Recent drilling has extended a zone of high grade mineralization at Viceroy Resource Corp.’s Castle Mountain property in California. The Lesley Ann deposit has been outlined over a width of 600 ft and the latest results included some very impressive drill intersections.
Among the better intercepts were 65 ft of 1.1 oz gold, 210 ft grading 0.38 oz, 130 ft averaging 0.32 oz, 240 ft at 0.19 oz and 180 ft grading 0.13 oz.
The company adds that stepouts 200 ft to the north and south have also encountered long, ore grade mineralized intervals. Another 25-30 holes will be drilled there within 4-6 weeks to further delineate the deposit which is open in three directions.
When this program is completed, drilling will resume in the eastern, western and depth extensions of the Oro Belle deposit where reserves now are estimated at 7.5 million tons grading 0.045 oz gold. Hole 197 on the western flank of the zone returned 170 ft grading 0.133 oz and another 20 holes will be required to test the open portions of the zone.
Road building is under way on the Mountain Top zone, a large geochemical target that returned 65 and 70 ft intervals grading 0.054 oz gold and 0.042 oz respectively. More drilling is planned here and also on the Jumbo South deposit which has mineable reserves of 10 million tons grading 0.051 oz.
Viceroy says heap leach production is planned for the property at 5,000 tons per day. Eventually production could also include a crushing, grinding and cyanide leach plant which would optimize gold recoveries from higher grade ore.
Total reserves are estimated to exceed 20 million tons at an average grade of 0.06 oz with a stripping ratio of less than 1.5-1. The company recently completed a 500,000-share private placement at $8 per share which it says will provide sufficient funding for the pre- production development phase.
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