Greystar drills more Angostura high-grade

Vancouver – Drilling by Greystar Resources (GSL-T) on its wholly owned Angostura project in northeastern Colombia has returned some of the highest grade gold intercepts encountered on the property.

Drilling on the project intersected wide zones of gold and silver mineralized vein structures in a number of areas.

At La Alta, hole AL04-07 cut multiple intersections of gold such as 18 metres of 12.2 grams gold per tonne in vein 3; 6 metres grading 2.2 grams gold in vein 4; 20.8 metres averaging 2.31 grams in veins 5 and 7; and 15.5 metres assayed at 1.35 grams in vein 65. It is speculated the hole cut near a multiple vein intercept point resulting in the wide zone of mineralization.

On the Perezoza area, drilling intersected multiple veins in a number of holes including:

  • Hole LP 04-09 Nine vein intercepts were encountered including 40.5 metres (from 106 metres) grading 1.1 grams gold per tonne; 25 metres (from 153 metres) averaging 1.55 grams gold and 33 metres (from 224 metres) of 0.68 grams. These mineralized intersections yield a combined grade of 0.89 grams gold over 197.7 metres;
  • Hole LP04-08 Five veins were intersected including Vein 62 that returned 29 metres grading 8.16 grams gold.

Silencio zone drilling cut a half-dozen mineralized veins including hole SI04-06 that returned 5 metres in Vein 55 grading 4.17 grams gold and 12 metres in Vein 320 averaging 2.05 grams.

Drilling has targeted higher grade gold shoots. Such zones tend to occur along the axes of vein-vein and vein-fault/fracture intercepts.

Greystar has been active at Angostura since 1995, having spent over US$19 million to date, and drilled over 66,000 metres in its exploration effort. In June 2003, the company initiated a two year, three phase, US$14 million program to further define the resource and take the project to feasibility stage.

The company has commenced phase two of the program consisting of definition drilling. Over 40,000 metres are planned to facilitate upgrading of resource calculations to reserve figures.

Gold and silver mineralization at Angostura is hosted in multiple vein-like structures, breccia and fault zones over an area of more than a kilometer square and to 1,000 metres depth. The deposit has an indicated resource of 44 million tonnes grading 1.7 grams gold per tonne and 6.1 grams silver per tonne. There is an additional inferred resource of 52 million tonnes grading 1.5 grams gold and 5.5 grams silver. Both figures assume a 0.5 gram gold per tonne cut-off grade.

As of the latest figures, the company reports 19 million shares outstanding and trades in the $2.50 range at presstime.


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