Ongoing surface and underground geochemical sampling by
In the Cubiro-Mastuerzo area, samples taken from the back of two underground workings ran up to 9.2 grams gold and 146 grams silver per tonne. Also, seven samples of the wider tunnel averaged 2.2 grams gold and 69 grams silver over 2.1 metres, whereas six samples of the other averaged 1 gram gold and 154 grams silver across 1.7 metres.
Mineralization is associated with two shear zones.
West of the main Brenda zone, at Le Fe, occurs a separate, northwesterly trending shear associated with an alteration zone several metres long and up to 50 metres wide. Some of the better results from chip sampling were:
– 3 metres averaging 21 grams gold and 1.2 grams silver;
– 2.2 metres averaging 5.4 grams gold and 1.2 grams silver; and
– 2.8 metres averaging 4.3 grams gold and 21 grams silver.
In the Santa Ana area, underground sampling of an exposed back returned up to 4.7 grams gold and 325 grams silver over 2 metres. At surface, continuous chip sampling yielded:
– 40 metres of 0.5 gram gold and 19 grams silver;
– 9 metres of 1.2 grams gold and 46 grams silver; and
– 3 metres of 4.3 grams gold and 99 grams silver.
Mineralization is associated with multiple structures characterized by silicification, quartz breccia and stockworks measuring up to 40 metres wide. The combined strike length of all zones in the area exceeds 1 km.
Drilling is planned, and mapping and sampling continues.
Gammon can earn a 100% interest in the 468-ha Ocampo property by spending US$1.2 million on exploration, paying US$3.2 million in cash plus US$5 per oz. of proven reserves, and issuing 2.5 million shares to the vendor. Most of the company’s efforts have been focused on the historic, small-scale Brenda mine, which it plans to reopen as either an open-pit or underground operation.
Gammon Lake has $5.9 million in cash.
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