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GOLD EXPLORATION: Goldcorp updates plans

VANCOUVER — Having spent $110 million on various exploration projects this year, Goldcorp experienced su...



VANCOUVER — Having spent $110 million on various exploration projects this year, Goldcorp experienced success in both North and South America. Here are some highlights provided by the company.

 

The Red Lake High Grade zone continues at depth. Several assay intervals in excess of 60 g/t in the deep High Grade zone support the strong potential for gold resource to reserve conversion between the 46 and 50 levels, as well as for new gold resources below the 50 level. A new and growing area of high-grade gold, called the Far East zone, has also been identified up-plunge from the High Grade zone. In the under-explored Party Wall area (R Zone) between the Campbell and Red Lake mines, strong results from the deepest drilling will direct an aggressive exploration campaign in 2010.

 

New gold discoveries have been made at Porcupine’s Hoyle Pond. Ore-grade gold intercepts in the newly-discovered TVZ zone situated laterally from the Hoyle Pond underground are showing continuity over a large vertical distance. Another new lateral zone, the North Mafic, has also been discovered, with narrow intercepts of high-grade gold. In-fill drilling in the VAZ zone at Hoyle Pond continues to exceed expectations, indicating significant additional depth potential consistent with historic underground gold mines in the prolific Timmins gold district, according to Goldcorp.

 

Grades at Musselwhite are improving at depth. Strong results in the C and D blocks of the core PQ Deeps underground underscore the potential for overall grade increases as the orebody continues downward.

 

The Eleonore resource continues to improve. In-fill drilling shows growing potential ahead of pre-feasibility study completion by year-end. Preparations are underway for the sinking an exploration shaft.

 

More upside potential at Penasquito has been outlined. At the Noche Buena deposit north of the Penasquito mine, in-fill drilling is expected to result in an upgrade of the gold resource at this key satellite project. In addition, high-grade intercepts in the deeper sulphides demonstrate the potential for a sulphide resource beneath Noche Buena’s oxide cap. The potential integration of this project with the Canplats acquisition will be evaluated following completion of the transaction, expected in January 2010. At Penasquito, a drill test program is now underway to confirm the current high-grade manto-skarn underground model.

 

Another high-grade vein has been identified at Marlin underground. A fourth high-grade intercept has extended a gold and silver vein in Marlin’s West Vero area. Also in Guatemala, in-fill drilling at the Escobal silver discovery is expected to significantly increase the existing resource.

 

Reserve additions are likely at Los Filos. Drilling has extended the Bermejal pit to the south, and results also indicate the emergence of an additional Los Filos-style deposit in the 4P area.

 

Additional details are available at www.Goldcorp.com.