Vancouver — Goldcorp (G-T, GG-N) has delivered a boost in reserves at its Penasquito gold-silver deposit, in Zacatecas, Mexico, which it acquired last year through its takeover of Glamis Gold.
Total proven and probable reserves have jumped by 63% to 917.5 million tonnes — albeit at lower grades of 0.18 gram gold per tonne and 18.1 grams silver in the oxide ore (110.4 million tonnes), and 0.48 gram gold and 30.8 grams silver in the sulphide ore (807.1 million tonnes).
In last year’s resource estimate of 564 million tonnes, the average grades were 0.28 gram gold and 23.8 grams silver in the oxide ore and 0.6 gram gold and 33.2 grams silver in the sulphide.
Total contained gold in the deposit is up 31% to 13 million oz., while contained silver has grown 50% to 864 million oz.
The new reserve estimate includes data from 240 holes drilled since last year’s calculation.
Goldcorp is evaluating changes to the previous mine feasibility plan that would upgrade twin 50,000-tonne-per-day circuits at the open-pit mine to two circuits with a combined daily capacity of 130,000 tonnes per day.
With construction well under way, Goldcorp expects heap leaching of oxide ore to begin in 2008, with a sulphide ore milling and flotation operation in place by late 2009.
The discovery of a deep, high-grade manto-skarn zone at Penasquito also has potential, with company president and CEO Kevin McArthur saying it “could develop into an eventual underground mine.”
In Canada, Goldcorp tabled a resource estimate for the lonore gold project, in northern Quebec.
Indicated resources of 7.7 million tonnes grading 7.4 grams gold (using a 3.5-gram gold cutoff grade) show about 1.8 million contained ounces gold in the Roberto deposit. Another 4 million inferred tonnes at 7.1 grams gold add a further 900,000 contained ounces.
Additional drilling designed to test the deposit’s northern extension, not included in the Eleonore estimate, encountered significant high-grade gold mineralization associated with quartz veining. The company anticipates it will add to the resource base.
Goldcorp acquired lonore through a takeover of Virginia Gold Mines in early 2006. The company is conducting prefeasibility work on the deposit that is expected to lead to a feasibility study by 2008. Production is forecast by late 2010.
The company also announced the first gold pour at its Los Filos mine in the southern Mexican state of Guerrero. The mine is expected to produce about 300,000 oz. gold annually once it reaches full commercial production late this year.
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