New High Grade Surface Gold Discovered
Eaglecrest President, Hans Rasmussen said, As part of the district-wide exploration program (described in the Company's October 20, 2008 news release), we have focused the geologic team on maximizing exploration data across the entire district. We did this with minimal cost - in part by using data that was previously collected but underutilized by past exploration teams. We also leveraged our management and technical teams' outstanding experience in making multiple discoveries.
We are very excited about our discoveries in the Paititi-San Francisco-Buriti trend. This zone appears to have significant potential for open-pit style gold resources. The Paititi-San Francisco-Buriti zone was given highest priority for surface sampling over the past nine months because of its proximity to the Company's existing infrastructure, and it has the strongest, most continuous gold-arsenic soil geochemistry (refer to news release dated July 9, 2007), which indicates significant potential for the rocks beneath the soil to be gold-rich. In this zone, soil sample assay results ranged from below detection to 1.57 grams/tonne gold. The nearby Sao Francisco mine (located 150 kilometres to the southeast of San Simon in
With the funds we just raised, we are beginning a surface trenching program to further refine new drill targets we have identified along the Paititi-San Francisco-Buriti trend. Every new trench and rock chip sample strengthens our conviction that we are over a large mineralized zone; with perhaps the best potential in the San Simon district for proving up an open-pit gold resource. Ultimately, the mapping and sampling from outcrop and trench exposures will be used to prioritize multiple zones along this Paititi-Buriti trend for a drilling program planned this fall.
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