KRY mentions ECM in their latest press release.
Crystallex International Corporation KRY
Shares issued 60,068,886 Jan 26 2001 close $1.360
Jan 26 2001 8:21:58
Mr. Marc Oppenheimer reports
Crystallex International has received complete assay results from a 4,456-metre diamond drill program carried out in the fall of 2000 at its 100-per-cent-owned Tomi property in Bolivar state, Venezuela. The assaying was conducted at the Revemin Laboratory in El Callao, Venezuela, using standard fire assay techniques with AA finish.
The Tomi property, which the company acquired along with the Revemin mill in August, 2000, from Bolivar Goldfields Ltd., consists of four orebodies known as Mackenzie, Charlie Richards, Milagrito and Fosforito. The gold deposits are associated with folded segments of gabbroic sills intruded within epiclastic successions of the El Callao greenstone belt. Structurally controlled gold mineralization consists of quartz-veined, silicified, carbonatized and pyritized zones occurring along the hinges and limbs of antiforms plunging 45 degrees to the east.
Although gold production and reserves at the Tomi concession are currently confined to shallow open pits, a limited number of high-grade intersections reported by the previous operators, indicated the potential for deeper, high-grade mineralization below the Charlie Richards pit. These included: 17.45 grams per tonne over 17 metres (133 metres to 150 metres) and 28.24 g/t Au over four metres (160 metres to 164 metres) in hole 99-9 (section 800 E); 35.32 g/t Au over three metres (204 metres to 207 metres) and 10.09 g/t Au over 15 metres (222 metres to 237 metres) in hole 95-19 (section 820 E); 8.02 g/t Au over 16 metres (109 metres to 125 metres) and 12.71 g/t Au over 18 metres (135 metres to 153 metres) in hole 94-20 (section 780 E).
Encouraged by those previous findings, the Crystallex geologic staff designed the year 2000 drill program to investigate the continuity of mineralization below the open pit along a projected down plunge extension of 230 metres between sections 720 E and 870 E. In addition, several short in-fill holes were drilled within the Main pit (sections 600E to 720 E), the satellite West pit and extensions (sections 420 E to 560 E).
The results shown in the accompanying table indicate the presence of continuous high-grade mineralization below the Charlie Richards pit between sections 720 E and 850 E. Best intercepts include 35.75 metres averaging 23.54 g/t Au in hole 2000-16 and 22.75 metres averaging 19.64 g/t Au in hole 2000-14. These broad high-grade intersections contain higher grade subintervals such as 49.93 g/t Au over 14.25 metres, including 110.27 g/t Au over 4.5 metres, in hole 2000-16 and 35.52 g/t Au over 11.30 metres in hole 2000-14. Hole 2000-17 returned 0.75 metre of 368.5 g/t Au from a quartz vein on the hangingwall side of the deposit. The company has contracted Mine Development Associates of Reno, Nev., to produce a resource model for Charlie Richards and estimate measured and indicated resources that will be suitable for use in designing a mine for proven and probable reserves.
Marc J. Oppenheimer, president and chief executive officer of Crystallex, stated: "We are pleased with our latest exploration results at Tomi which further validate our near-term plans to upgrade the Revemin mill from the current capacity of 1,400 tonnes per day to 3,000 tonnes per day. That upgrade will enable us to process additional ore from the Albino and Tomi underground deposits and the La Victoria open pit. At Albino, we have recently completed an independent feasibility study that shows minable reserves of 399,000 tonnes grading 10.75 g/t Au at a cutoff grade of 4.46 g/t Au. The La Victoria open pit is one of several gold deposits, recently acquired from El Callao Mining Corporation, which collectively contain 11.5 million tonnes of open pit resources averaging 3.3 g/t Au (1.21 million ounces). It is the company's objective to bring the resources of La Victoria pit, which presently stand at 6.2 million tonnes grading 3.33 g/t Au, to reserve status by completing a 12,000-metre diamond drill program and a feasibility study in 2001. We are also planning the construction of the ramp into the high-grade underground portion of the Albino 1 deposit and plan to commence underground mining there during the second half of 2001. Our continued exploration and development of these and other concessions in Venezuela again underscore our strong long-term commitment to the region." |
