Marcus Johnson, President of Geneva Resources, Inc. ("the Company") (BULLETIN BOARD: GVRS) and Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias"), report they have launched next-stage trenching on the Vilcoro Gold Property (the "Property") located in north-central Peru. The trenching will be carried out in order to establish specific targets for an upcoming drill program. Geneva has an option to earn a 66% interest in the Property from St. Elias.
Chief Geologist on the project, John Brophy, together with exploration crews, have carried out the reconnaissance and follow-up work in order to collect gold-in-soil anomalous samples across the central portion of the Vilcoro property. From the total of approximately 1,000 samples collected, three trends have emerged which warrant trenching.
A detailed trenching program on the Main Trend, South Trend and newly identified trend will begin immediately, with samples submitted to ALS Laboratory, Peru for analysis. IP/Resistivity geophysical surveys are also planned. The geologic team and management will use the additional data in determining the most strategic pattern for upcoming drill targets on a planned drill program slated to begin in the first quarter of 2008.
The Vilcoro Gold Property comprises 1,600 hectares and lies along the same geological belt of Tertiary rocks that hosts many multi-million-ounce deposits in northern Peru such as Newmont's Yanacocha Mine (+40 million oz gold) and Barrick's Pierina deposit (8 million oz. gold). The Property is favorably located adjacent to the claim block that covers the Lagunas Norte mine (+9 million oz gold) recently put into production by Barrick Gold in the Alto Chicama mining district of central Peru.
Geneva Resources, Inc. is a mineral exploration company participating in known mineral producing regions. The Company is focused on the exploration and advancement of well-defined gold, copper and mineral prospects. Geneva Resources' current exploration initiatives include Central Peru; Nigeria, Africa; Saskatchewan, Canada and Panama.
Publication: PR Newswire
Provider: PR Newswire
Date: October 6, 2007
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