Tambok
Die Bilanzen sehen bei den meisten Explorern schlecht aus aber die sitzen auf Gold und Silber und brauchen eben Geld um es zu foerdern
Ich habe einen neuen Exoten gefunden ( GDX.V) den habe ich nun im Auge und kaufe eventuell nur ganz wenig.
Wenn gute Bohrergebniss kommen dann sollte sich die ruehren.
Leider kriege ich die PDF hier nicht rein aber sicher kannst du auf der Webseite auch forschen.
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Earlier today, I sent you an Update Report which brought you to Latin America. If you liked that atmosphere or, for us Europeans just more down-to-earth, the climate, here is an opportunity to stay there a little longer. We move to Guatemala with the Introduction Report on Goldex Resources Corporation (TSXV-GDX) which is exploring its El Pato property. It is interesting to know that before Goldex acquired the property, it was intensely explored by the Government of Guatemala, the United Nations and a Japanese government institution, because it was recognized for its gold potential since long and to advance the property to a stage where international mining and exploration companies would be stimulated to activate the development of the country’s resources. Indeed it did.
At present, several international major companies, of which Inco, Glamis Gold and GoldFields are the most prominent names, are active in the country, as are several Canadian junior resource companies. I think Goldex made an excellent acquisition with the El Pato and the achieved results of the trenching and sampling programs have been very encouraging. Should these results continue to be as they are, and better is always welcome, and especially, should they be confirmed by the planned drilling program, the company could become another focus of international attention for Guatemala. The market is apparently taking an attitude of ‘wait and see’ by evaluating the company very modestly. On the other hand, at the current market capitalization of only C$ 5.2 million, all risks seem to be discounted and all opportunities are still there.
An interesting situation in a country where the mineral potential has just about started to be recognized. With the success of Glamis, which is preparing for production, continuing, there will be more and more attention for the Guatemala and the junior companies that are active there. Goldex has every chance to benefit. Enjoy the report!
Regards,
Henk J. Krasenberg
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The 65 km² El Pato property is located in the
eastern Department of Chiquimula, within the
south-eastern part of the Republic of
Guatemala near the boarder with neighbouring Republic of Honduras. The center of
the property lies approximately 110 km east of the capital, Guatemala City and 10
km west of the provincial capital of Chiquimula.
Past work on the El Pato property identified
ten areas of mineralization. Three of the zones,
namely the El Roque, El Cerrito and El Cerrito
Oeste zones, are interpreted to represent a single mineralized trend collectively
referred to as the El Cerrito Trend. Other zones of mineralization on the El Pato
Property include the Agua Zarca (La Mina), Taco, Taco Sur, Hill 69, T-76, El
Campimento and Mauricio zones.
Access on the property is via a series of paved
and gravel roads from Chiquimula. A 20
person camp in the west central part of the
property serves as a base for exploration activities. Exploration can be conducted on
a year round basis. During the rainy season (approximately August to November) a
4-four wheel drive vehicle is necessary to ford creeks and negotiate slippery hills.
The principal route for exploration activities is a gravel road from La Laguna which
leads southwest to the exploration camp and along the trace of the El Cerrito Trend.
Access to the north-eastern portion of the property is via a north trending road from
La Laguna to the Guior area. A new road has been constructed from Chiquimula,
northwest to the village of Terrero Barroso in the south central portion of the
property; this new road has improved access to the Tacó and Tacó Sur areas.
Mineralization on the El Pato Property has
been interpreted by past workers to have
characteristic of an epithermal environment
Many epithermal precious metal deposits are known within Central America,
including the El Limón Mine, Nicaragua (2.5 million ounces of gold and 4 million
ounces of silver), the San Martin Mine, Honduras (1.2 million ounces of gold) and
the Cerro Blanco deposit, Guatemala (1.2 million ounces of gold). However, based
on the style of vein hosted mineralization and the alteration assemblage, other
deposit types should not be ruled out. --- continued on page 3 ---
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Tekstvak: Location of mineralized zones:Tekstvak: Location and size:Tekstvak:
MINING IN
GUATEMALA
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Several international companies started to become active with their search for minerals. Among them, several Canadian companies entered the scene and have been successful. Inco (TSX, NYSE-N) initially had a 70% interest in Exmibal, with the government of Guatemala owning the remaining 30%, but in December 2004, Inco sold the interest to Skye Resources (TSXV-SKR) which currently is evaluating the development of a nickel mining and processing project, using Inco as a guiding advisor.
