Based on drilling and trenching results, Bolivar Goldfields (VSE) estimates an initial resource of 700,000 oz. gold for its Tomi concession in Venezuela’s Bolivar state.
Most of this is contained in hard, unweathered rock to depths of 100 metres below surface. Twenty holes have been drilled, intersecting widespread mineralization with values generally in the range of 1-1.5 grams gold per tonne.
Erratic, high-to-bonanza grades have reportedly occurred in all of the three surface zones. The best values in the Central zone were 5.38 grams per tonne over 57.2 metres, including 17 grams over 15 metres.
A second phase of drilling and trenching will begin in August to test for additional mineralization along strike, as well as in downdip extensions of known zones and in newly discovered, parallel zones. The program is aimed at confirming the potential for an open-pit operation.
The company is carrying out a US$5-million program on other concessions in South America. Drilling has started on some of these, with more work planned for later this year.
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