Claude, do you happen to know where Chesapeake's royalty ground begins surrounding Marlin? I'm just wondering if this news from Glamis today regarding a discovery would potentially benefit CKG, or whether it is within Glamis' royalty-free Marlin area.
Glamis Gold Discovers High Grade Gold and Silver Mineralization at La Hamaca
Wednesday March 24, 8:30 am ET
RENO, Nev.--(BUSINESS WIRE)--March 24, 2004--Glamis Gold Ltd. (NYSE:GLG - News; TSX:GLG - News) today reported initial drilling results at the La Hamaca prospect, located approximately three kilometers north of its Marlin project in Guatemala. La Hamaca is the northern-most of five targets within a six kilometer radius of Marlin.
Reverse circulation drilling has identified high grade gold and silver mineralization similar in grade and character to the veins at Marlin. The first phase, 10-hole program has identified gold mineralization within an East-West trending high-angle vein, hosted within altered andesite. The quartz-calcite vein has been traced by drilling and surface outcrop sampling along a strike length of 280 meters within a gold-in-soil anomaly of 800 meters in length. Additional untested structures containing gold and silver mineralization have been identified by surface sampling within a 200 meter distance to the south.
Significant drilling results are as follows:
True
Hole Interval Width Gold Silver Au Equiv
Number (m) (m) (g/t) (g/t) (g/t)
------ ------------- ----- ---- ------ --------
LH04-01 141.0 - 150.0 5.2 23.3 735 34.6
LH04-02 178.5 - 180.0 0.9 8.0 213 11.3
LH04-04 130.5 - 135.0 2.6 31.3 1,240 50.4
LH04-09 99.0 - 103.5 3.2 13.8 373 19.5
To view a map of the priority targets, drill hole locations, a long section of the drilling results, and the entire drill-hole assay database, click on the "What's New" section on the Glamis website at www.glamis.com.
The long section indicates four of the completed holes have intercepted the La Hamaca vein and the vein is open to the east, west and to depth. Another seven holes have been added to the first phase program and will be drilled to test the vein in these directions. The remainder of the program will be completed with core drilling. The potential of the parallel structures to the south will also be tested.
Initial metallurgical testing indicates that the La Hamaca mineralization is similar to the Marlin ores and amenable to conventional processing technology. Further test work is planned.
One of the Company's prime objectives is to look beyond the initial Marlin discovery and attempt to develop the area into a new gold producing district. Once the phase one drilling program is completed, Glamis expects to analyze and comment further on any potential impacts to the Marlin project development plans.
Exploration activities on the other targets near Marlin will proceed throughout 2004. These targets appear similar to La Hamaca in terms of geology, alteration and gold-in-soil geochemical signatures.
Other Exploration
Elsewhere in Guatemala, regional work is underway on several targets. Glamis expects to drill test at least two of the regional targets (within 30 kilometers of Marlin) in 2004...
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