- “Assay results continue to show high-gold grades”
- Head-grade samples returned 18.20 g/t Au, with 130.4 grams of gold at 99.8 per cent purity
- Company intends to recover the gold to generate enough non-dilutive cash flow from the bulk sampling process
- Baroyeca Gold & Silver Inc. is a mineral exploration company focused on high-grade silver and gold projects located in Colombia.
- Baroyeca Gold & Silver (BGS) is up 16.13 per cent, trading at $0.18 per share at 10:57 am EDT.
Baroyeca Gold & Silver (BGS) has resumed bulk sampling at its Santa Barbara Gold Project in Bolivar, Colombia.
A first batch of 10,304 kilograms of mineralized material has been processed through the pilot processing plant, which has recently been upgraded, with a gold doré bar poured onsite as part of preliminary metallurgical and plant efficiency tests.
Impressive assay results from the head-grade samples returned 18.20 g/t Au, with 130.4 grams of gold at 99.8 per cent purity recovered onsite from the process (recoveries of 69.53 per cent).
Raul Sanabria, P.Geo., President of Baroyeca, commented on the results.
“We stick to our plan of generating non-dilutive cash flow while we conduct meaningful exploration at Santa Barbara, and this is an excellent example of that. We took the approach of drifting along the veins to undertake vein characterization and sampling work at small spacing intervals to better understand gold grade distribution and so far, we haven’t gone wrong. Now we are focused on accessing and developing the vein at the Mariana mine where historical artisanal mine works and assay results continue to show high-gold grades, which we believe is an indicator of what we can expect at depth and in other parallel veins in the project. Bulk sampling has now started from all the currently exposed veins recently accessed by our underground development preparation works. The vein material obtained from these samples will also be processed at the Santa Barbara processing plant and included in further shoot delineation works towards the first resource estimate. While we do this, the Company intends to recover the gold to generate enough non-dilutive cash flow from the bulk sampling process to defray most of the overhead costs of the project while continuing advancing underground exploration.”
Baroyeca has been clearing the access and a collapsed section of the Mariana Mine to access the fresh vein at Level 2 by a horizontal drift, located 40 meters to the northeast of the former access shaft.
The Santa Barbara exploratory tunnel was extended for 25 meters following Vein #1 after completing the milestone 500-ton bulk sample released in 2021.
Channel sampling started at 2-meter intervals from the crosscut that accessed Vein #2, and samples from this section are now at SGS Labs in Medellin for assay.
Baroyeca Gold & Silver (BGS) is up 16.13 per cent trading at $0.18 per share at 10:57 am EDT.