Projects
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SREP (San Rafael/El Placer)
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SREP is located adjacent to the Company's La Camorra Mill and the project currently has NI 43-101 compliant gold resources of 399,000 ounces indicated and 523,000 ounces inferred. The current resources are based on 87,000m of drilling and the underground development of 10 shafts totaling 1665m since 2003. There are more than 12 gold zones, each 1 to 2 metres wide and 200 metres long, that have been identified and the Company is currently mining the upper portion of several lenses. All zones are open to depth and the property hosts a number of intriguing exploration drill targets.
Subsequent to the current 43-101 compliant report the Company has drilled more than 75,000m through 2007/2008. The drilling and the initiation of an 1.8 km underground ramp are part of an ongoing aggressive program of underground development in preparation for the completion of the capacity expansion project at Rusoro's Emilia mill facility. The results for the current drilling was included in the updated resource estimation recently completed.
The SREP Resource Estimate uses a cut off grade of 8.0 g/t Au, a minimum width of one metre, a density (specific gravity) of 2.80 g/cm3, and capping of high grade gold assays at 80 g/t Au.
Underground DevelopmentBased on the highly positive nature of the in-fill drilling program the Company plans to complete a 1.8 kilometre ramp which will provide access to the main ore bodies 180 metres below surface. The ramp will provide all of the necessary access for future mining operations.
Detailed drilling and underground sampling will continue to evaluate the potential economics of the SREP zones. Preliminary engineering including the location, orientation, and angle of the ramp has been completed by Rusoro staff. A mining contractor has been hired and has completed the initial site visits and review of the project. Actual construction of the ramp began in early July 2007.
The Company's main goal is to concurrently build this ramp and complete the underground development at SREP, while continuing the comprehensive expansion and upgrade of Rusoro's centrally located Emilia mill facility. The Emilia Mill Facility project is on schedule for completion in 2008 with the Company aiming to start commercial production before the end of the year.
Concession GeologyThe geology of the San Rafael and El Placer concessions is dominated by rocks of the Botanamo Group part of the Guyana Shield . In the property area, this unit comprises intermediate volcanic, volcaniclastic, and sedimentary rocks. The units strike at approximately 110º and dip steeply to the south. Gold mineralization is mainly concentrated in quartz veins, although high grade values may extend into the altered wall rocks. The quartz veins strike parallel to the Camorra Trend and dip steeply south. Of major importance for gold mineralization, a major structure, the Camorra Trend, crosses through the two concessions. This trend strikes at approximately 290º and dips steeply south. The zone is approximately 250 m wide. It hosts most of the mineralization on the San Rafael and El Placer concessions. Gold is typically fine grained and is present as free gold. Individual veins are elongate with the long axis plunging steeply. The larger veins, D and E3, have been traced from the surface to depths in excess of 600 m. At the present time, some 12 veins have been recognized within the San Rafael - El Placer system.
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