will also aim to boost known inferred resources to the measured and indicated category.

Gammon says the results have expanded the high-grade underground resource, and indicate the presence of high-grade mineralization well below the limit of historic mining and in unmined areas.

Meanwhile at Northeast Ocampo, the planned 6-km-long ramp is currently being developed on the Aventurero high-grade zone, with about 4,000 tonnes of ore already stockpiled on surface.

Results from sampling along the face of the tunnel at 4-metre intervals are expected in the coming weeks. The samples were collected when the tunnel intersected the Aventurero zone. Previous drilling in the area returned up to 3 metres running 15.8 grams gold and 367 grams silver per tonne in hole 82, and 2.8 metres of 18.7 grams gold and 117 grams silver in hole 44.

Gammon figures the 4.5-by-4-metre ramp will reach the San Juan, Las Animas and Rosario zones by year-end.