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Thursday, 28th February 2008 (4221 views)

Explorator Resources has announced the mineral estimate for its El Espino-Venus project in Illapel, northern Chile, which includes 11.68 million tonnes containing 68,000 ounces of gold.

Inferred resources at the site include 88.67 million tonnes containing an estimated 539,000 ounces of gold, the company said.

The resource estimate also noted the emergence of a new gold zone, Chon Chon, which the report said has a potential yield of 675,000 gold ounces contained in 212,000 to 260,000 tonnes grading at 80.81 g/t. Explorator confirmed that a separate exploration programme will be set up to investigate this area.

Commenting on the report, the company's president and chief executive, David O'Connor, said the estimate had proven resources in the Main Copper zone were "significantly greater" than previously thought and that subsequent drilling could increase it further.

He also described the discovery of the Chon Chon gold project as a "very positive development".

The El Espino-Venus project comprises the El Espino copper target and the Venus-Marcelo gold and copper property, which is a northern extension of the same mineralised belt.

According to the company, six small mines are currently active in this area.

 

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