Although the initial resource estimate for ValGold Resources‘ (VAL-V, VR2-R) Los Patos gold deposit in Venezuela is on the small side, the company points out that it is open along strike and at depth.
Los Patos, which is a part of the Increible concessions, has an indicated resource of 1.1 million tonnes grading 2.49 grams gold per tonne, containing 105,000 oz. gold, and an inferred resource of 126,000 tonnes grading 1.19 grams gold per tonne for 4,800 oz. gold.
ValGold president and CEO Stephen Wilkinson, says Los Patos was the first of eight high priority targets to be tested on the 6.5-km long Los Chivos shear zone.
“It is important to point out that the modest gold resource is hosted within the Los Patos alteration zone, which is far from being fully delineated and remains open both along strike and to depth,” Wilkinson said in a statement.
The resource was calculated based on a grade-block model. The estimate focused on the mineralization that could be contained within the outline of a potential open pit and included information from six surface trenches, 28 diamond holes drilled by ValGold and another eight holes drilled by Gold Fields (GFI-N, GOFD-L) in the 1990s.
Last summer, ValGold drilled 35 core holes on Los Patos and its satellite zones, finding that the mineralized zone has a minimum strike length of 160 metres traceable down plunge for 280 metres and the average true width of Los Patos is estimated to be 19.5 metres.
The company says the full National Instrument 43-101 report on Los Patos should be out by the end of April, after which time ValGold will continue with drilling to expand Los Patos and to test other targets along the Los Chivos shear zone.
The Increible concessions are located in the El Callao mining district and cover about 150 sq. km.
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