From: TheSlowLane 10/4/2005 4:14:56 PM
Update for Chesapeakers...
Randy sez:
Crew has been drilling a hole a week and were drilling up until this last weekend. They are taking a 12-day hiatus and then drilling will resume (with a new crew). They will be drilling Gitana right up until Christmas.
It's been a horribly wet rainy season. They are getting hammered with rain and that is making everything more difficult logistically. This has slowed everything down, but not halted it. As they are drilling on the sides of hills and mountains, you can imagine what heavy rain does to interfere there.
The last couple of holes from this set (of 9) are being logged and will be off to the labs after that. Now looking like early November for results. All of the holes will be released at the same time. I asked if the cores were consistent with the last set of holes and was told that they are. Should not be any nasty surprises there.
They are still several hundred meters from the suspected bonanza zone (the honey pot), so it will be next year before they get to drill there. In the mean time, they have been doing lots of geo work and it is correlating with the drilling and logging so they are coming up with more targets to drill based on that work. LG has always been somewhat tricky due to its surface expression, but it sounds like they are getting to know her better by now.
Work on Pena Blanca continues to advance that prospect. It is a big, big target that they should be drilling by Q1. It is spread over at least two square kilometers of alteration and low-grade mineralization. They will likely add a second drill to do this work so they can keep the drill working La Gitana without interruption.
On the JV side...it has been impossible for anyone to come in and look at the properties due to the weather. By November, that will no longer be an issue. One company will be coming for sure, another one is likely. Pretty sure we will see at least one JV by the end of the year.
Geo work on La Calavera continues. This is the last step to getting the property drill ready and it will be done before Christmas.
That's about it. Oh yeah, the company will have a booth at PDAC.
Stay tuned...
