TZ Project
| November 24, 2011 Summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DescriptionThe Tocantinzinho (TZ) property covers 140 km² and is a granite-hosted disseminated deposit, located in Para State, in the prolific Tapajos district in northern Brazil. The project contains a NI 43-101 compliant Reserve of 1.97 million ounces of gold out of a Measured and Indicated Mineral Resource of 2.39 million ounces of gold. In May 2011, we filed the positive NI 43-101 compliant Technical Report for TZ. We are continuing with the preparation of an environmental impact assessment (EIA) as part of the project permitting process and expect to receive approval of the EIA in the third quarter of 2012. Engineering studies are ongoing and we expect to finalize the TZ feasibility study in Q2 2012. Receipt of the EAI and completion of the feasibility study will allow us to make a construction decision in 2012. A decision to construct would be followed by a 2.5-year engineering and construction period with production anticipated to commence late 2014. The Environmental Impact Assessment, which defines the 4.4 million tonnes per year open pit mine and processing operation, was submitted in Q3 2011. During Q3, 2011, we completed twenty two drillholes (~6,200 metres) at the Tocantinzinho project, testing targets including the along-strike extension of the Tocantinzinho trend southeast of the deposit and gold-in-soil and augur drill anomalies south of the deposit. Results to date have not defined significant mineralization. Drilling during Q4, 2011 tested the strong geochemical anomaly located along the Tocantinzinho trend northwest of the property. TZ Project Area View (click to enlarge)  ResourcesAs of December 31, 2010.
EXPLORATION Our 2010 exploration program included induced polarization (IP) / resistivity surveys of up to 150 line kilometres, soil geochemistry programs, and prospecting activities directed towards defining new targets associated with potential satellite deposits. The exploration program was conducted concurrently with geotechnical and condemnation drilling of the immediate deposit area as part of the Pre-Feasibility Study (PFS), which was completed in 2011. HISTORY In July 2010, we acquired all of the issued and outstanding securities of Brazauro Resources Corporation ("Brazauro"), confirming our commitment to explore and develop the Tocantinzinho Project in Para state. RELATED NEWS:
Technical ReportLast updated: January 25, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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