Greystar: Bulk tonnage potential developing at Angostura

Vancouver-based Greystar Resources (TSX: GSL) has reported that delineation drilling at its wholly owned Angostura gold deposit in northeast Colombia continues to outline the potential for a bulk-tonnage low-cost open-pit operation. The latest results, including nine surface and two underground drill holes, enhance the potential of incorporating more than 70 higher-grade shoots of 1-3g/t gold material, the company said in a statement. At the Silencio zone, drilling cut 99m of 1.29g/t gold, extending a previously reported intersection of 105m of 1.57g/t, said Greystar. Other Silencio highlights are hole 16, which hit eight mineralized structures, including five new veins, with the best result returning 13m of 5.64g/t gold. At the La Alta area, one hole cut 1.1g/t gold over 41.5m, 28m of 1.52g/t and 11.4m of 1.75g/t, while slightly higher grades were hit in hole 21, which returned 3.85g/t gold over 10.5m. Greystar said underground drilling continued to extend structures with one hole cutting seven vein intercepts including 1.27g/t gold over 13.2m. Based on data compiled up to May 31, 2004, Angostura contains 2.09Moz of gold and 7Moz of silver within an indicated resource of 41.1Mt grading 1.6g/t gold and 6g/t silver. Inferred resources total 94.9Mt grading 1.4g/t gold and 4g/t silver for 4.11Moz of gold and 13Moz of silver.