Midland to change name as Chile results tabled

After changing its name, the 56%- owned Rayrock Yellowknife Resources (TSE) affiliate is also preparing to file a prospectus containing details of a new public offering. The offering is likely to consist of one common share and one common share purchase warrant, according to Minera spokesperson Jane Wilson.

Minera is spending $920,000(US) this year at its 60%-owned Bellavista gold project in Costa Rica where a 4,000-m drilling program is underway. Westlake Industries (VSE) holds a 40% stake in the project, held under option from Rembrandt Gold Mines (ASE).

The current program is designed to increase the confidence level of reserves already outlined and to look for extensions of a deposit which hosts 14.2 million tons of grade 0.05 oz gold per ton.

According to Minera, a 119-m intersection which assayed 0.058 oz represents a northerly extension of the Bellavista deposit. The intersection was pulled from a hole (B-117) collared 300 m north of known mineralization.

“A revised ore reserve mine plan study incorporating the results of the 1989 work program will be completed later this year and will form the basis for a detailed engineering feasibility study to be completed early in 1990,” Minera said.

The company is preparing to take a bulk sample from the 700-m level to test key parts of the deposit and confirm drill-indicated grades.

Slightly further ahead in development terms is Minera’s Ivan Copper property in Chile where the company has budgeted $1.6 million for exploration and a feasibility study. Located 35 km northeast of Antofagasta, northern Chile’s largest city, the Ivan deposit contains 3.8 million tons of grade 2.9% copper.

Minera is currently drilling a recently discovered new copper zone (the Zar) which is about 200 m west of the north end of the Ivan orebody. Values have ranged as high as 4.23% copper over 42 m and 2.94% copper over 78 m.

According to Minera, the Zar remains open for extension to the west, north and at depth.

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