Vancouver-based Minefinders (TSX, Amex: MFL) reported that the first NI 43-101 compliant resource for its La Bolsa property in Mexico shows 360,722oz gold and 4.82Moz silver in the measured and indicated categories.
The ounces are contained in 15.9Mt of ore grading 0.71g/t gold and 9.4g/t silver based on a 0.25g/t gold cut-off, Minefinders said in a statement.
At the same cutoff, indicated resources amount to 2.84Mt grading 0.52g/t gold and 5.3g/t silver, or 47,436oz gold and 480,029oz silver.
The calculations are based on the results from 165 drill holes. Further drilling is underway on the project, and a prefeasibility study is on track for completion by year-end.
The idea is to "hopefully have a second mine at La Bolsa soon," Minefinders CEO Mark Bailey said during a presentation at the Denver Gold Forum on Monday, adding the company aims to make a construction decision on the project in 2010.
The company has done an internal scoping study on the project, Bailey said. The results are not public, though Bailey said it showed a strip ratio of roughly 1:1 and good leaching results for gold.
Minefinders operates the Dolores gold-silver mine in Mexico's Chihuahua state, which entered production in 2008. La Bolsa is in Sonora state.
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