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Highlights of 2,100m in eight diamond drill holes at the 876km2 property's Monte Carmelo gold-silver-copper project included 29.5m of 0.58g/t gold, 4.9g/t silver and 0.22% copper, the company said. Work has begun on a 2,500m, 12-15 drill hole program at the property's Santa María gold-silver project, Calibre added.
The property's 2.5Mt/y Posse project is now expected to produce 112,000oz/y gold over eight years at all-in sustaining costs of US$627/oz, the company said in a statement. Posse has proven and probable reserves of 19Mt of 1.63g/t gold containing 997,536oz, the company said.
Three drill rigs are currently operating at the property's Alpala Central, Alpala Southeast and Hematite Hill targets, with a fourth in transit and two more rigs being assembled at HP Drilling Workshops in Cuenca, according to a statement. Work is also scheduled to start on a 3-D induced polarization study, Cornerstone said.