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Golden Eagle owns 136,500 acres (213 square miles) overlying the Ascension Gold/Copper Trend in eastern Bolivia’s Precambrian Shield 160 miles north of Santa Cruz, Bolivia. This property has tested positive for large ore deposits known as volcanogenic massive sulphides ("VMS"), which have proven to host gold and copper.
In 2003, the Company acquired 2,500 acres (4 square miles) in the heart of its Precambrian holdings in eastern Bolivia. The Buen Futuro property has undergone ten years of exploration. The Buen Futuro volcanogenic massive sulfide ("VMS") mineralization was initially identified ten years ago by Dr. Michel Biste through geochemical surveys, and subsequently confirmed using Induced Polarization (IP), and Horizontal Loop Electromagnetic (HLEM) surveys. Eventually, between 1993 and 1997, 800 miles of exploration trails were cut through the jungle to take a total of 21,000 samples on the Buen Futuro and surrounding areas. A total of 8,400 feet of auger drilling was performed initially, with 11,000 feet of additional reverse circulation drilling and 27,000 feet of diamond core drilling. A total of 8 miles of trenches were dug and 5,500 trench samples were taken and analyzed.
The Buen Futuro mineral deposits are found in a gold oxide layer that commences at the surface and ranges to depths of 130 to 200 feet. Immediately beneath this surface oxide layer is a supergene, or copper-enriched layer, extending from the bottom of the gold oxide zone to a depth of 320 feet, sitting on top of a mineralization system that is known as a strata-bound volcanogenic massive sulphide (VMS). Based on data gathered through a combined 13,300 meters (43,890 feet) of auger, reverse circulation and diamond core drilling, as well as 13.3 kilometers (8 miles) of trenching, the Company estimates 4.36 million tonnes of mineralized material in the gold oxide layer with a gold grade of 1.23 g/t for a total of 172,000 troy ounces; and 6.5 million tonnes in the copper-enriched supergene layer with a copper grade of 1.85% for a total of 120,000 fine tonnes (265 million pounds). (Note that mineralized material is not the equivalent of proven and probable reserves.)
The area tested was 75 acres of 136,500 acres of Golden Eagle's landholding in eastern Bolivia. Continued exploration of the site is ongoing.
The Company saw a substantial potential gold and copper resource on the Buen Futuro property in the middle of its Precambrian holdings and set out to establish a mine and processing plan. If Golden Eagle is able to secure financing, the Company can implement its mine plan. The oxide gold deposits, as well as the oxide and supergene copper deposits, have proven to be leachable, which results in extraordinary cost savings during production. The Company has projected that it will begin operations at 8,000 tons of gold and copper ore per day, expanding by the third year to 16,000 tons per day.
Click to our latest press releases to find out more on the future exploration and development of this property.
Click here to view or download a special Microsoft PowerPoint presentation about this property.
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