from SI:
From: TheSlowLane Mark as Last Read / Respond to of 18434
Here are a few things I jotted down when I called Randy today to see what is the latest with Chesapeake:
First holes should be drilled in November
The access road is about ½ done, should be complete by the end of November
Drill rig and chopper should be ready to go in two weeks
Heavy equipment left Canada three weeks ago and should be on site by the 2nd or 3rd week of November. This will be used to do trenching on the La Gitana vein and construction of the drill pads for the lower elevation drill sites.
No assays are expected until mid to late January, they will be assaying the first round of drill cores in a whole batch.
They have found a really good extension to Cerro di Oro to the south. They have increased their land position substantially over the last few weeks. What they are finding on surface is very low grade but very widely disseminated. They think the good stuff is below the surface.
They are working to acquire a couple more projects. Both are very interesting, big, disseminated systems. One is being finalized now, the other will hopefully be nailed down before Christmas.
They are starting to do some work on some of the other pieces of land they have staked over the past couple of years.
They are grooming two properties that will be JV’ed out in the first quarter. Probably will be done in deals that are structured similarly to Dasher but these properties will not be at the drill-ready stage. Back-in rights will be maintained to insure that Chesapeake can come back in if these things get bigger than they currently appear. Both are really good targets but at this stage look to be less than 1MM ounces.
So the the milestones for the next little while are…
- Drilling La Gitana
- Drilling La Juliana (Dasher)
- Get four properties to the drill-ready stage, to be drilled by CKG
- Get four other properties ready for others to drill
- Calavera has been mapped and sampled and all that’s left is the geophysics, which will be done in house.
- From what they currently know, they have never had anything as big as La Gitana to drill. Just Cerro di Oro alone looks to be bigger than Marlin or El Sauzal.
