Lundin Gold has initiated exploration drilling on five regional targets near its Fruta del Norte gold project in southern Ecuador. A 26-hole, 10,500-m drill program is planned on high-priority targets located 15 to 20 km south of Fruta del Norte. The drilling is planned to be carried out in two phases, with the first phase comprising 20 holes totaling approximately 7,500 m. Based on first-phase results, a second phase of follow-up drilling is anticipated, with current plans calling for up to an additional 3,000 m.
Lundin Gold President and CEO Ron Hochstein said, “Our extensive land package encompasses a highly
prospective mineralized trend that includes the high-grade Fruta del Norte gold deposit. We believe there is great potential for new discoveries and the
potential to develop a new mining district in southern Ecuador.”
Based on IP geophysics (gradient array and pole-dipole), field programs, and reinterpretation of historical data, pre-
viously existing targets have been improved significantly and new targets have been defined.
Fruta del Norte is one of the largest and highest-grade undeveloped gold pro-
jects in the world. Lundin is working on a feasibility study that is scheduled to be completed in the second quarter of 2016.
Iamgold has announced an initial mineral resource estimate for the Siribaya project in western Mali, West Africa, which the company operates under a 50:50 joint venture with Merrex Gold. The resource estimate includes the previously known Zone 1B and Taya Ko zones, as well as the recently discovered Diakha deposit.
Total indicated resources are estimated at 2.1 million mt averaging 1.90 g/mt gold, for 129,000 contained oz, while total inferred resources are estimated at 19.8 million mt averaging 1.71 g/mt, for 1.1 million contained oz. The Diakha deposit estimate incorporates assay results from 216 diamond and reverse circulation drill holes totaling 25,696 m, while the Zone 1B and Taya Ko estimate is based on results from 129 drill holes totaling 3,903 m.
The Diakha deposit is open in all directions and has significant potential for expansion. Preliminary metallurgical testwork on three composite samples prepared from Diakha diamond drill core suggests that the mineralization is not refractory and that a gold recovery of approximately 92% can be expected from a conventional leach/carbon-in-pulp circuit.
NuLegacy Gold has awarded a contract to Major Drilling, of Salt Lake City, Utah, for a 10,000-m drilling program on the company’s Iceberg deposit on the Cortez trend in north-central Nevada. The majority of the multiphase program will focus on expanding the extent of known high-grade zones, but other prospective Carlin-type gold systems on the property will also be targeted. The drilling program will include about 40 holes and is scheduled for completion in late August or early September.
The Iceberg deposit is a Carlin-type oxidized gold deposit extending along a 3,000-m structural corridor of gold mineralization. NuLegacy has identified two near-surface zones of oxide gold mineralization that are 200 to 250 m wide and 25 to 70 m thick, with gold grades ranging from 0.5 g/mt to more than 5.6 g/mt across a strike length of 1,100 m.
NuLegacy is targeting development of a 90-million-mt to 110-million-mt
resource.
Probe Metals and Adventure Gold have entered into a definitive agreement to merge their companies, creating a new gold explorer and developer with pro-
perties in Quebec and Ontario, Canada. The combined company will continue to unlock value at Adventure’s Val-d’Or East project, which currently has NI 43-101 inferred resources of 770,000 oz grading 2.6 g/mt gold, calculated at a 1-g/mt cut-off above 350 m depth and a 1.5-g/mt cut-off below that depth. The com-
pany’s portfolio will include 19 other pro-
jects within some of the most high-profile gold camps in Canada, including Val-d’Or, West Timmins, Casa Berardi and Detour Quebec.
Upon completion of the transaction, existing Probe and Adventure shareholders will own approximately 53% and 47% of the combined company, respectively.
