Longview Viewfinder TSX-V: OTL 6 Muguk Mine Historically, Muguk was South Korea?s largest gold producer, with recorded production of 8.15 tonnes of gold mined between 1934 and 1972. From 1987 to 1998 production rates averaged 200 tonnes per day from 1987 to 1998, all from the No. 2 vein. The previous explorers identified more than 20 separate sub parallel vein systems, with at least six individual vein systems traceable over 1.3-2.2 kilometre strike lengths. Individual veins are 0.1 to 2.0 metres wide and are hosted in Cretaceous granite. Individual shoots within the No.2 vein have been exploited down to 750 metres depth, with mill recoveries historically averaging 95.7%. Mineralization at Muguk is considered to be a low sulphidation epithermal system, comprising grey chalcedonic banded veins and stockworks. Higher gold grades are associated with electrum-bearing sulphide bands on the margins of these veins. The Muguk deposit contains significant historical gold and silver resources. In 1998, Muguk was reported by KORES (Korea Engineering Co.) to contain a measured resource of 332,712 oz of gold and 1,915,962 oz of silver from 713,610 tonnes grading 14.5 g/t gold and 83.5 g/t silver just prior to mine closure. An additional inferred resource was reported of 283,508 oz of gold and 1,408,472 oz of silver from 705,370 tonnes grading 12.5 g/t Au and 62.1 g/t Ag. The Company proposes to evaluate the potential at Muguk to establish a high grade Au-Ag mine or a bulk tonnage low grade Au-Ag mine exploitable by open pit. If established, a central milling complex at Muguk could potentially service additional high grade resources identified in the surrounding region Gasado Mine Gasado is an epithermal gold-silver deposit held under Mining Title on Gasado Island, five kilometres off the south-west coast of South Korea. Gasado is considered to be a high level, low sulphidation epithermal system developed over the seven kilometres long by three kilometres wide island. Historical exploration by the previous operator indicated the existence of robust gold and silver mineralization 4 to 7 metres wide. Individual vein structures can be traced over up to 2.5 kilometre strike lengths, with nine separate mineralised vein systems identified. The vein systems are hosted within Cretaceous acid volcanic rocks.
m.f.g.
|