Partners Greenstone Resources (TSE) and Boliden International Mining of Sweden have reported a “new area of surface gold mineralization” at their Santa Rosa heap leach project in Panama.
Owned 49% by Greenstone and 51% by Boliden, Santa Rosa is expected to enter production next year, and with reserves standing at 12.4 million tons of 0.061 oz. gold per ton, the partners hope it can produce 100,000 oz. in 1993.
Known as the Cerro Otero zone, the new discovery begins about 1,200 ft. to the southwest of the main Santa Rosa pit and has been traced by surface mapping and sampling for almost 5,000 ft.
Greenstone says initial trenching and diamond drilling have outlined an area of 1,000 ft. by 400 ft. containing ore-grade values. Results from four holes included eight drill intersections averaging 0.05 oz. over 23.5 ft. Highlights are 20 ft. of 0.1 oz. and 26 ft. of 0.074 oz.
“The zone appears to conform to a continuation of the ring fault which controls mineralization at the Santa Rosa and Alto de la Mina deposits,” says Greenstone Chairman Jim Anthony. “The near-surface nature suggests that the new zone could be easily incorporated into the mine plan, increasing minable reserves.”
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