Esperanza Resources has reported details on the Cerro Jumil, Mexico project. The company intersected 0.9 g/t gold over 52.5 m in the hole RCHE-11-212, 1.6 g/t gold over 61.5 m in the hole RCHE-11-214 and 1.30 g/t gold over 27.0 m in the hole RCHE-11-215.
The company drilled all the holes to identify the Las Calabazas gold zone expansions. This zone is one of the three main and adjacent gold zones, which has included the gold resource at present. Mineralization has been expanded a further 100 m to the down dip. The ongoing drill results will be utilized soon for calculating an updated resource along with a bankable feasibility study.
Currently, the company is focusing on the present work on the Southwest Extension region exploration.
The company has made a decision to finish a bankable feasibility study, as it had attained the successful conclusions in the Cerro Jumil project’s new Preliminary Economic Assessment. It is planning for an extensive campaign to positively test different processing alternatives. Esperanza is expecting the commencement of a geotechnical drilling to give information for the foundations of several facilities and engineering of the pit slopes. It has planned for the feasibility study completion by late 2012.
The company has drilled 8236 m at the project. Golder Associates completed the updated Preliminary Economic Assessment and showed that a planned mine will generate 103,000 oz of gold ounces yearly. The current drilling has been planned to validate the regions contiguous to the prominent resources.
Esperanza has discovered additional six targets in Cerro Jumil. It has got essential community and government approvals to commence the exploration.