Panama
GCR is pleased to announce encouraging early signs from its diamond drilling program at the
Los Hatillos property in Panama, following completion of the first two holes, LHD-01, to 210m,
and LHD-02, to 150m. The holes were designed to test the down-dip extension of the Veta
Blanca vein system and shear zone. On the basis of historic underground sampling, restricted
to two trial mining adits at Veta Blanca, a zone grading 11.54 g/t gold, 20.3 g/t silver, 0.12%
copper, 2.3% lead and 3.55% zinc had been defined (see aerial photo and section).
Above hole LHD-01, in the upper of the two adits, a 41m strike length of vein material averaged
27.2 g/t gold, 0.25% copper, 4.8% lead and 5.0% zinc over an average width of about 1.2m.
Hole LHD-01 indicates a broader mineralised zone than anticipated, with numerous veins,
within sheared, intensely altered andesite containing abundant sphalerite and galena with
minor chalcopyrite intersected from 145m to 164m, and the Veta Blanca vein system
intersected from 164m to 175m (see core photos). In LHD-02, the Veta Blanca vein/shear zone
extends from 124m to134m down-hole, within sheared, altered andesites with abundant quartzbase
metal veining. The veining and base metal mineralisation provide indications of a deeper
mesothermal, rather than epithermal, setting.
Two more holes are planned at Veta Blanca, before moving the rig 2 km east to test the El Tiro
system with three holes (see aerial photo).
On the basis of the mineralisation seen to date, it is likely that the drilling program will be
extended beyond 1,000m. GCR may earn 70% in the Veraguas properties, including Los
Hatillos, by spending US$4m on exploration by 2012.
NSW
Encouraging chalcopyrite, sphalerite and galena intersections have also been made by GCR in
current drilling at the Burra Copper prospect south of Canbelego, and broad zones of low
grade copper mineralisation have been observed during logging of the recently completed,
500m RC-core hole at the Power Anomaly, east of Copper Hill. Assay results will be four to
six weeks away. Farm-in partner Zinifex is drilling at GCR’s Wagga Tank property in central
NSW and farm-in partner Tri Origin is also diamond drilling, on GCR’s Cullerin property north
of Woodlawn.