Vancouver – Drilling by International Minerals (IMZ-T) at its wholly owned Rio Blanco gold-silver project in southern Ecuador has returned further significant gold values including bonanza grades from new zones.
The ongoing Rio Blanco feasibility study has returned results from 17 new infill and definition drill holes totaling 3,361 metres. All holes intersected gold and silver values over widths up to 30 metres.
Results from the latest drilling include the following:
- Hole BC107 23 metres (from 169.7 metres) grading 7.8 grams gold per tonne and 48 grams silver per tonne, including 8.2 metres 16.7 grams gold and 61 grams silver, and 2 metres of 57.9 grams gold and 219 grams silver;
- Hole BC116 30.5 metres (from 39.5 metres) assayed at 6.3 grams gold and 37 grams silver, including 7.4 metres of 15.2 grams gold and 68 grams silver, and 1 metre of 53.4 grams gold and 142 grams silver;
- Hole BC120 38.3 metres (from 135 metres) averaging 6.6 grams gold and 57 grams silver, including 5.4 metres of 28.8 grams gold and 259 grams silver;
- Hole BC122 29.1 metres (from 187.9 metres) grading 12.4 grams gold and 94 grams silver, including 6.9 metres of 22.3 grams gold and 203 grams silver.
High-grade intervals in two drill holes, BC113 and BC122, represent new zones of bonanza grade gold mineralization.
The feasibility study is primarily focussed on the Alejandra Vein, an epithermal vein-breccia structure with a 500-metre strike length, open to the east, and an average 6-metre width. Gold mineralization extends from surface to about 300 metres. A preliminary assessment study completed in 2003 indicated strong economics for the high-grade Alejandra North zone with an inferred resource of 744,000 tonnes grading 18.3 grams gold and 146 grams silver (containing 438,000 ounces gold and 3.5 million ounces of silver).
The overall inferred resource at Rio Branco, contained in the Alejandro North and South and Dorada zones) is 5 million tonnes of 5.5 grams gold and 42 grams silver (881,000 ounces gold and 6.7 million ounces of silver).
The current drill program of 60 holes, totaling 12,000 metres, is nearing completion and will produce 30-metre spaced intersections on the Alejandra Vein to be used in the feasibility study reserve calculations. There has also been about 120 metres of underground exploration conducted on the zone.
International Minerals has other gold projects in Ecuador and Peru and completed a $22.3 million financing in early-2004. The company has 79.6 million shares issued and outstanding.