Vancouver — Impressive drill results continue to roll in from
The South African major tested the high-grade gold mineralization encountered in trench 29 (10.9 metres grading 66.8 grams gold per tonne) by punching 10 reverse-circulation drill holes into the system.
The 835-metre program confirmed that the bonanza-grade mineralization is associated with vein quartz and arsenopyrite. The best results came from hole 8, which returned 9.1 metres grading 21.9 grams gold, including an intercept of 81.9 grams gold over 2.3 metres. Other highlights include:
— Hole 3 — 10.2 grams gold over 3 metres from 5.3 metres downhole;
— Hole 4 — 23.4 grams gold over 3.8 metres from 21.3 metres;
— Hole 5 — 13.4 grams gold over 6.9 metres from 13.7 metres;
— Hole 7 — 4.4 grams gold over 12.2 metres from 35.1 metres;
— Hole 9 — 15.1 grams gold over 2.3 metres from 15.2 metres.
Based on the results, the main quartz vein system trends east-west with a moderate to steep northerly dip.
Gold Fields is now drill-testing a high-grade gold-quartz vein that has returned up to 31 grams gold over 10.1 metres at surface.
So far, Gold Fields has completed eight holes in a planned, 1,800-metre core drilling program.
The partners have been systematically drilling several promising targets over the 22-km long mineralized trend in the central part of the country (T.N.M. May 27, 2002).
At the La Laguna North prospect, drilling hit a steeply dipping, southwest-plunging quartz vein with hole 2 returning 8.2 grams gold over 18.3 metres.
Testing the down-dip extension of the mineralization, hole 15 cut 12.2 grams gold over 18.3 metres, while hole 17 was drilled on the same fence and cut two zones within a 53-metre interval of strong quartz veining and disseminated arsenopyrite yielding 5.6 grams over 3.1 metres and 2.2 grams over 13.7 metres.
Mineralization at La Laguna North has now been confirmed over a down-dip interval of 200 metres, and assay results from nine additional holes are pending.
The 1,000-sq.-km Tambor properties lie on the south side of the subcontinental-scale Motagua Fault system. The area was recognized as prospective in 2000 when Radius geological staff located mesothermal-style gold mineralization associated with a belt of schistose rocks within this suture zone.
In 2001, Gold Fields entered the scene by inking a deal to earn a 55% interest in the project by spending US$5 million over three and half years.
Meanwhile, at the Marimba project in the eastern part of the country, Radius and partner
The juniors tested the zone with 13 holes, and another three holes were completed at the Lantiquin zone, where surface rock and soil sampling defined a broad area of weak gold mineralization.
Pillar can earn a 60% stake in the project by paying Radius US$30,000 and spending $2.5 million over a 3-year period. Once vested, Radius has the right to force Pillar to buy the remaining 40% of the project in return for a 40% equity interest in Pillar.
Some 20 km to the west, the partners have also launched a highly anticipated second bout of drilling over the Holly property.
Holly hosts several epithermal gold targets, including a series of sub-parallel, north-south-striking gold-silver veins along the Jocotan fault.
Last year, Radius collared seven core holes on the property, with the best result coming from hole 4, which tested the down-dip continuity of mineralization at the Trail zone and yielded 43.56 grams gold and 1,617 grams silver over 6 metres.
At the Banderas property, which is included in the Holly joint-venture land package, gold mineralization occurs within epithermal veins associated with rhyolite flow domes.
Previous work defined broad areas of low-grade gold in soil anomalies, and rock-chip sampling of the high-grade M28 gold-silver vein returned values of up to 28 grams gold and 500 grams silver over 1-metre widths. A trenching program is under way.
Pillar is earning a 60% interest in the Holly project by paying Radius US$500,000 and spending $4 million on exploration over three years. Once Pillar has acquired the 60% interest, Radius has the right to require Pillar to purchase the remaining 40% for stock in Pillar.
Gold Fields retains the first right of refusal over both the Holly and Marimba project, should Pillar vend the projects to a third party.
Radius, for its part, has shifted its focus to Nicaragua, where regional mapping and sampling are under way over its 5,000-sq.-km land holdings. So far, stream-sediment sampling has outlined a number of targets.
As of May 1, the junior had 25.1 million shares outstanding and $1.6 million in cash.
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