El Callao Mining Corp. announces Lo Increible Gold Property, Venezuela increased geologic resource estimate
VANCOUVER, Nov. 19 /CNW/ - El Callao Mining Corp. (''El Callao'') is
pleased to announce the results of a new resource study, completed by Mineral
Resources Development Inc. (MRDI) on the Lo Increible Property, Venezuela.
The estimated indicated and inferred resources above a 1 gram per tonne
cut-off from six deposits on the property now total 24.15 million tonnes at
3.28 grams gold/tonne containing over 2.5 million ounces of gold. All six
deposits; La Victoria, La Cruz, El Tapon, La Sofia, La Loca and El Extranjero
remain open to depth and along strike in at least one direction. The
previously released resource (April 17, 1997) above a 1 gram cut-off was 16.57
million tonnes at 3.71 grams gold/tonne containing 1.98 million ounces of
gold.
The MRDI estimated indicated and inferred in situ resources for the La
Victoria, La Cruz, El Tapon, and La Sofia deposits using ordinary kriging and
for the La Loca and El Extranjero deposits using inverse-distance-squared. The
data used to estimate resources consisted of a total of 194 diamond drill
holes (33,639 meters) and 71 reverse circulation drill holes (8,912 meters).
Three meter down hole composites were used to estimate 3x3x3 meter blocks. The
estimation was constrained by the geological/grade zones interpreted by El
Callao's geologists. Little change of support dilution and no contact
dilution has been incorporated into this resource, therefore prior to
estimating reserves for mine planning, an allowance for contact dilution will
be made.
The resources above the 1 gram per tonne and 3 gram per tonne cut-offs
are summarized below. |
