I guess I just feel them coming:
Sampling results from Certej gold deposit
Peruvian Gold Limited PVO
Shares issued 14,227,466 Apr 13 close $0.66
Tue 14 Apr 98 News Release
Also Gabriel Resources Ltd (GBU)
Mr David Henstridge and Mr Christopher Phillips report
The Certej gold mine is one of Gabriel's seven significant gold and
gold/copper deposits and prospects, all of which are within the "Golden
Quadrilateral" of Romania. Certej is 12km northeast of the regional centre
of Deva. Gabriel has rights to a 60% interest in the Certej mine and has
the ability to increase this to 80%, through expenditure provisions, from
Regia, the Romanian State entity. The Certej gold mine and the Muncacaesca
West gold/copper porphyry prospect were part of a portfolio of advanced
exploration projects held by Castle Europa which was purchased by Gabriel
on March 27 1998. As part of this transaction, Regia is releasing to the
company all of its past work programs and sample location and assay
results.
The Certej mine lies within a zone of intensely hydrothermally altered
rocks that occur over a distance in excess of 2000m and a width of 600m.
Mineralized Cretaceous sediments and a contact breccia drape over a
Tertiary andesite porphyry which is apparently barren of gold
mineralization. Gold and polymetallic (lead, zinc, silver and gold)
mineralization is associated with finely disseminated sulphides within the
breccia, the clastic, silty sediments and argillic alteration.
A small open pit operation (maximum depth about 80m) is reported to have
mined up to 400,000 tonnes per year from the breccia and sediments, and the
rock is processed in a nearby outdated milling complex where a sulphide
concentrate is produced. The pit is centred on an inner core of lead, zinc
and gold mineralization, and it appears that the mineralization extending
outwards from the core is mostly gold. From underground evidence, the gold
mineralization continues to depth and is widespread.
Recently, Regia has been searching for new ore at Certej underground and
has intersected the mineralized breccia and sediments on two levels, 450mRL
and 404mRL, both of which pass beneath the floor (510mRL) of the open pit.
These development adits and cross-cuts were channel sampled by Regia on 1m
intervals and assayed by fire assay with a gravimetric finish. It is
possible that these assays underestimate the gold values compared to the
current international practice of fire assay with an AAS finish. The
results are tabulated below:
LEVEL MAIN DRIVE/ FROM-TO INTERVAL AU
CROSS-CUT (m) (m) (g/t)
CORANDA 11
450 mRL Main 645-697 52 1.87
450 Main 784-845 61 3.31
including 802-845 43 4.15
450 Cross-cut 0-101 101 3.76
NICODIM
404mRL Main 245-641 396 1.48
404 Cross-cut 0- 52 52 1.48
Immediately east of the Certej area, and about 60m east of the ends of the
main adits on 404 and 450 levels, is a gold resource known as Dealul
Grozil. Regia has outlined a 120m by 80m zone of mineralization grading
around 2.5 g/t gold at a cut-off of 0.8 g/t gold which has considerable
potential for expansion.
The above gold results reveal the significant upside potential of this
property. Surface geological mapping to define the limits of the
mineralized zone and historical data compilation (not all of the
underground channel sample results have been recovered to date) has
commenced and will be followed by a substantial reverse circulation and
diamond drilling program.
In Stockwatch dated March 30 1998, Peruvian and Gabriel announced plans to
merge. |
