Friday 2nd December 2016

Resource Clips


Just in from Colombia

A flurry of gold-silver news from the northeast

By Greg Klein

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Since miners rediscovered Colombia a decade ago, explorers have adapted to what are now well-known challenges ranging from environmental concerns and indigenous rights to security. A flurry of recent news from neighbouring projects in the country’s northeastern Vetas-California-Surata gold region shows that interest continues unabated.

On September 14 Galway Resources Ltd TSXV:GWY announced assays from its Vetas Gold-Silver Project, location of the 400-year-old El Volcan Mine.

Underground drilling highlights include

A flurry of gold-silver news from the northeast

Visible gold keeps explorers coming back
to Colombia’s historic mining regions.

  • 157.4 grams per tonne gold and 76.9 g/t silver over 4.15 metres
    (including 470.2 g/t gold and 142 g/t silver over 1.33 metres)
  • 13.5 g/t gold and 129.1 g/t silver over 4.65 metres
    (including 25.6 g/t gold and 18.3 g/t silver over 1.38 metres)
  • 19.5 g/t gold and 16 g/t silver over 1.29 metres
  • 5.7 g/t gold and 42.4 g/t silver over 4.14 metres
    (including 12.8 g/t gold and 116 g/t silver over 1 metre)
  • 5.2 g/t gold over 3.9 metres
    (including 10.7 g/t gold over 1.36 metres)

True widths for underground holes reported so far range from 32% to 92%. A lower cutoff of 2 g/t gold was used for underground holes but no upper cutoff was applied. Intercept depths weren’t provided but the company states it has found gold mineralization nearly 700 metres below the lowest level of the historic mine, to 860 metres below surface.

Surface drilling highlights include

  • 3.6 g/t gold over 3.05 metres
    (including 7.7 g/t gold over 0.92 metres)
  • 4.2 g/t gold over 2.56 metres
    (including 5.3 g/t gold over 1.4 metres)
  • 6.1 g/t gold over 1.31 metres
  • 2.9 g/t gold over 1.43 metres
  • 4 g/t gold over 1 metre

True widths were not available. A cutoff of 0.5 g/t gold was applied to surface holes.

In a statement issued with the results, President/CEO Robert Hinchcliffe said the project might “ultimately be amenable to underground bulk mining methods.”

The company states that 31 of 35 underground holes reported since June 2011 have had at least one result over 10 g/t gold, with a total of 108 such assays. Assays of at least 5 g/t have resulted 171 times.

Galway says its first surface drill hole, reported last March, appears to have intersected the same structure that CB Gold TSXV:CBJ discovered 160 metres away, suggesting CBJ’s Real Minera stockwork zone connects both properties. Although the Galway surface holes reported above were collared on the same platform used for the March results, they were oriented in the opposite direction. Assays fell short of the previous surface holes but the company emphasizes that all recent holes show multiple mineralized intervals over 2 g/t gold. Assays are pending for 11 more surface holes.

Real Minera continues to bear fruit for CB Gold too, as results released September 4 show. Highlights include

  • 78.14 g/t gold (uncut) or 20.94 g/t (using a 60 g/t topcut) or 5.58 g/t (using a 15 g/t topcut) over 3.31 metres
    (including 227.56 g/t (uncut) or 60 g/t (60 g/t topcut) or 15 g/t (15 g/t topcut) over 1.13 metres)
  • 17.29 g/t (uncut) or 5.67 g/t (60 g/t topcut) or 2.68 g/t (15 g/t topcut) over 15.5 metres
    (including 52.05 g/t (uncut) or 16.8 g/t (60 g/t topcut) or 7.73 g/t (15 g/t topcut) over 5.11 metres)
  • 16.97 g/t or 7.23 g/t (15 g/t topcut) over 2.27 metres
    (including 35.86 g/t or 15 g/t (15 g/t topcut) over 1.06 metres)
  • 11.55 g/t or 8.63 g/t (15 g/t topcut) over 2.27 metres
    (including 20.15 g/t or 15 g/t (15 g/t topcut) over 1.29 metres)
  • 7.36 g/t gold or 4.85 g/t gold (15 g/t topcut) over 4.85 metres
    (including 9.02 g/t gold or 6.31 g/t gold (15 g/t topcut) over 3.89 metres)

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