Great news for Honduras,
sure a lot better price up north ,,,SDM, bid is at least .30 +
Still feel that this will be a long term positive for Standard,
they might be able to sell Zopilote to them , or part of, I like the cash and stock part better,
geomaque.com
to hell with the current gold price, what about after the sale is over, BOE has the paper, and (LOL ) others have the gold, real smart.
buy SDMCF and you got some gold , cheap.
LETS GET DRILLING TOO. THIS COULD BE STANDARD
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This was just e mailed to me from company, not on web pages yet.
TSE Symbol: GEO For Immediate Release
July 7, 1999
Geomaque Discovers New Gold Zone at Vueltas del Rio
Drilling adds mineralization with low stripping ratio, grades up to 12.4 g/t
Geomaque Discovers New Gold Zone at Vueltas del Rio
Drilling adds mineralization with low stripping ratio, grades up to 12.4 g/t
TORONTO - Geomaque Explorations Ltd. is pleased to announce it has delineated a new zone of near-surface oxide gold mineralization at its Vueltas del Rio Mine, currently in construction in Honduras.
The new mineralized zone was discovered through follow-up drilling around trench T-64, located in a proposed waste dump area to the southeast of the previously defined Main Zone. Results from trench T-64 included 17.70 g/t gold over 13 metres.
The new zone covers an area of approximately 10,000 square metres. As in the San Roberto Zone, located immediately to the west, mineralization is flat-lying and hosted mainly in saprolite. When mined, this zone will have a very low waste-to-ore ratio which will positively impact mining costs. The zone remains open to the south, west and east, and further drilling will fully define the extent of mineralization.
A total of seven reverse circulation holes were drilled in the new zone, the results of which are as follows:
Hole Section Interval (m) Width (m) Grade (g/t)
VRC-4 460 0-4.5 4.5 3.11
VRC-5 480 0-3 3.0 0.97
VRC-6 520 0-4.5 4.5 1.93
VRC-7 580 0-1.5 1.5 12.40
7.5-10.5 3.0 4.58
VRC-8 560 0-19.5 19.5 3.64
VRC-9 540 0-9 9.0 2.50
40.5-43.5 3.0 2.38
VRC-10 560 0-3 3.0 2.08
In addition to drilling in the new zone, infill and exploration drilling was also completed as part of a 35-hole program, with encouraging results.
Significant results from exploration drilling were as follows. Holes VRC-12 and 13, drilled 240 metres to the southeast of the planned pit, intersected anomalous values grading up to 1.66 g/t over 1.5 metres. Holes VRC-15 and 16, drilled 40-60 metres to the south of the San Juan Zone, intersected 3.99 g/t over 1.5 metres and 7.11 g/t over 1.5 metres respectively. Hole VRC-18, collared 200 metres east of the easternmost holes drilled to date in the San Juan Zone, intersected 3.0 metres grading 5.77 g/t and 3.0 metres of 5.66 g/t. Hole VRC-19, collared 100 metres to the southeast of the San Juan Zone, intersected numerous anomalous values including 1.89 g/t over 3.0 metres.
more…
Holes VRC-25 to VRC-32 were infill holes drilled in the western part of the San Roberto Zone. All intersected ore grade mineralization, with the most notable results coming from VRC-27, the top 28 metres of which was well mineralized, including 7.0 metres grading 6.61 g/t.
“This drilling shows the considerable potential we have to add mineralization at Vueltas del Rio,” said Phillip Walford, Vice-President, Exploration. “We were successful in hitting ore-grade mineralization where we expected it, the exploration holes definitely merit further follow-up work, and the addition of the low-strip oxide mineralization should prove very beneficial when we begin mining this fall.”
Construction began at Vueltas del Rio in December 1998 and Geomaque has been advancing the project using existing cash. The process ponds, phase-one leach pad and lab facility were completed ahead of schedule in mid-May.
Based on work completed to date and cost estimates obtained to complete the remaining activities required to begin gold production, the Company has revised its development plan for the Vueltas del Rio Mine. A phased construction program is being undertaken similar to that used to develop Geomaque's San Francisco Mine in Mexico, where initial construction costs were US$5 million. Capital costs under the revised plan are projected to be significantly lower than the feasibility study estimate.
Due to the lower projected capital costs and the hedging requirement associated with a conventional loan facility with a commercial bank, the Company is pursuing alternatives to finance equipment acquisition. At the present time, development activities are ongoing at Vueltas del Rio, with engineering, road construction and mine planning continuing as scheduled.
“Vueltas del Rio is a very attractive project even at current gold prices, and more so at higher price levels,” said John Paterson, President. “For some time now we have been evaluating alternatives to finance the remaining capital cost which will assure shareholders' participation in future positive gold price movements. The current low gold price environment has led to the availability of quality used processing equipment under attractive terms, and we will aggressively advance ongoing discussions to ensure the timely completion of the project.”
Geomaque Explorations Ltd. is an international gold mining and exploration company which is producing gold from its 100%-owned San Francisco Mine in Sonora, Mexico, building the Vueltas del Rio Mine in Honduras, and exploring for gold in the Americas.
If RGF can keep on raising, I will have some money again, it went to almost nothing. still havent lost till one sells. |
