Vancouver — Kimber Resources (KBR-V) has launched a 3,000-metre reverse circulation drill program over the Monterde gold-silver project in Mexico.
So far, some 250 metres have been complete and 18 drill sites prepared on the property. Based on 21 previous drill holes, Monterde hosts an inferred resource of 6.9 million tonnes grading 2.26 grams gold and 106.6 grams silver per tonne, using a 0.5 gram gold cut off.
Kimber completed its initial public offering in July, placing 7.5 million units at $0.45 each. A unit holds one share and one warrant, which is exercisable at $0.45 for a year and $0.55 thereafter until Jan. 2004.
Located in Chihuahua state, the junior aims to upgrade the resource into the measured and indicated categories.
Last year, Atna Resources (ATN-T) dropped its option to earn a 100% interest in the former producing property. Reverse-circulation drilling tested an inferred open-pit resource (based on limited drilling) of 10.5 million tonnes grading 2.1 grams gold and 72 grams silver.
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