Golden Eagle Moves Several Steps Closer to Full-Scale Operations at Its C Zone Pilot Plant
Thursday February 8, 11:45 am ET
Company Gives High Priority to A Zone Buen Futuro Gold and Copper Prospect
SALT LAKE CITY--(BUSINESS WIRE)--Golden Eagle International, Inc. (MYNG, OTCBB) announced today that it has moved several steps closer to full-scale operations at its C Zone pilot plant, contingent on financing and final feasibility.
The Company has received the completed modeling of the results to date of its exploration and pilot operations at its C Zone on its Precambrian properties in eastern Bolivia (details presented below). Pilot operations and modeling have confirmed that the entire target eluvial deposit in the C Zone can be mined using open pit mining techniques, applying relatively inexpensive free-dig earth moving methods without the required use of explosives.
Also, as indicated in previous announcements, the mineralized material contains high percentages of quartz fragments that the Company has been studying in a batch quartz crushing program that reduced the material to minus 2 millimeters. That program has demonstrated gold grades ranging from 1.1 g/ton to 0.38 g/ton, and is continuing to identify the ideal size for liberation of the contained gold particles. In addition, measures are being taken in the pilot operations to address the unacceptable loss of a relatively high percentage of gold particles finer than 100 mesh. Based on Golden Eagle's experience operating its Cangalli gold mine in western Bolivia, Linatex Separators will be used in its full-scale operations (based on adequate financing and final feasibility) to de-slime the ore before presentation to the Knelson Concentrators for increased fine gold recoveries.
Golden Eagle also announced today that it is giving a high priority to the development of its larger A Zone Buen Futuro gold and copper prospect located 3 kilometers (1.8 miles) from its C Zone pilot operations. The Company has been interviewing international engineering firms that can assist it in further moving this prospect ahead, and has chosen a firm to be announced once all arrangements have been finalized.
"It gives me great pleasure to report significant progress on both the C and A Zone projects," commented Terry Turner, Golden Eagle's CEO. "I believe that we are closer than we have ever been to our goal of developing these projects to their potential."
Modeling at the C Zone identified a core of 630,000 m3 of mineralized material averaging gold grades of 460 mg/m3, ranging between a high of 1,400 mg/m3 and a cutoff grade of 100 mg/m3. The area modeled covers a 28-hectare (69-acre) heart of the C Zone, in an eluvial environment related to a quartz vein zone striking N 30 degrees W over a distance of 600 meters (2,000 feet), with an average width of 50 meters (165 feet). The entire mineralized target studied extended over 909 meters (3,000 feet) in length and 454 meters (1,500 feet) in width, with drill holes demonstrating that the gold mineralization was open both as to the length and depth of the area studied. Confirmation work is continuing in the balance of the sampled area and Golden Eagle believes that the total number of cubic meters of mineralized material in the C Zone will potentially increase as further bulk sampling in the Company's pilot plant is accomplished. The mineralized eluvial material ranged in depth between 2 meters (6.6 feet) and 6 meters (20 feet), but in the specific core area modeled and reported on, the average depth was estimated at 3 meters (10 feet).
Since November 2006, Golden Eagle's pilot operations have been treating bulk samples taken at regular intervals from the subject study area to confirm data derived from 200 auger drill holes using 4.5 inch bits, for a total of 703 meters (2,320 feet), with 8 holes drilled a second time for quality control and verification. A total of 65 shaft-style pits were dug, with a total of 180 meters (600 feet) of channel sampling in the walls of the pits, and 5 pits dug a second time and fully sampled for quality control and verification. Six auger holes were drilled at the sites of the control pits for further quality control purposes. Modeling was carried out by interpolating a 20 by 20-meter (66-foot) grid within the core area and weighting the level of confidence as data increased and decreased relative to each sampling site.
As indicated, Golden Eagle is giving its A Zone Buen Futuro gold and copper project a high priority. The A Zone prospect consists of strata-bound volcanogenic massive sulphide (VMS) mineralization systems with a demonstrated gold oxide layer of 40 meters (130 feet) to 60 meters (200 feet), as well as a copper-enriched supergene extending from the bottom of the gold oxide layer to depth of 100 meters (330 feet). Dr. Michael Biste, Golden Eagle's Chief Consulting Geologist, has studied this gold and copper prospect for the past 12 years. The Buen Futuro ore bodies were initially identified through geochemical surveys, and were confirmed using Induced Polarization (IP), and Horizontal Loop Electromagnetic (HLEM) surveys. Dr. Biste supervised 18 geologists and 120 auxiliary personnel to cut a total of 1,300 kilometers (800 miles) of exploration trails through the jungle to take a total of 21,000 samples on the Buen Futuro and surrounding areas. Over 1,800 meters (6,000 feet) of auger drilling were performed initially, with 3,300 meters (11,000 feet) of additional reverse circulation drilling and 8,200 meters (27,000 feet) of diamond core drilling. A total of 13.3 kilometers (8 miles) of trenches were dug and 5,500 trench samples were taken and analyzed.
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Golden Eagle International, Inc. is a gold and copper exploration and mining company headquartered in Salt Lake City, Utah and with offices in Santa Cruz, Bolivia. The Company is currently focusing its efforts on developing its mining rights on its A Zone "Buen Futuro" gold and copper project, as well as its gold projects on the B & C Zones, within its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian Shield.
The Company highly recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its Web site: www.geii.com.
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