From Proactive investors: Monday, November 23, 2009
Beadell Resources notches high grade gold discovery in Brazil
Investors in Beadell Resources (ASX: BDR) have received a huge boost today, with news of a major new gold discovery of up to 470 g/t gold in Brazil.
Located within the Tartaruga Project in Brazil, face sampling and rock chip results included 470.5 g/t gold, 84.4 g/t gold, 27.4 g/t gold and 18.3 g/t gold over a mineralised strike length - in excess of 400m long open in all directions.
The new discovery, called “Riodeouro” is located only 2 km east of the current resource area of Mineiro and Mandiocal deposits.
The new discovery remains completely undrilled. And is thought to be hosted in the same quartzite unit that hosts the Mineiro and Mandiocal deposit 2 km to the west.
Tartaruga has a current resource of 279,000 ozs of gold. A scoping study pit optimisation on the Mineiro and Mandiocal deposits has indicateed robust cash flows at current gold prices.
The new discovery and other identified ore sources indicate the potential to add significant mine life to the current modelled production profile from the Mineiro and Mandiocal deposits.
Further evaluation of the new discovery as well as development options for the project are being assessed.
BDR Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
