BSG bolnisi gold nl


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    Palmarejo resource imminent

    Rebecca Keenan

    Wednesday, July 07, 2004
    BOLNISI Gold has reported more positive results from its Palmarejo gold and silver project in Mexico and will announce a first pass resource for the project in the next few days.

    RC drilling on the northern part of the tenement has returned best intercepts including 6.1m grading 4.1 grams per tonne gold and 676gpt silver from 185m; 10.7m at 1.9gpt gold and 347 silver; and, 9.2m at 2.6gpt gold and 288gpt silver from 129m.

    Director Peter Nightingale couldn't comment on the size of the imminent resource but said it would be a seven figure number.

    Managing director Norm Seckold had previously said Bolnisi would like at least one million ounces of gold equivalent at the project.

    Nightingale told the challenge for the company was to determine when to move into production. Development of the project could begin within 18 months.

    Nightingale was also coy on the cost of the project, but said it would be relatively modest.

    "We have built 7-10 mines around the world and we do have a really good idea of how much this will cost."

    The company is awaiting results from a recently completed diamond drilling program and will take a second diamond core rig on site this month.

    Bolnisi recently added to its ground position at Palmarejo, acquiring the La Buena tenements.

    Bolnisi was trading unchanged at 26c on the ASX.

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