Gold American Mining Corp. (OTC.BB:SILA) has signed an option agreement to acquire a 100% interest in the high-grade silver-gold La Escondida Project located in Sonora State, Mexico.
The La Escondida property is comprised of two mineral concessions that cover 439.8 acres approximately 124 miles northeast of the city of Hermosillo in Sonora State, Mexico. The surrounding region has seen significant recent activity by foreign mining companies. Nineteen miles to the northeast of the property is NYSE-listed Yamana Gold Inc.’s Mercedes project, a development stage gold-silver project expected to start production at a rate of approximately 120,000 gold equivalent ounces per year from 2012. Eighteen miles to the north of Gold American’s La Escondida project is the Oroco Resources Corp.’s Cerro Prieto project, which recently reported 383,833 ounces gold and over 6 million ounces of silver reserves.
The La Escondida property is host to two distinct mineralized targets associated with a fault: a bulk tonnage-style gold-silver-lead disseminated area and a high-grade epithermal vein-hosted silver and gold area.
“The La Escondida project is a valuable addition to our growing project portfolio,” commented Johannes Petersen, President of Gold American. “It has an exciting potential to host a gold-silver deposit and the property’s infrastructure is excellent. A sampling program carried out at the end of 2009 showed that the property contains multiple targets with high-grade silver grades and good values of gold and lead. Several of the target zones remain open in at least one direction, and it has been determined that historic workings reached only the 30 meters depth level. These findings are significant in that there is the potential, with additional exploratory work, to show mineralization over much greater strike lengths and depths,” added Mr. Petersen.
Capital Gold Corporation (NYSE Amex:CGC) provided a production and operational outlook for fiscal 2011 (August 1, 2010 to July 31, 2011) at the Company’s mining projects in Mexico, including the El Chanate open pit mine in Sonora, the Saric exploration property that is also in Sonora and the Orion project in the State of Nayarit.
In fiscal 2011, Capital Gold expects to produce 65,000 to 70,000 ounces of gold. In order to meet the Company’s production target, approximately 5.4 million tonnes of ore is anticipated to be processed for the year with an average grade of 0.70 grams per tonne gold and a strip ratio of 2:1.
Capital Gold’s President, Colin Sutherland, stated: “Our commitment is to consistently improve upon our operational efficiencies at the El Chanate mine. The Company is focused on optimizing operations at El Chanate in order to further increase gold production, and at the same time, look to fully exploit our development potential at both Orion and Saric.”
Capital Gold Corporation is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of the “El Chanate” gold mine located near the town of Caborca in Sonora, Mexico. On August 2, 2010, Capital Gold acquired Nayarit Gold Inc. and merged it into its wholly owned subsidiary. Capital Gold is focused on optimizing the El Chanate operations and advancing the Del Norte deposit in the Orion District in the state of Nayarit, Mexico. Capital Gold also owns and leases mineral concessions near the town of Saric, also in Sonora, that are undergoing exploration for gold and silver mineralization.
Great Basin Gold Ltd, (NYSE Amex:GBG) reports an updated mineral resource estimate for its Burnstone Project in the Mpumalanga Province, South Africa.
President and CEO Ferdi Dippenaar commented: “The focus in the past 12 months has been on construction and development of this exciting project, with exploration limited to strategically-placed surface drilling, and closer-spaced underground delineation and cover drilling. Nevertheless we have increased the overall resources, by some 75% in inferred and 3% in the more detailed measured and indicated categories, and added to the life of the mine. Concurrent sampling of approximately 3,600 metres of underground development on the reef has contributed to an improved understanding and higher confidence in the orebody. This is valuable information that will assist in achieving the increased rate of mining planned for the remainder of 2010 and 2011.”
The Burnstone goldfield is defined by an 18 kilometer long, northwesterly trending mineralized corridor hosting the Kimberley Reef, one of four main gold-bearing units in the Witwatersrand Basin. At Burnstone, the central portion of the gold corridor has been uplifted by two northwesterly trending sub-parallel faults and, as a result, a significant portion of the deposit areas along the trend occur at relatively shallow depths of 200-750 meters below surface.
No comments:
Post a Comment