Glamis Gold (TSX, NYSE-GLG) acquired the Cerro Blanco property in 1998 and the Marlin project, where a deposit was discovered in 1998, in 2002. During its due diligence review, Glamis established an initial gold equivalent resource of 1.4 million ounces. Further drilling to extend the Main zone led to the discovery of major extensions to the south and southeast. The ore body is still open along strike to the west and down-dip to the south. Based on the subsequent feasibility study, Glamis commenced construction of a combined open pit and underground operation. At this time, construction is ahead of schedule and commercial production is expected in the first quarter of 2006. Mill capacity has been expanded to 5,000 tonnes per day to accommodate additional high grade feed recently found in other satellite properties. The project is fully permitted and enjoys strong local support, as well as backing by the Guatemalan government and the World Bank.
Another successful Canadian company is Radius Gold (TSXV-RDU) which made a discovery at its Tambor property in 2000 and subsequently established, in joint venture with GoldFields, a contained resource of 57,000 ounces indicated and 216,000 ounces inferred. The Tambor is now joint ventured to Fortuna
--- continued on page 3 ---
Tekstvak: Deposit types:Tekstvak: Access:
E u r o p e a n G o l d C e n t r e
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--- continued from page 2 ---
Prior to granting the El Pato Property to Compañia
Minería el Cóndor, S.A. (“CMEC”), now a subsidiary
of Goldex Resources, the property was held by the
Government of the Republic of Guatemala in a Special Mineral Interest Area. Previous exploration
activities on the property were either completed by the Guatemala Dirección General de Minería
(“DGM”) or by other groups, including the United Nations through programs such as the United
Nations Development Program (“UNDP”) and the United Nations Revolving Fund for Natural
Resources Exploration (“UNRFNRE”), and by the Japanese Government through the Japanese
Institute Cooperative Agency (“JICA”) to determine the mineral potential within the Special
Mineral Interest Area that includes the El Pato Property.
Modern exploration of what is now known the El Pato
Property dates back to 1966. A summary of past work
from 1966 to 2001:
1966-1967: Through the UNDP, the United Nations conducted a stream sediment program over an
840 km²
area near the town of Chiquimula, Guatemala. The geochemical survey sampled for copper,
zinc and molybdenum in an effort to discover copper porphyry deposits during a period of high
copper prices. Assay revealed elevated gold and silver concentrations.
1979-1981: Through the JICA, the Japanese Government conducted a geochemical stream sediment
survey specifically targeting gold and arsenic. Anomalous gold values up to 0.05 ppm Au were
recovered from the Río Tacó area. Follow up work included a soil geochemical survey, with 425
samples collected and analyzed for Au, Ag, Pb and Zn. The results of this survey identified a 4 x 1.5
km area centred on the Quebrada El Pato.
1985, 1986, 1989-1990: The DGM initiated a three-phase exploration program which produced the
first detailed geological maps of the area, augmented by extensive outcrop sampling. A total of
2,512.2 meters of core in 30 diamond drill holes were completed during this period. In addition, 87
trenches were excavated and sampled. By the end of 1990 the final report issued by the DGM
covered an approximately 3 km² area. Exploration activities by DGM culminated in the preparation
of a resource estimate (proven, possible and probable) for several zones within the El Cerrito Trend
of 634,472 tons averaging 11.13 g/t Au and 11.36 g/t Ag. (The estimate was prepared prior to the
implementation of the NI 43-101 guidelines; the authors have reviewed the relevant reports by the
DGM which pertain to the above mentioned estimate, however insufficient information, specifically
cross sectional information was available to determine the reliability of this estimate.)
1989-1991: The United Nations conducted an exploration program to confirm and expand upon the
exploration work by the DGM through sampling of 115 new and reexcavated trenches and drilling
3,321 meters in 35 diamond drill holes. The UNRFNRE study divided the exploration area into six
sectors: El Roque, El Cerrito, El Cerrito Oeste, La Mina, Tacó and Agua Zarca. Exploration
activities by the UN culminated in the preparation of a resource estimate of 2.05 million tons with
an average grade of 7.0 g/t Au. (The estimate was prepared prior to the implementation of the NI
43-101 guidelines; the authors have reviewed the relevant reports by the UNRFNRE which pertain
to the above mentioned estimate, however insufficient information, specifically cross sectional
information was available to determine the reliability of this estimate.)
2000-2001: In January, 2000, CMEC was awarded an Exploration License for the 65 km²
El Pato
property by competitive bid from the Government of the Republic of Guatemala. Work by CMEC
focused on relocating trenches and diamond drill holes completed during previous exploration
activities and the preparation of a more accurate topographic base map to document further
exploration activities. To confirm the tenor of mineralization at El Pato, CMEC resampled
mineralized trenches and drill hole intercepts. In addition to resampling drill core intervals, CMEC
relogged all of the drill holes on the property and sampled previously unsampled drill core intervals
containing mineralization. In 2001 CMEC began a program of property wide prospecting, rock
sampling, additional hand trenching and a soil survey which covers the western half of the property.
In total, CMEC has collected approximately 233 surface rock samples, 232 core samples, and 1,056
soil samples. Soil sampled were collected at 50 meter intervals along 100 meter spaced north-south
oriented lines.
