panterragold.com/site
PanTerra Gold (ASX: PGI), formally known as EnviroGold, is a near term gold producer at its Las Lagunas project in the Dominican Republic with construction scheduled for completion in December 2011. The project has an expected life of seven years at an annual production rate of 65,000 ounces of gold and 600,000 ounces of silver.
PanTerra Gold is also active in Ecuador with the advanced Azuay Gold Mining project and the San Gerardo Gold Mining prospect. At the Azuay project, construction is targeted to commence in mid 2012.
EnviroGold reports high grade copper results from sampling at San Gerardo in Ecuador
EnviroGold (ASX: EVG) continues to unlock the exploration potential at the company's concessions in Ecuador, with the latest positive news for San Gerardo - which is located in the south of the country.
Additional geochemical soil sampling results indicate the surface expression of the copper, molybdenum, gold anomaly in the centre of the concession, known as the Vittoria prospect, has increased to cover 120 hectares.
Highlighting the prospectivity of the area, Vittoria is one of six potential open pit mining prospects identified by Canadian geologists, Buscore Consulting, within the 2200 hectare San Gerardo concession.
Standing out from the Buscore report were several very positive comments for EnviroGold, such as, 'the Vittoria copper-molybdenum footprint represents a major target within the concession.
'The massive copper-molybdenum, anomaly ... has a significant number of copper results which are extremely high for soil sampling, with elevated molybdenum results spatially related to the copper in soils anomalies.'
Brian Johnson, executive chairman commented on the positive results by saying, “Any future development of the Vittoria prospect within the San Gerardo concession would be most attractive for the company, as open pit mining operations would be limited to production of a copper concentrate, with gold and molybdenum credits.”
EnviroGold next week will start an eight week program next week of magnetic and induced polarisation surveys, which are aimed to better define drilling targets.
This program was initially delayed by the clearance of contractors’ imported equipment by customs. Once the surveys have been completed, an extensive 25,000 metre drilling program will kick off.
EnviroGold's option over San Gerardo
The company has a three year option to purchase the 2200 hectare concession in Southern Ecuador for US$4.0 million (costed to Azuay project), which is strategically located at the centre of a proven gold province.
This province hosts reported resources in the Measured, Indicated and Inferred categories to Canadian NI43-101 standard of over 15 million gold ounces.
The concession is highly prospective with high grade narrow vein structures in seven underground workings, along with a cluster of four underground mines which will be excised for the Azuay project.
Consultants have already identified five areas of mineralised hydrothermal breccias and an area of copper-gold-molybdenum mineralisation, as open pit mining prospects
EnviroGold has previously outlined that exploration could result in mining targets of sufficient size and grade to justify the development of open pit operations to produce around 100,000 to 150,000 gold ounces annually.
