(Source: Continental Gold Limited)
This morning, Continental Gold (CNL:TSX) released another batch of 13 drill holes as well as underground sampling from the Yaragua vein at the company's Buritica gold project in Colombia. The company has resumed 2014 drilling and is aiming for an updated NI 43-101 resource estimate which should be released this quarter. The market is waiting to see how well the company can upgrade inferred resources into higher categories as they gear up for a pre-feasibility because inferred will not be included.
Of the 13 holes release, 10 extended the known mineralization of the Yaragua vein system and underground sampling and drilling in-filled the veins on the east of Yaragua with better grades and/or thicknesses than were expected from the current block model.
The company hit multiple drill intercepts to the east, south and at depth which cover over 200m of lateral of vertical extents which represent extensions of the Yaragua southern vein families. These remain open to the east and at depth. These step-out intercepts include:
- 4.65m of 35g/t gold and 140g/t silver, including 0.5m of 312g/t gold and 1,250g/t silver
- 0.5m of 51.9g/t gold and 41 g/t silver
- 1.35m of 142.9g/t gold and 15 g/t silver
Four holes were drilled from underground to the southeast to test southern vein families of the eastern-most part of the Yaragua system. Each of these drill-holes intersected high grades to the east of and/or below the current Yaragua mineral resource envelope. These include:
- Drill hole BUUY191 intersected 36.48m of 9.4g/t gold and 43g/t silver
- Drill hole BUUY196 intersected 0.5m of 122.5g/t gold and 70g/g silver
The broad width of the intercept in BUUY191 is interpreted to represent the intersection of a Centena-orientation vein set with Murcielagos family veins.
Underground development at Yaragua and Veta Sur continue (Photo: Continental Gold Limited)
The Buritica project is host to two vein systems which have been extensively explored; the Yaragua and Veta Sur systems. Yaragua has been outlined over a 900m strike and 1,300m vertical depth. The Veta Sur system has a 700m strike length and a vertical extent of 1,300m. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated mineralization and both remain open at depth and along strike.
In their last resource estimate (2012), the company proved the Buritica project hosts 1.64 million ounces at an average grade of 13.6g/t gold in the M&I category with an additional 3.76 million ounces at an average grade of 8.8g/t gold in inferred.
Key catalysts:
1.) Updated NI43-101 resource estimate (H1/2014)
2.) Pre-feasibility study (H2/2014)
3.) Permitting (year-end)
Read: Continental Gold Drills High-Grade Gold in the Eastern Yaragua System at
Buritica, Colombia
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