Tara Gold Announces La Currita Assessment Supports Expanded Production and Exploration
Market Wire
Posted: 2007-09-24 10:22:57
CHICAGO, IL -- (MARKET WIRE) -- 09/24/07 -- Tara Gold Resources Corp. (PINKSHEETS: TRGD) (FRANKFURT: T8N) is pleased to announce that work is currently ongoing at the property towards the delivery of an independent technical report (The National Instrument 43-101 Qualifying Property Report) for the La Currita project. Findings to date support expanding current production and the potential to expand the available tonnage through exploration.
The La Currita gold and silver project is located in Temoris, Mexico. In May of 2007, Tara Gold signed an Option Agreement with Raven Gold Corp., giving Raven the option to earn up to 60% interest in the La Currita Groupings by making certain payments to Tara Gold, issuing 1,500,000 shares, making all remaining property payments, which have been made, and spending a minimum of $4.25 million over 30 months.
The gold and silver mineralization that is currently being mined is derived from three main sources; clean-up of the adits and surface stockpiles, gold and silver mineralization drifting from the newly discovered Sulema 2 vein, and the North zone open pit. The head grade from the underground clean-up and Sulema 2 vein averages 200g/tonne silver and 1.2 g/tonne gold while mining of the open pit has shown that as a result of supergene enrichment the grades are significantly higher, averaging 750g/tonne silver and 12g/tonne gold. Surface chip sampling has shown the North zone mineralization to extend for 400m along strike, and mining to a 12m down-dip depth has shown that the grades persist to that depth over a 10m width. The grades below this level are not known but continuation of the high grades for an additional 6m appears reasonable.
The underground zones have been sporadically sampled by previous operators and a single block of gold and silver mineralization is currently available for mining on level 5 over a 3m width. Until further underground and surface drilling and sampling have been effected, the current tonnage and grade is estimated as follows:
Dip
Source Strike Length Width Sp. Gr. Tonnes Ag Ag Au Au
(m) (m) (m) 2.5 (g/T) (kg) (g/T) (kg)
U/ground
Level 5 200 30 3 2.5 45,000 200 9,000 1.2 53
Open Pit
Upper 12m 400 12 10 2.5 120,000 750 90,000 12.0 1,440
Open Pit
Lower 6m 400 6 10 2.5 60,000 375 22,500 6.0 360
Total 225,000 121,500 1,853
Average 540 8.23
Given the consistency of the vein, the potential for significantly increasing the tonnage at La Currita is excellent. Further exploration, including drilling is recommended.
David Petersen, P. Eng. has acted as the qualified person, on behalf of Raven Gold Corp., as identified by National Instrument 43-101, and reviewed and verified the technical content of this release.
About La Currita
The La Currita Groupings includes 4 mines, a 300 ton/day operating floatation mill and stockpiled ore. The La Currita mine was in steady production from 1983 until 1998. A diamond drilling exploration program conducted in 1998 indicated grades of 2.59 g/t Au and 200 g/t Ag. Existing mines and mineralized structures hold potential to increase tonnage through systematic exploration. The area surrounding La Currita has numerous mines and recent substantial discoveries. Adjacent to the La Currita holdings, Palmarejo recently merged with Coeur d'Alene Mines Corporation and Bolnisi Gold NL, in a transaction valued at approximately US$1.1 billion, creating the world's leading primary silver producer.
About Tara Gold Resources Corp.
Tara Gold Resources Corp. is a growth-oriented precious metals exploration and development company with existing production plants. It is management's objective to become a significant gold and precious metals producer by re-initiating and increasing production levels at La Currita, Lluvia de Oro and Picacho, and developing the San Miguel, La Millionaria, Pilar De Mocoribo and Las Minitas projects in Mexico. We continue to acquire other advanced-stage projects and/or producing mines in one of the most prolific precious metal districts in the world. For more information, please visit the Company's web site at: taragoldresources.com . |
