Dec 10 2010
Gammon Gold Inc. (TSX:GAM and NYSE:GRS): Gammon has provided and updated drill results from the Ocampo exploration program.
As of October 31, 2010, the Company has completed a total of 105,903 metres of drilling at Ocampo, utilizing twelve drill rigs working on surface and underground.
Reserve Drilling Highlights
Santa Eduviges
- Drilling highlights include:
- Hole OU-823, 3.5 metres grading 16.78 grams per tonne gold equivalent
- Hole OU-825, 9.3 metres grading 20.63 grams per tonne gold equivalent
- Hole OU-826, 1.9 metres grading 48.58 grams per tonne gold equivalent
- Hole OU-859, 1.6 metres grading 31.48 grams per tonne gold equivalent
San Amado
- Drilling highlights include:
- Hole OU-863, 1.0 metres grading 51.95 grams per tonne gold equivalent
- Hole OU-909, 1.3 metres grading 96.55 grams per tonne gold equivalent
- Hole OU-913, 0.9 metres grading 12.92 grams per tonne gold equivalent
- Hole OU-917, 1.7 metres grading 10.03 grams per tonne gold equivalent
Rosario
- Drilling highlights include:
- Hole OU-900, 2.0 metres grading 10.84 grams per tonne gold equivalent
- Hole OU-901, 1.9 metres grading 11.05 grams per tonne gold equivalent
- Hole OU-903, 5.8 metres grading 13.88 grams per tonne gold equivalent
Las Molinas Area
- Drilling highlights include:
- Hole OU-971, 3.6 metres grading 4.75 grams per tonne gold equivalent
- Hole OU-972, 7.5 metres grading 5.48 grams per tonne gold equivalent
"The reserve drilling program has been progressing very well in the past 5 months, especially at Santa Eduviges where both widths and grades have surpassed our expectations and at San Amado where we continue to intercept bonanza grades" said Chris Bostwick, Senior Vice President, Technical Services. He continued, "Not only do we anticipate these results to further add to our year end reserves, but our current accelerated development program will allow for mining by mid-2011"
New Discoveries
El Rayo
- New vein between the Santa Juliana and Belen Veins just 100 metres from existing underground infrastructure
- 200 metres strikelength that is not included in current reserves has been tested with 12 drill holes
- To date, five drill holes have shown grades above present underground cut-offs
- Highlights include:
- Hole OG-1128, 1.7 metres grading 33.29 grams per tonne gold equivalent
- Hole OG-1172, 0.6 metres grading 9.63 grams pert tonne gold equivalent
Balvanera
- The Balvanera underground vein extension, thus far covers an approximate strike length of 100 metres not included in present reserves
- 12 diamond drill holes have been completed to date totaling 914 metres.
- Drilling highlights include:
- Hole OG-1144, 1.2 metres grading 3.84 grams per tonne gold equivalent
- Hole OG-1125, 0.5 metre grading 14.59 grams per tonne gold equivalent
Stockwork Hill
- Three northwest-striking altered and variably-mineralized structures defined southeast of the NE underground mine.
- Nine diamond drill holes have been completed totaling 1,960 metres
- Drilling highlights include:
- Hole OG-1109, 0.5 metres grading 5.47 grams per tonne gold equivalent
Polvorin
- Discovered a new outcropping vein located north of the Company's mine offices, after which a drill program was designed to test the target.
- 12 diamond drill holes have been completed to date for 2,178 metres.
- Drilling highlights include:
- Hole OG-1064, 0.6 metres grading 17.45 grams per tonne gold equivalent
"The exploration program continues to deliver excellent results at Ocampo. Not only have we been able to delineate numerous high-grade drill intercepts on known veins, we have identified a number of new discoveries." stated Peter Drobeck, Senior Vice President of Exploration and Business Development. He continued, "The success of our exploration program year to date has resulted in our expansion of the program to year end and bodes well for the future of the Ocampo mine."
Note: The Ocampo surface exploration information has been reviewed by Qualified Person, Mr. Peter Drobeck. All sample analyses for Ocampo surface exploration were performed by Chemex Laboratories, based in Vancouver, British Columbia, using standard fire assay procedures with AA finish. Sample lengths are not necessarily true widths.
Note: The Ocampo underground exploration information has been reviewed by Qualified Person, Mr. Ian Hardesty. All sample analyses for Ocampo underground exploration were performed by Chemex Laboratories, based in Vancouver, British Columbia, using standard fire assay procedures with AA finish. Sample lengths are not necessarily true widths.
Note: All gold equivalent grades are calculated at the Companies long term ratio of 55:1.
Source: GAMMON GOLD INC.