Exploration and infill drilling that began in January have turned up the longest intersection widths to date at Medoro Resources’ (MRS-V) Marmato gold project in Caldas, Colombia.
The drill holes are part of a 90,000-metre drill program scheduled to finish in mid-2011, which covers about 12 sq. km of the mid-Cauca gold belt in the Western Cordillera, 120 km south of Medelln.
Highlights from surface drilling in the Zona Alta and Echandia areas include hole 1214 returning 180 metres grading 1.04 grams gold per tonne and 4 grams silver per tonne, and 98.4 metres of 1.22 grams gold and 5.3 grams silver in hole 1239. The cutoff grade used was 0.3 gram gold.
Hole 1247 returned 113.5 metres of 0.79 gram gold and 3.6 grams silver, while hole 1248 cut 96 metres of 1.31 grams gold and 8.6 grams silver. And hole 1249 yielded 201.6 metres of 0.82 gram gold and 8.7 grams silver.
So far, about 80 drill holes have been completed for a total of 30,038 metres, revealing that the gold zone is open to the southeast, northwest and at depth.
Ten drill rigs are operating from surface and one from underground. Another three underground drill rigs will arrive in August, bringing the total number of rigs to 14.
The Marmato project is one gold deposit comprised of three contiguous license areas: Zona Alta, Echandia and Zona Baja.
At a cutoff grade of 0.3 gram gold, measured and indicated resources stand at about 245 million tonnes grading an average of 0.95 gram gold, for 7.5 million oz. of contained gold. Inferred resources add 76 million tonnes of 0.92 gram gold for about 2.2 million oz. gold.
Medoro has a significant portion of the prolific Marmato gold district in Colombia.
The project was acquired in three stages. In October 2009, Medoro got the Zona Alta license through its share purchase of Colombia Goldfields. Then in February, Medoro acquired the Echandia and La Maria licenses through its share purchase of Colombia Gold, and received the Zona Baja license through its cash purchase of Mineros Nacionales, a private Colombian company.
As part of the acquisition of Mineros Nacionales, Medoro took over the Mineros Nacionales’ underground gold mine at Zona Baja, which produces about 25,000 oz. gold per year.
In addition, Medoro holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela, where it is trying to nail down an exploitation permit. Medoro also owns interests in gold exploration properties in Mali.
At presstime, Medoro’s shares were 57¢, trading within a 52-week range of 43¢-94¢.
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