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Golconda Gold Ltd GG


Primary Symbol: V.GG Alternate Symbol(s):  GGGOF

Golconda Gold Ltd. is a Canada-based un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. The Company operates through its wholly owned subsidiary, Galane Gold Mines Ltd., two assets: a producing gold mine which also has the rights to certain mineral exploration tenements (the mine and mineral exploration tenements collectively, the Galaxy Property) located in the Republic of South Africa (South Africa) through subsidiaries located in South Africa, and a gold and silver mine and processing infrastructure located in the United States of America (the Summit Property) that is in care and maintenance. The Galaxy gold is situated approximately eight kilometers (km) west of the town of Barberton and 45 km west of the provincial capital of Nelspruit in the Mpumalanga Province of South Africa. The property covers approximately 58.6 square kilometers (km2) is part of the prolific Barberton Greenstone Belt.


TSXV:GG - Post by User

Bullboard Posts
Comment by bahtbuilderon Jan 31, 2009 2:17pm
491 Views
Post# 15742755

Gold is breaking out!

Gold is breaking out!

SNN.T

Cerro del Gallo Deposit

The Company is advancing with its study work on the Cerro de Gallo gold-silver-copper

deposit, primarily with the remodelling program that will allow the resource to be updated with

geological and mineralogical data to provide an improved understanding of the resource. This

will allow the Company to evaluate the potential of initially developing the near surface relatively higher grade gold-silver mineralisation prior to developing the larger lower grade gold-silver-copper mineralisation.

A total of 8 previously defined targets within a 2-3km radius of the Cerro del Gallo deposit weretested by 13 drill holes. Of these, a single diamond core hole, SA-359 was drilled at the Wildcat

Cu-Pb-Zn geochemical anomaly (Figure 2). This hole intersected encouraging mineralisation

including 119.3m @ 0.17% Cu, 0.04g/t Au, 30g/t Ag from 570.0m, plus several zones of

anomalous zinc-lead mineralisation, including 25.0m @ 0.31% Zn and 0.10% Pb from 545.0m.

This intersection of copper-silver mineralisation indicates that the Cerro del Gallo deposit

extends northwards for at least a further 150m. Copper-silver mineralisation is open at depth

and along strike.

Of the remaining 12 drill holes, several holes intersected anomalous zinc ± lead mineralisation.

This zinc ± lead mineralisation is interpreted to extend beyond the gold-silver-copper

mineralisation at Cerro del Gallo, however none of the other 9 recently identified geochemical

soil anomalies have yet been drilled.

A high density regional stream sediment BLEG sampling program was completed throughout

the tenement area. A total of 445 samples were collected during this program. In total 12 gold anomalies greater than 4ppb Au, not associated with known historic mine workings, were defined.

Cerro del Gallo Deposit - Resources Contained within Optimized Pit Shell 

(Based on Au US$500/oz, Ag US$9.00/oz, Cu US$1.50/lb)
Category     Tonnes (M)    Au g/t    Ag g/t    Cu%    AuEq g/t     AuEq Moz


Measured            54              0.76         14        0.08         1.18              2.0


Indicated             67             0.29         18        0.13         0.90              2.0


 Inferred              4               0.22         17        0.12         0.78              0.1


   Total               125             0.49         16        0.11         1.02              4.1


                      2 Moz gold, 64 Moz silver and 302 Mlbs copper

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