Jan 13 2011
Gammon Gold Inc. (TSX:GAM and NYSE: GRS) has announced that its drilling program at the Mezquite Project in northeast Zacatecas state, Mexico, has discovered significantly anomalous mineralization.
Portions of the mineralization are hosted by the Caracal Formation, the same formation that hosts the deposit at Goldcorp's Camino Rojo project, which is located 26 kilometres southwest of Mezquite with measured and indicated resources of 3,445,000 gold ounces and 60,708,000 silver ounces.
Hole BMXT-07, 8.9 metre grading 4.25 grams per tonne gold from 0.3 metre depth - Including 2.1 metres grading 13.93 grams per tonne gold from 4.0 metres depth - Hole BMXT-04 discovered silver-lead-zinc mineralization associated with veining in a quartz diorite intrusive. From 319.0 metres there are 4.7 metres grading 62 grams per tonne silver, 2.3% lead and 2.6% zinc
"We are very encouraged by the mineralization discovered in hole BMXT-07, as it exceeded our expectations by discovering high-grade mineralization essentially on-surface and which appears to be disseminated in character." stated Peter Drobeck, Senior Vice President of Exploration and Business Development. He continued, "Another highlight of the exploration program was the good grade silver/base metal mineralization just within the contact of the quartz diorite in hole BMXT-04."
The drilling also discovered extensively anomalous, but low-grade gold-zinc mineralization in a breccia pipe on the east side of a quartz diorite intrusive.
Based on these results, the Company is planning a follow-up soil geochemical survey prior to launching a follow-up drilling program scheduled for the first half of 2011.
Source: Gammon Gold Inc