Last Updated :
23 April 2009 at 10:45 IST
Ventana Gold triples its drilled strike length
Commodity Online Ventana Gold Corp. (TSX: VEN) has entered into a binding agreement with a private Colombian company for an exclusive option to acquire a 100% working interest in the El Cuatro property, a 54.6 hectares of mineral rights land.
The mineral rights are strategically situated along strike of the open-ended, high-grade La Mascota zone on the Company’s flagship La Bodega property in Colombia.
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The binding agreement provides for CVS Explorations Ltd a Ventana’s 100% controlled Colombian subsidiary, to conduct due diligence and the signing of a formal option to purchase agreement, the terms of which call for staged payments over a five-year period to acquire a 100% working interest in the El Cuatro property.
Ventana CEO Richard Warke said this acquisition strengthened its land position in the area and opens up a clear path to expand the La Mascota zone along strike to potentially triple the existing drilled strike length.
Ventana holds ground on either side of the El Cuatro property and the acquisition will provide a contiguous land position covering up to 1.3 kilometres of additional strike length along the southwest trend of the La Mascota zone, the company said in a press release.
To date, the La Mascota zone has been drill tested along 725 metres of strike length, exhibiting true composite mineralized widths of 20 to 80 metres and remains open to expansion in all directions. The furthest southwest hole drilled to date, hole 100, returned an intercept of 57.4 metres of 8.66 grams per tonne of gold.
Ventana currently has three drills operating on the La Bodega property testing the down-dip and along-strike extensions to the La Mascota zone.
The El Cuatro property has been the site of ongoing small-scale gold mining for over 50 years. The majority of the historic and current mine workings are located on what appears to be a parallel mineralized structure situated approximately 250 metres to the east of the La Mascota zone and appears to provide an additional exploration target.
Ventana is listed in Toronto Stock Exchange and its stocks have not been performing well in the last 30 days with a 52-week high of 1.9 and 52-week low of 0.04 respectively. Its last traded prices was 1.37.
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