Significant exploration results from AngloGold Ashanti

10 May 2008 | 04:46 Code : 17307 Geoscience events
AngloGold Ashanti has completed an initial JORC-compliant resource estimate for...

  AngloGold Ashanti has completed an initial JORC-compliant resource estimate for its La Colosa deposit in Colombia.La Colosa is the second significant greenfields discovery in Colombia and was discovered by AngloGold Ashanti’s Colombian greenfields exploration team during 2006. The Project is 100 percent owned by AngloGold Ashanti and is located 150km west of Colombia’s capital city, Bogota, in the department of Tolima. Since its discovery, exploration drilling at La Colosa has rapidly defined ‘porphyry style’ mineralisation at a grade > 0.3 g/t Au extending over a strike length in excess of 1,500m and a width of 600m. Additional upside potential, which is considered material, remains untested both along strike to the north and south as well as to the east of the drilled portion of the deposit and regionally where at least three quality targets require follow-up. A conceptual economic study was completed during the last quarter and, on this basis, AngloGold Ashanti has defined a JORC-compliant Mineral Resource. The Inferred Mineral Resource of 12.9Moz is defined at a gold price of $1000/oz. The Mineral Resource is constrained within an optimised pit shell at gold prices of $700/oz and $800/oz. Drilling at La Colosa is currently suspended pending the issuance of an environmental permit, which is expected to be finalised within the next few months. Commenting on the discovery, AngloGold Ashanti’s CEO Mark Cutifani said the company had been extremely pleased with exploration results in Colombia. “La Colosa represents a major greenfields find, with further upside to increase its resource potential. “Together with Gramalote, this discovery puts us in a strong position to benefit from our land holdings in Colombia and to continue building on the gold producing fundamentals in Colombia that make these such exciting projects,” Mr Cutifani said.

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