Gammon Gold Reports High-Grade Discovery at La Balleza Vein in Venus Project: 0.6m grading 62.20 grams per tonne Gold and 2700 g
06 Abril 2011 - 1:06PM
PR Newswire (Canada)
TORONTO, April 6 /CNW/ -- TORONTO, April 6 /CNW/ - Gammon Gold Inc.
("Gammon") (TSX: GAM) (NYSE: GRS): Gammon is pleased to announce
that a new discovery of high-grade gold-silver mineralization in
the La Balleza Vein in the north-central portion of the Venus
property. Venus Project Drilling Highlights Highlights from the 12
holes for which assays have been received include: -- VEN-009, 0.7
metres grading 62.20 grams per tonne gold and 2,700 grams per tonne
silver, or 111.29 grams per tonne gold equivalent((1)). -- VEN-004,
0.6 metres grading 8.58 grams per tonne gold and 1,050 grams per
tonne silver, or 27.67 grams per tonne gold equivalent((1)). (1)
Using the Company's long-term gold equivalency ratio of 55:1 (which
assumes 100% metallurgical recoveries and royalties for gold and
silver). "We are very encouraged by the early drilling results our
Venus Project, which lies three kilometres directly north of the
Ocampo Mine Properties. The surface work completed to date
has shown that there are multiple veins outcropping with locally
very high grades on surface. Results from three holes drilled
on the La Balleza Vein have reported some very high gold and silver
grades on two of those holes." stated Peter Drobeck, Senior Vice
President of Exploration and Business Development. He
continued, "As well as the high-grade discoveries at La Balleza, we
are also encouraged by the surface geology and initial drilling
results from the Santo Nino Vein, located a kilometre south of La
Balleza. This vein is locally up to 30 metres wide of banded
and brecciated calcite - quartz, has been traced for 2.4 kilometres
along strike and has shown highly anomalous surface sample values
up to 49.80 grams per tonne gold." About Gammon Gold Gammon Gold
Inc. is a mid-tier gold and silver producer with properties in
Mexico. Gammon's flagship Ocampo Property in Chihuahua State
achieved commercial production in January 2007. Gammon also
owns the El Cubo mine in Guanajuato State and has the promising
Guadalupe y Calvo development property in Chihuahua State.
Over the past year Gammon completed option purchase agreements to
acquire the Mezquite Project in Zacatecas State, Mexico, the Venus
project located north of the Ocampo mine, and the Los Jarros
Project in Chihuahua State, and has executed an option to joint
venture agreement on the La Bandera Project in Durango State,
Mexico. Since 2008, the Company has increased its Mexican
land position by over 110% and has made strategic investments in
Golden Queen Mining Co. Ltd. and Corex Gold Corporation. The
Company's Executive Office is located in Toronto, Ontario.
Cautionary Statement Cautionary Note to US Investors - The United
States Securities and Exchange Commission permits US mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. This press release uses certain terms, such as
"measured," "indicated," and "inferred" "resources," that the SEC
guidelines strictly prohibit US registered companies from including
in their filings with the SEC. US Investors are urged to consider
closely the disclosure in Gammon gold's Annual Report on Form 40-F,
which may be secured from Gammon gold, or from the SEC's website at
http://www.sec.gov/edgar.shtml. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Certain statements
included herein, including information as to the future financial
or operating performance of the Company, its subsidiaries and its
projects, constitute forward-looking statements. The words
''believe'', ''expect'', ''anticipate'', ''contemplate'',
''target'', ''plan'', ''intends'', ''continue'', ''budget'',
''estimate'', "forecast", ''may'', ''will'', ''schedule'' and
similar expressions identify forward-looking statements.
