Vancouver — Drilling by Goldmarca (GML-V, GMLCF-O) tapped into bonanza-grade mineralization at its Condor gold project in southern Ecuador.
Hole DEN-31 cut 48 metres (from 76 metres) grading 16.7 grams gold per tonne and 221.6 grams silver per tonne within a breccia mineralized zone. Another hole, DEN-30, intersected 56 metres averaging 3.6 grams gold and 53.4 grams silver, plus 0.75% zinc.
Gold and silver mineralization encountered occurs within the Enma breccias, which forms a window of a larger epithermal system defined within an area of 1.5 by 1.5 km and extending to a depth of 400 metres. Eleven gold-bearing breccias have been identified on the project and are generally structurally controlled pipes along a common strike. Goldmarca says the project has similarities to the large Pascua gold deposits in Chile.
From 1994-1997, TVX Gold spent about US$18 million on the project, primarily evaluating the underground vein potential of the property. A feasibility study was completed in 1997, but low gold prices prompted the company to subsequently drop the project.
The project contains an inferred resource of 53.8 million tonnes grading 1 gram gold, containing 1.7 million oz., within several deposits.
Goldmarca began exploring in 2003 and is earning a 70% interest in Condor from the state-owned corporation Minera Condor.
The company’s stock rallied 35% on the news, gaining 11 to close at 42.5 per share on volume of almost 4.1 million.
Be the first to comment on "Goldmarca soars on Condor"