Mr. Bill Fisher of Globestar reports
GLOBESTAR AND EVERTON COMMENCE DRILLING ON TRINIDAD SOUTH GOLD PROJECT, BAYAGUANA, DOMINICAN REPUBLIC
GlobeStar Mining and Everton Resources will start the 2,000-metre, first phase of drilling on the Bayaguana joint venture in the Dominican Republic. Drilling is due to start this week and will focus on the Trinidad South gold-in-soil anomaly covering an area of 2.5 kilometres by 1.2 kilometres.
Trinidad South is the largest and most significant known hydrothermal sulphidation system in the Dominican Republic, outside the giant Pueblo Viejo mine. The target has been explored by detailed geological mapping, induced polarization (IP) geophysics, extensive soil sampling grids and recent trenching (see news in Stockwatch Sept. 15, 2003.) The trenching above strong IP conductors, confirmed the presence of significant gold mineralization, coupled with anomalous gold results with single or multiple zones up to 33 metres in width.
The Trinidad South target area exhibits similar geology and surface characteristics to the Pueblo Viejo mine, which contains more than 16 million ounces of gold resources (reference: Placer Dome's 2003 exploration brochure). That mine is located 75 kilometres west of Trinidad in the same Los Ranchos formation, a volcanic sequence containing a series of highly mineralized volcanic centres, where precious and base metals have been deposited. Another volcanic centre in the Bayaguana joint venture underlies the Dona Amanda resource, containing 45.5 million tonnes grading 0.45 per cent copper and 0.22 gram per tonne gold (Chenard, 2002).
Extensive geological investigations have been carried out over the 23-kilometre strike length of the property. Two of the multiple mineralizations identified on the property are Dona Loretta (hole CC-07: 2.03 per cent Cu and 0.3 gram per tonne gold over 24.14 metres) and Trinidad North, where copper and gold in soil anomalies overlie IP conductors. All these targets will be investigated as part of the continuing aggressive development program in 2004, which will include substantial drilling. Everton has an option agreement with GlobeStar, the project operator, to earn a 50-per-cent interest in the Bayaguana project with the expenditure of $1.5-million (U.S.) over two years. Everton must spend an additional $500,000 (U.S.) before GlobeStar is required to finance its share of exploration expenditures. The companies also have a second joint venture, the Cuance group, where Everton can earn 50 per cent by expending $1.l5-million (U.S.) over three years and a further 20 per cent by taking the project to the feasibility stage.