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Amarillo hopes the study will generate additional NPV at the project. "This study marks the first step in a series of initiatives that we are planning for Mara Rosa including a feasibility study leading up to the application for the installation permit (LI)," CEO Mike Mutchler said in a statement.
The property's 2.5Mt/y Posse project is expected to produce 112,000oz/y gold over eight years at all-in sustaining costs of US$627/oz, the company said earlier. Posse has proven and probable reserves of 19Mt of 1.63g/t gold containing 997,536oz.
Highlights from five holes from the continued underground drill program targeting the newly discovered sulfide zone at the property graded up to 502g/t silver and 2.14% copper over 4m, according to a statement. Silver Bull diamond drilled 1,086m in 25 holes at the property last year and awaits further results from the program over the next month.
Drilling at the property intersected Bonanza gold grades and averages 20.55m at 70.87g/t gold and 29g/t silver, the company said.
Continental said it is on track with its 137,000m drill program for 2018 and presently has nine diamond drill rigs in operation with additional rigs scheduled to start drilling over the next few weeks.