grampa
These two news releases may answer your question.
Venezuelan permit; milling contract
El Callao Mining Corp
ECM
Shares issued 22,545,185
1996-04-12 close $1.73
Monday Apr 15 1996
Also Monarch Resources Ltd (MRE)
Mr Clive Johnson reports
All permits have now been issued for commercial gold
production at the La Victoria deposit on the Lo Increible
property. A milling contract has been signed with Monarch
Resources for the processing of the La Victoria ore.
Beginning this week, El Callao will start site preparation
activities leading towards ore deliveries in two to three
weeks. It will open-pit mine and deliver up 10,000 tonnes per
month to the Revemin mill, operated by Monarch. The mill is
five kilometres from the La Victoria property. The average
grade of ore to be delivered is calculated to be in excess of 8
g/t yielding 26,000 ounces of gold per year. El Callao
anticipates its share of positive cash flow to be $300,000 per
month. These funds will be utilized to further advance
exploration and feasibility at the La Victoria and La Cruz
deposits where shallow drilling has outlined geological
reserves of 840,000 ounces of gold to date.
Bema Gold is the largest shareholder of El Callao and
manages its affairs.
(c) Copyright 1999 Canjex Publishing Ltd.
canada-stockwatch.com
El Callao Mining Corp -
La Cruz and La Victoria drilling results
El Callao Mining Corp
ECM
Shares issued 32,342,185
1996-10-22 close $2
Wednesday Oct 23 1996
Mr Clive Johnson reports
The company has received encouraging results from its latest
diamond drilling program on the La Cruz and La Victoria
zones at the Lo Increible gold property in Venezuela. These
drilling results indicate the potential to significantly expand
the previously announced geological resource of 850,000
ounces of gold.
La Cruz Zone
Based on the new drill holes listed below and previously
released holes ER 96-105-107, the potential of the La Cruz
zone has increased dramatically.
Drill Results from La Cruz are as follows:
From To Interval Grade
Hole (m) (m) (m) g/t
---- ---- --- -------- -----
ER96-105 91.00-110.00 19.00 4.42
incl 93.40-101.00 7.60 8.19
ER96-106 124.00-138.00 14.00 4.69
ER96-107 146.00-149.00 3.00 7.18
and 217.00-224.00 7.00 5.03
lower zone
ER96-109 126.80-132.00 5.20 13.33
ER96-113 62.00- 65.00 3.00 4.89
ER96-115 79.00- 83.00 4.00 5.34
ER96-118 232.50-235.50 3.00 3.94
and 315.00-320.10 5.10 3.58
lower zone
ER96-119 151.00-168.00 17.00 6.45
incl 158.00-164.00 6.0 11.71
ER96-121 90.00- 97.00 7.00 5.73
incl 93.00- 96.00 3.00 10.00
The La Cruz zone has now been tested with a total of 29 holes
along a strike length of 500 metres. The zone trends east west
with a variable dip of 45 degrees - 75 degrees to the south and
is from 2 metres to 20 metres wide. This recent drilling
indicates the zone extends down dip to at least 250 metres.
Previous drilling had only tested the zone down dip to 70
metres. The La Cruz structure remains open to the east, west
and down dip.
This recent drilling and surface mapping have also confirmed
that the La Cruz and the Tibaire zones are part of the same
structure with a combined strike length of 1,500 metres. The
Tibaire structure has been tested previously with 23 shallow
holes and intersected mineralization similar to these
encountered at La Cruz. Additional drilling is now planned on
the Tibaire structure to undercut some of the previously
encountered mineralized intercepts.
La Victoria Zone
At the La Victoria zone, 2km southwest of La Cruz, drilling
has dramatically increased the dimensions of the southern
mineralized ore shoot identified in previous drill campaign
(LV94-76 and 77).
Drill Results from La Victoria are as follows:
From To Interval Grade
Hole (m) (m) (m) g/t
---- ---- --- -------- -----
LV196-23 15.00- 35.50 20.50 12.53
56.50- 63.00 6.50 2.75
open at depth
LV196-24 45.00- 50.65 5.65 3.87
LV96-123 181.00-198.00 mineralized zone
assays pending
198.00-224.00 26.00 1.72
224.00-234.00 10.00 4.16
LV194-76 49.52- 57.05 7.53 15.56
73.14- 86.25 13.11 9.13
LV194-77 71.00- 75.25 4.25 4.93
90.10- 106.5 16.40 6.96
This drilling has shown that the grade and thickness of at least
one of the two previously identified high grade ore shoots, is
continuous from surface down structure at least 300 metres.
Previous drilling had only tested this structure down dip
approximately 150 metres. The zone remains open to the north
and down dip.
La Victoria has been tested with 69 drill holes along a strike
length of 500 metres. The zone trends north south with a
variable dip of 35 - 45 to the east and is from 5 metres to 25
metres wide. At least two ore shoots have been identified
within this mineralized zone.
El Callao has also ceased its small scale mining activities at
La Victoria. The company will focus on exploration and
feasibility drilling on both La Victoria and La Cruz.
Exploration drilling will also recommence on the La
Experienca zone, between La Cruz and La Victoria, where 17
previous shallow drill holes showed encouraging results.
(c) Copyright 1999 Canjex Publishing Ltd.
canada-stockwatch.com
regards
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