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Vatukoula Gold Mines plc is an AIM quoted gold producer which focuses on its 100% owned Vatukoula Gold Mine in the Pacific Island of Fiji - a producing gold mine which contains 680,000 ounces of gold reserves and 4.3 million ounces of gold resources.
Vatukoula Gold Mines hits new ore zone at its Fiji mine, shares up 10 per centOctober 12 2011, 8:17am
Vatukoula Gold Mines (LON:VGM) announced this morning that it had discovered a new ore zone at its gold mine in Fiji. Shares in the firm responded by putting on 9.9 per cent in early trading to hit 97.5 pence each.
The firm said that drilling intersected three new high-grade mineralised structures at the Vatukoula Gold Mine, which form part of the new ore zone – dubbed ‘Baron d’Este’. It also pointed out that this is the first new discovery of a high-grade ore zone at Vatukoula since the discovery of the Prince William ore zone in the 1980s.
The zone has been intersected between 300 and 700 metres below the surface. Significant composite intersections include: 124.7 grams of gold per tonne over 0.46 metres; 33.6 grams per tonne over 2.86 metres; 25.46 grams per tonne over 1.07 metres; and 39 grams per tonne over 0.48 metres.
Meanwhile, the firm said that drilling is continuing to further define the extent of the new discovery.
“The discovery of the Baron d’Este ore zone is highly encouraging as it represents the first new high grade ore zone discovery at our Vatukoula site for over 20 years,” said David Paxton, Vatukoula’s chief executive officer. “The discovery also substantiates our belief that our Fiji operation has excellent potential to expand its current resource and reserve base with high grade ore zones. Because of the ease of access of this new ore zone, we believe this discovery will assist in increasing our long-term production profile.”