Combined, the 66.6%-held Marigold and wholly-owned Dee and Daisy gold mines now host 23.5 million tonnes averaging 1.41 grams gold per tonne, which is 65% more tonnage than at the end of 1997. Similarly, reserves at the wholly owned Ivan copper mine jumped 72%, to more than 6 million tonnes grading 2.5% copper.
Rayrock attributes its success to outlining new zones and delineating existing ones at each mine, and to acquiring the 65% interest in Daisy that it did not already own. Its estimates are based on a gold price of US$300 per oz. and a copper price of US80 cents per lb.
Reserve and exploration drilling are continuing.
Elsewhere, the company has discovered gold-silver mineralization at its Viento Frio concession in Panama. Eighty-three rock samples from an area measuring 1 km long by 150-250 metres wide averaged 2 grams gold per tonne, plus minor silver. Also, 33 soil samples from that area averaged 0.6 gram.
The host mineralization consists of flat-lying sedimentary rocks intercalated with mafic volcanics. Gold is associated with zones of silicification, quartz brecciation and veining.
Drilling will begin following governmental approval.
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