General Metals starts expanded 2008 drilling program
by Jo Black
General Metals Corporation announces the start of its expanded 2008 drilling program at the Independence Mine. The results of Stage 1 of Phase 1 drilling completed in 2007 supported previous historical target estimates for the Independence shallow target of 235,000 ounces gold and 2,500,000 ounces silver by equaling or exceeding management’s expectations. Mineralized intercepts in near surface and shallow zones ranged from 20 to over 200 feet with several holes bottoming in mineralization.
It was therefore determined to conduct Stage 2 of Phase 1 drilling to further define, with additional drill holes, the continuity and amount of mineralization in the shallow area of the Independence Mine.
Drift Drilling and Exploration has rebuilt the drill rig and the weather is favorable to start Stage 2 of Phase 1 drilling on Monday, March 10, 2008. This Stage will drill another 10,000 feet plus and will be focused to better define mineralization to a Canadian National Instrument 43-101 compliant resource level. This will set the stage for the mine model which will become the foundation for the proposed cyanide heap leach operation.
2008 Stage 2 Expanded Drilling Program (Additional 25,000-35,000 feet)
During 2008 the Company plans an aggressive and expanded multi-pronged drilling program to evaluate additional target areas at the Independence property. Production planning is currently underway and will not wait for the expanded exploration program to be completed, but will integrate more compliant resources into the production program as available. Management is negotiating for a one year contract for the drill rig and crew.
Steve Parent, President, CEO said, initial drill results have given management the confidence to make a major financial commitment to the development, through expanded exploration drilling and production permitting, of a near surface oxide low cost bulk mining and heap leach operation at the Independence as soon as is practical to best take advantage of the current record market prices for gold and silver.
He further said, we are also aggressively seeking financing to further our development plans at the Independence and to support our aggressive acquisitions program which is already underway. It appears that we may qualify for flow-thru financing in Canada to conduct exploration on the Bannockburn Gold Mine, which we will pursue in an effort to expand historical reserves of 140,000 ounces of gold and to bring them to 43-101 compliant status.
Related posts to: General Metals starts expanded 2008 drilling program
Probe terminates discussions with Noront ...
Gold Canyon starts winter drill program 2008 ...
Tournigan reports chemical assay results at Kuriskova ...
Vena starts second phase drill program at Azulcocha West ...
Tombstone to begin drill program in May 2008 ...
Latest Metals News:Gold ends session lower in New York, but gains on week
Gold prices retreat after setting new intraday high
Gold closes at $1,666 per ounce in New York trade
Gold prices at new records on disappointing US data
Gold prices lower but comes off session lows on manufacturing data
Gold sets new intraday, closing highs to end trading week in New York
Copper rises; precious metals prices see declines
Gold prices drop on profit-taking, stronger US dollar
$1,616.80 per troy ounce: Another record high for gold
Gold trades as high as $1,624.30 per ounce in New York
Previous: « Tirex announces arrival of 2nd drill in Albania
Next: Platinum prices plummet on S.A. energy announcement »
Visited 3824 times, 1 so far today