If Zopilote was good enough for Echo Bay, it's good enough,
for me.
Echo Bay liked the property, the deal was they were going to spend 5.4 mil over 4 years for 60% buy in.
for 3 mil more they could buy 10% more. that was the deal.
they could own 70%.
They spent 1 mi on DD and drilling. the result was a increase in reserves.
they fell on hard times and gave back the property.
Standard has 100% now.
Before Echo started reserves were 211,000 proven, after they spent 1 mil, the new reserves were 400,000.
now Standard has had a major producer on property looking at samples. they came up with two new anomalies.
One being bigger in area than Zopilote.
So I am going to leave it up to you on what it is worth for a company to buy into it now.
XXXXXXXXXXXXXXXXXXXX
Thursday Sep 23 1999
Mr. Paul Saxton reports
Soil sampling at the company's 150-square-kilometre Zopilote gold property in
Honduras has revealed an extensive new gold soil anomaly. The new anomaly
occurs mainly along the Calpules lineament and is larger than the existing gold
anomaly over the known Zopilote gold deposit that currently has a combined gold
resource of 446,000 ounces of gold. Since January of this year, additional
reconnaissance soil samples have been collected on 100 metre spacing over three
kilometres. Assay results show excellent correlation of anomalous gold values
along liner trends. The Zopilote property lies within the northeast-trending
Motagua gold trend, which encompasses Geomaque's nearby Vueltas del Rio
gold deposit (under development), Greenstone's new San Andres gold mine, and
Glamis Gold's discovery at Cerro Blanco in Guatemala. This gold trend hosts
significant gold resources and reserves. The trend is over 300 kilometres in length
and is only partially explored.
Calpules soil anomaly
Reconnaissance soil sampling has identified a continuous gold anomaly (greater
than 100 parts per billion Au) along the east/west Calpules topographic lineament.
The anomaly is 3,000 metres in length, up to 500 metres in width, and remains
open to the east along the trace of the lineament. Soil values are commonly 200 to
700+ ppb Au with a high value to date of 1.62 grams per tonne Au. Local soils
are thin (15 to 25 centimetres) and rest directly on shattered
quartz-feldspar-muscovite gneiss of the Cacaguapa schist (Paleozoic basement).
The conspicuous Calpules lineament projects across the main access road on the
property where 105 metres of anomalous bedrock (0.3 of a gram per tonne Au)
are exposed. The Calpules lineament represents a large new target and appears
extremely prospective where it locally intersects the northeast-trending Limones
lineament.
Zopilote soil anomaly
Continued soil sampling in the vicinity of the Zopilote gold resource (446,000
ounces Au) has extended the northeast-trending Zopilote gold soil anomaly by an
additional 500 metres to an overall length of 2,200 metres with a width of 150 to
400 metres. Ore-grade gold mineralization is present in numerous drill holes and
surface trenches. Drilling has tested less than 30 per cent of the Zopilote soil
anomaly.
As well, soil sampling at Cerro Caliche has revealed a linear gold soil anomaly that
extends for 800 metres along the suspected contact between gneissic basement
rocks and a local limestone unit. This gold anomaly represents a new geologic
target at Zopilote.
These new anomalies represent a significant opportunity for Standard to increase
its resource base in Honduras. A drill program has been recommended to test
these areas. |