Despite all this work done by previous
operators, less than half the vein’s strike had
been trenched and drilled and only 20% of
the gold/arsenic anomalies had been followed up. Hence, the first objective of the
2004 Goldex’ programs was to establish the continuity of these areas by trenching
along the 2.5 km long vein system to link gold mineralized sections of vein and
connect existing exposures of quartz veining and mineralization. Results in 2004
have shown other veins that carry grade elsewhere on the El Pato concessions and
included the encounter of 1.2 meters of 65 g/t along 25 meters of strike.
The 2005 exploration program continued with ongoing trenching, sampling and
surveying known and newly discovered zones and in March --- continued on page 4 ---
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Tekstvak: Past ownership:Tekstvak:
MINING IN
GUATEMALA
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Silver Mines (TSXV-FVI). The other Guatemalan properties of Radius, the Banderas, the Holly (which is very close to the Goldex El Pato Gold Project) and the Cerro T, are now joint ventured to Glamis Gold.
Another Canadian exploration company active in Guatemala is Aurogin Resources (TSXV-AUQ) which has advanced its El Sastre gold project now to the point of just having received environmental approval from the government. This makes it possible to commence with construction of the planned heap leach facility this fall, followed by the beginning of actual gold production scheduled for the spring of 2006. The El Sastre mineral resource has been calculated at an indicated resource of 370,000 tonnes grading 4.1 g/t gold, thus containing 49,251 ounces of gold, and an inferred resource of 1,165,000 tonnes grading 3.1 g/t gold, thus containing 117,265 ounces.
As mentioned above, Inco sold its interest in Exmibal to Skye Resources who is investigating the progress possibilities of the nickel project. Another Canadian company, focussing on nickel exploration and development in Guatemala, is Jaguar Nickel (TSX-JNI). The company has an extensive property base in the country with 7 different properties. The limelight is on the Sechol exploration property which has the potential to develop into a 10,000 to 15,000 tonnes per annum of nickel in ferronickel. It aims to complete a scoping study in 2005 and the feasibility study by 2006 with 2009 as production target.
It is justified to say that Goldex is in good company in Guatemala. Given the success of the several exploration and soon also mining projects in the country, Guatemala will gain further recognition for its potential. Goldex intends to fully contribute to that by making its El Pato project a success too.
* * * * *
Tekstvak: Historical work:Tekstvak: Goldex programs:
E u r o p e a n G o l d C e n t r e
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2005, the choice was made to begin an important follow-up basic exploration
program on the rest of the property before starting a multi-phase drill program to
test the historic El Pato ore reserve.
Exploration drilling will start off with a 2000 meter “First Pass” to verify the best
gold grades encountered to date by previous exploration efforts. Because
mineralization is open both along strike and down dip, exploration drilling will
also scout the extent and character of the El Pato/”Shak” vein system well away
from existing drill holes. Work will center on the ten holes with the best
intercepts encountered to date and vector out from known mineralized areas by
200-300 meter step-outs to discover the limits of veining and precious metal
mineralization.
Based on the results of the “First Pass”, a second 6000 meter phase of
reconnaissance drilling is planned to follow to outline the limits of El Pato Vein
gold mineralization and begin to evaluate features external to the vein such as
structure, ground conditions, water table, and topography. The second phase will
also set-up individual ore shoots for definition drilling to be initiated next year
that will outline the gross geometry, tenor, and metallurgy of target
mineralization. Definition drilling will evaluate external features of the
geology and initiate resource definition of a 43-101 compliant reserve.
SUMMARY AND CONCLUSION:
Awaiting the results of the current program brings us in a curious stage
because it will tell us more about the potential of the El Pato property. So
far, the trenching and sampling results were outright encouraging. If the
results of the current programs continue to be promising and lead to a
significant expansion of the area of mineralization, the real excitement has to
come from the scheduled drilling program. I expect a flow of news to be
starting to come out shortly.
The Goldex management and directors have a solid knowledge of mining and
exploration and also of how to conduct business in Guatemala. In addition to
its staff in Canada, it maintains a bi-lingual full technical staff in its office in
Guatemala City. They all are very excited about the potential of the El Pato
and the Cerro Las Minas properties and are confident that they will succeed
in confirming and extending the resource as discovered and developed by
previous operators. Moreover, they are reviewing several properties to
enlarge the project portfolio.
Looking at the current market capitalization of approximately C$5.2 million,
it should be obvious that the market is evaluating Goldex rather modestly;
the fact that drilling has yet to begin, apparently causes an attitude of ‘wait
and see’. However, a continuation of the encouraging results from the
currently ongoing program and a confirmation by the forthcoming drilling,
could have a dramatic impact on the future share prices. It will be
worthwhile to follow the news closely as it comes out!
Henk J. Krasenberg