Forward-looking statements include, among other things, future
exploration results of its development program, the Company's
ability to delineate additional resources and reserves as a result
of such program, and the company's ability to mine such
targets by mid-2011, statements regarding its financial
exposure to litigation, targets, estimates and assumptions in
respect of gold and silver production and prices, operating costs,
results and capital expenditures, mineral reserves and mineral
resources and anticipated grades, recovery rates, future financial
or operating performance, margins, operating and exploration
expenditures, costs and timing of completion of the Ocampo
expansion program and improvements to the heap leach pad, costs and
timing of the development and commencement of production of new
deposits, costs and timing of construction, costs and timing of
future exploration and reclamation expenses including, anticipated
2010 results, operating performance projections for 2010 and 2011,
our ability to fully fund our business model internally, 2010 gold
and silver production and the cash and operating costs associated
therewith, the ability to achieve productivity and operational
efficiencies, the ability to access grid power at Ocampo, further
reduction in the open pit stripping ratio and the timing of each
thereof. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors could cause the Company's actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Such factors include, among others, known and unknown uncertainties
and risks relating to additional funding requirements, reserve and
resource estimates, commodity prices, hedging activities,
exploration, development and operating risks, illegal miners,
political and foreign risk, uninsurable risks, competition, limited
mining operations, production risks, environmental regulation and
liability, government regulation, currency fluctuations, recent
losses and write-downs, restrictions in the Company's loan
facility, dependence on key employees, possible variations of ore
grade or recovery rates, failure of plant, equipment or process to
operate as anticipated, accidents and labour disputes. Investors
are cautioned that forward-looking statements are not guarantees of
future performance and, accordingly, investors are cautioned not to
put undue reliance on forward-looking statements due to the
inherent uncertainty therein. TABLE 1: Summary of
Positive Drill Intercepts from Venus Project Hole_ID From, To,
Length, Au, Ag, AuEq(55), Target m m m gpt gpt gpt VEN-001 27.0
28.5 1.5 0.69 1 0.70 La Boleta VEN-002 31.2 33.9 2.7 0.45 3 0.50 La
Boleta VEN-002 45.9 46.4 0.5 2.63 3 2.68 La Boleta VEN-004 281.9
282.5 0.6 8.58 1050 27.67 La Balleza VEN-004 286.5 287.1 0.6 2.99
150 5.72 La Balleza VEN-005 85.7 86.4 0.7 0.07 5 0.16 La Balleza
VEN-005 89.4 92.4 3.0 0.13 1 0.15 La Balleza VEN-005 93.2 93.9 0.8
0.58 4 0.64 La Balleza VEN-006 41.0 63.6 22.6 0.14 1 0.15
Veta_Sto_Niño VEN-006 63.6 65.5 2.0 5.50 34 6.12 Veta_Sto_Niño
VEN-006 65.5 97.6 32.1 0.12 0 0.13 Veta_Sto_Niño VEN-007 4.0 12.0
8.0 0.23 2 0.27 Veta_Sto_Niño VEN-007 134.5 151.2 16.7 0.21 1 0.23
Veta_Sto_Niño VEN-009 56.0 60.5 4.5 1.49 18 1.83 La Balleza VEN-009
82.5 84.0 1.5 1.89 1 1.92 La Balleza VEN-009 109.1 109.8 0.7 62.20
2700 111.29 La Balleza VEN-011 292.0 293.6 1.6 1.05 3 1.10
Veta_Sto_Niño VEN-012 118.0 137.3 19.3 0.33 1 0.35 Veta_Sto_Niño
Note: The Venus Project information has been reviewed by
Qualified Person, Mr. Peter Drobeck. Sample analyses for Venus
Project drilling were performed by ALS-Chemex Laboratories (based
in Vancouver, British Columbia, using their facility in Hermosillo,
Mexico). Gold was analyzed using standard fire assay
procedures with AA finish, and silver by multi-acid digestion with
AA finish. The high gold assays reported herein for drill
holes VEN-004 and VEN-009 had their gold values checked with screen
fire assays which are shown on Table 1 (standard fire assays were
slightly higher). The Company has an established program of
inserting certified control samples and blanks in compliance with
best practices, and this program is used at the Venus Project per
Company policies. Sample lengths are not necessarily true
widths. Diagram 1: Location Map of Venus Project in the Ocampo
- Pinos Altos - Concheno Mining District, Western Chihuahua,
Mexico. Grey shading indicates Gammon Gold Inc's mineral land
position. http://files.newswire.ca/258/Diagram1.pdf Diagram
2: Location Map of Drill Collars completed by Gammon Gold
Inc. on the Venus Project.
http://files.newswire.ca/258/Diagram2.pdf Diagram 3:
Cross - Section looking northwest of the La Balleza Vein, Venus
Project, showing newly reported drill intersections.
http://files.newswire.ca/258/Diagram3.pdf To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/06/c9820.html
p please visit the Gammon gold website at a
href="http://www.gammongold.com"www.gammongold.com/a or contact: /p
table tr valign="top" td align="left" bPeter Drobeck/bbr/ Sr. VP
Exploration & Business Developmentbr/ Gammon Gold Inc.br/
416-646-3825 /td td align="left" bAnne Day/bbr/ Director of
Investor Relationsbr/ Gammon Gold Inc.br/ 416-646-3825 /td /tr
/table p /p
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