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Ventana Gold Investors Anticipate More Spectacular Grades
By James West
MidasLetter.com
Thursday, February 26, 2009
Ventana Gold (TSX.V:VEN) closed up $0.19 cents in heavy trading yesterday of 2.74 million shares on news the company is initiating its next drill program while awaiting final results from the last 28 drill holes of its previous program.
According to the press release issued yesterday,
"The objective of the drill program is to test the down-dip and along-strike extensions of strong mineralization encountered in previous holes at the La Mascota zone, including hole 47 which cut two high-grade intercepts (separated by eight metres) of 20.3 metres grading 11.62 grams per tonne gold followed by 56.5 metres grading 6.60 grams per tonne gold."
These intercepts are in addition to spectacular grades announced from the first 77 holes from the property, highlights of which include:
- 12.75M of 34.63 g/t
- 106.45M of 7.81 g/t
- 21.0M of 6.20 g/t
- 20.0M of 11.62 g/t
- 33.40M of 16.81 g/t
- 112.00M of 3.14 g/t
Ventana CEO, Richard Warke, said: "We have been very encouraged by the high grades and continuity of results at La Bodega and are excited to be launching this next phase of drilling at the La Mascota zone."
Mr. Warke has more than 20 years experience in corporate finance, administration and marketing in the resource sector. He is the founder of Augusta Resource Corporation and has been involved in raising several hundred million in equity for resource companies.
The La Mascota zone is one of several areas on the La Bodega property where Ventana has discovered encouraging gold mineralization. The area has shown remarkable continuity of high-grade gold values over true widths of 20 to 80 metres, and remains open along strike in both directions and at depth. The La Mascota mineralized zone has been tested over a strike length of 400 metres and to a depth of 100 metres.
The flagship La Bodega property is a 184.8 hectare holding in the historic California-Vetas gold mining district located in northeastern Colombia. No modern exploration or drilling had occurred on the property prior to Ventana's acquisition of the property in 2006. An aggressive campaign of
geochemical sampling, mapping and geophysics was undertaken to define drill targets upon acquisition of the property.
The first drill hole, which was collared in August 2006, proved to be the discovery hole with an impressive intercept of 106.45 metres averaging 7.81 grams per tonne of gold starting at a depth of 29 metres.
An option agreement to acquire 100% of the La Bodega property was signed in February 2006. Ventana has been continuously drilling since that time with up to four drill rigs and has completed 105 core holes totaling 25,500 metres to date.
The drilling has been concentrated on defining the northeast-trending gold mineralization present along 850+ metres of strike length with widths of 30 to 150 metres and to a maximum drilled depth of 300 metres. Mineralization remains open to further expansion in several directions and other, nearby drill targets have been developed as a result of ongoing exploration.
Ventana 's discovery is contiguous to Greystar Resources' (TSX:GSL) Angostura deposit which contains a National Instrument 43-101 ("NI 43-101") compliant measured and indicated resource of 11.5 million ounces. Greystar recently announced a financing from the International Monetary Foundation (IMF). The Angostura Gold-Silver Project is located in the mountains of the eastern Cordillera of South America, approximately 400 km North-Northeast of the Colombian capital city Santa fé de Bogotá.
Easily accessed by good roads, the Project is 55 km from Bucaramanga (pop 1,000,000), the capital city of Santander department. Bucaramanga is serviced by frequent daily jet and turbo-prop flights from Bogotá.
Adding to the excitement of Colombia is AngloGold Ashanti's (NYSE:AU) recently announcing their most "significant discovery in decades". AngloGold Ashanti, the world's No. 3 gold producer, says La Colosa has estimated reserves of more than 12 million ounces. Production could start within five years, if the government gives the project the go-ahead. The company plans to invest $200 million to end the exploration phase, and more than $2.5 billion to build a mine in La Colosa in two to three years.
Since discovery 18 months ago, exploration drilling at La Colosa has rapidly defined porphyry-style mineralisation at a grade of more than 0.3g/t, extending over a strike length in excess of 1,500m and a width of 600m. Additional upside potential, which is considered material, remains untested both along strike to the north and south as well as to the east of the drilled portion of the deposit.
Ventana holds rights to three prospective properties in Colombia, approximately 400 kilometres northeast of Bogota in the historic California-Vetas gold mining district.
SOURCE: http://www.midasletter.com/news/09022606_Ventana-gold-investors-anticipate-more-spectacular-grades.php
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