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February 28, 2003
IAMGold commenced drill testing on new targets on the property. In 2001, three target areas to the north of the Portovelo mine were tested by 17 surface and 10 underground holes totaling 10,200 metres of core drilling. Most of the holes intersected the targeted veins, but gold values were low. Drilling (3,100 metres in four surface and three underground holes) in the Portovelo mine area intersected two new mineralized veins to the west of the old mine although gold valves were low. Drilling to test the extension of one of the veins previously exploited in the Portovelo mine intersected weak gold mineralization results. Toward the end of 2001, information from all of the drilling as well as underground and surface mapping and sampling was synthesized with data from the old mine plans. This resulted in the creation of a three-dimensional geological and grade model of the district, leading to a complete structural reinterpretation and a new geochemical assessment of the mineralized system. The model has helped to reveal the controls on gold mineralization and has identified an important drill target to the south and west of the Portovelo mine.
June 30, 2001
A revised geological model of the Zaruma-Portovelo vein system, based on recent drill results and old mine data, indicates that major (+ 1 million ounce) payshoots are unlikely to exist in areas along strike and down-dip of old workings although smaller payshoots may be present. Drilling to the west of the old Portovelo mine intersected three previously unknown veins. The intersected gold grades are low, but the geological characteristics and base metal content of the new veins is similar to those in the old mine. The new veins could host significant gold resources which were not previously developed as the veins do not outcrop. Similarly our work has indicated that the old Portovelo mine has the potential to host several moderate sized, ± 200,000 oz type ore shoots. An intermediate size gold producer has expressed an interest in the project and further drilling has been put on hold while these discussions are pursued.
May 31, 2001
Drilling focused on old Portovelo mine, the first underground hole drilled in the old Portovelo mine after this reinterpretation intersected the extension of the previously mined Tamayo vein which returned a grade of 49 g/t gold and 53 g/t silver over a true width of 50 cm.