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Sulliden Mining Capital Inc (SMC) RSS Feed

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4
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Posts (Total)
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Created
09/26/03
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Moderators
Post anything relevant to Sulliden http://www.sulliden.com/ From their Nov 17, 2003 news release: The Company currently has 35,481,331 shares outstanding with working capital of $4.8 million. Two remaining payments of US$1 million and US$1.5 million scheduled for May and November of next year respectively.(to earn their 70% interest) Their principal asset is a 70% interest in the Shahuindo property: According to the resource calculation report completed by Southern Peru in 1998, the oxidised portion only of the San Jose deposit, with a strike length of 3.0 km and up to 75 meters in width, contains economic reserves of 17,961,000 tonnes at a grade of 1.04 g/t Au and 17.5 g/t Ag.. This calculation was performed on a three-dimensional block model using a medsystem, based on 60 sections at a 50-meter spacing between the sections. These economic reserves are contained within a larger oxidised mineralised body totalling 29,410,000 tonnes at a grade of 0.88 g/t Au and 16.2 g/t Ag (at a cut-off of 0.3 g/t Au), representing a total resource of 827,000 ounces of gold. So what are these guys onto? They have been making a correlation between the soil chemistry and the mineralization below. According to this: -The San Jose deposit (high grade breccia zone) may extend an additional 300m to the north. -There is a newly also discovered a 'west zone' which appears to have a minimum length of 800m and a width of 100-300m. -There is another anomoly 400m in length, north and on strike with the east zone. -Another anomoly is located to the north contact of the main porphyry. -In total, at least four new distinct and significant untested anomalous areas have emerged over a strike length of 5 kilometers, three of which remain open at the borders of the current grid (the current grid covers only 1/4 of the property).
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