Nov 30 2011
Eco Oro Minerals Corp. has reported that results of infill diamond drilling in the Diamante – La Alta area indicates the potential to significantly enhance the overall grades of the mineral resource estimate for its multi-million ounce Angostura gold deposit in northeastern Colombia.
- Hole ALE11-03 – 69.6 grams gold and 30.4 grams silver per tonne over 1.85 meters (405.15-407m);
- Hole LL11-01 – 20.2 grams gold and 328.8 grams silver per tonne over 2.5 meter (265.5-268m);
- Hole DM11-12 – 28.9 grams gold and 124.0 grams silver per tonne over 2.9 meters (283.5-286.4m); and
- Hole DM11-17 – 16.65 grams gold and 38.8 grams silver per tonne over 2.85 meters (507.15-510m).
"The results of the 25 meter spaced infill drilling grid in the Diamante - La Alta area, which covers 14% of the area of the envisioned underground project and is expected to provide much of the initial feed for the underground operation, not only confirms the continuity of the higher grade mineralized structures in both the vertical and horizontal direction but also indicates higher grades than those used in the previous block model based on the 50 meter drill spacing," said Eco Oro's Chief Operating Officer, David Heugh. "To date, 68 percent of the infill intercepts show higher gold grades, 9 percent confirm those previously modeled and 23 percent show deterioration from the previous block model."
The ongoing infill drilling program is focusing on the 26.5 hectare central block where the minable mineral resource estimate indicated 6.2 million tonnes grading 4.55 grams gold equivalent (Au equivalent is calculated with a factor of 42.5 for Ag) containing 927,106 ounces. The 188 intercepts from 40 drill holes completed since May 2011 with grades above the 2.5 gram gold equivalent cut-off resulted in an average weighted grade of 6.95 grams gold equivalent per tonne and an arithmetic average grade of 8.46 grams gold equivalent per tonne. .
The purpose for drilling on 25 meter intermediate lines is to enhance the confidence level of the mineral resources, converting inferred to indicated and measured mineral resource categories. Previous test work has shown that closer spaced drilling has a positive impact on grade. A 95 hole diamond drill infill test program reducing drill hole spacing from 50 to 25 meters completed in the Perezosa and Silencio areas in 2008 indicated a 17.5% increase in grades resulting in a 16.6% increase in contained ounces.
The current 45,000 meter infill drilling program is expected to be completed in June 2012 and will include a 9,000 meter deep drilling program designed to better delineate some of the attractive inferred resources at depth. The latter is also designed to enhance the confidence level of the resources, converting inferred to indicated and measured categories as well as enhancing the grade of the resources in this area. Mine production scheduling will look to bring these resources to account earlier by providing access from a tunnel at a lower elevation developed from the adjacent Móngora mineral deposit. Currently five drill machines are focusing on the main core areas and an additional three drill machines are expected to begin the underground program starting in December 2011.
Please refer to the table for a full list of significant intercepts and an image on the Company's website for bore hole locations and previously-released bore hole data. The deposit remains open in all directions. A property plan map and drill cross sections will be posted on the Eco Oro website at www.eco-oro.com.
Source: www.eco-oro.com