CuOro eyeing July start for drilling program at Barranco de Loba gold project

Tuesday, March 6, 2012

Vancouver-based CuOro Resources (TSX-V: CUA) could launch a 3,000m drilling program at the Barranco de Loba gold project in Colombia's Bolívar department by July, technical manager Andy Pystynen told BNamericas on the sidelines of the 2012 PDAC convention in Toronto.

"I'll be at Barranco de Loba in April for sure to start doing some geophysics. Once the team does some mapping and we have good surface targets, we'll take it from there and hopefully have some drill targets by June or July," he said.

CuOro will have to hire another rig for the campaign as the four the company has contracted are being used to complete a 25,000m program on the Santa Elena copper-gold project in Antioquia department.

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Despite rig availability being an issue for many companies in the sector, Pystynen said CuOro has not experienced any issues.

"Actually, when we've asked for the rigs, we've usually gotten them within a week," he said.

Although Pystynen could not provide an exact figure for the cost of the two campaigns, he said the firm does have Cdn$18mn (same in US$) in the bank, and added: "Our program's easily sustainable for 2-3 years."