Vancouver – The latest drill program by Queenstake Resources (QRL-T) has increased the size of the high-grade core over its wholly owned Magistral property in Mexico.
The program targeted a 150-metre strike length portion of the La Prieta zone in the Samaniego area. The 16 holes were spaced 25 metres apart and tested the mineralization up to 90 metres down-dip.
Highlights include:
- Hole 36 — 7.5 metres grading 5.99 grams gold per tonne,
- Hole 37 — 7.5 metres grading 11.36 grams gold,
- Hole 38 — 7.5 metres grading 12.63 grams gold,
- Hole 39 — 3 metres grading 10.1 grams gold,
- Hole 40 — 21 metres grading 9.99 grams gold.
Based on the results, the company expects to increase the reserve base of the property, which currently stands at 6.15 million tonnes grading 1.86 grams gold
Queenstake acquired the property through a merger with Toronto-based Santa Cruz Gold in May of last year. The company is currently busy permitting and completing detailed engineering studies with a production decision expected in a couple of weeks.
In early September, Queenstake inked two agreements which together provide the financing and equipment required to place Magistral into production.
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