Vancouver-based Batero Gold Corp. (CVE:BAT) reported today initial drill results from its 2012 program at the La Cumbre deposit on its Batero-Quinchia project in Colombia, citing "significant" gold mineralization at the end of all holes.
The gold explorer said Thursday the initial results outline gold grades greater than 1.0 gram per tonne (g/t) from near surface in the central core area of the deposit.
Notable results include grades of 1.14 g/t gold and 2.37 g/t silver from 3.4 to 100 metres in hole LC036.
"We are pleased that multiple drill holes indicate an expansion of the 1+ g/t gold core that occurs within large, continuous zones of near and at surface oxide gold mineralization," said company president and CEO, Brandon Rook, in a statement.
"In addition, other drill holes reported [aside from hole LC036] have encountered higher grade structurally controlled zones averaging over 2.00 g/t gold."
The company said it is evaluating the "most efficient and cost effective" mine scenario for the project, including a leach processing circuit, and starter pit production from the near and at surface higher grade mineralization of the oxide and transition zones at the La Cumbre deposit.
"Today, there is a surface expression that the company is targeting as a potential leachable production scenario that is approximately 600 metres long by 200 metres wide and up to 200 metres deep," Rook continued.
"These recent drill results have the potential to enhance our evaluation of the optimum production scenario at La Cumbre."
Batero said that the mineral resources at La Cumbre will potentially be upgraded to the measured and indicated category if supported by results at the end of the current drilling campaign.
So far, the 2012 drill program has completed 29 of 35 holes, with drilling expected to wrap up by the end of this month.
Engineering, environmental impact assessment, archaeological studies, and social baseline studies are well underway to support any production decision at La Cumbre, the miner noted.
La Cumbre is one of three gold porphyry deposits at the Batero-Quinchia project, with 70 per cent of the project area remaining untested.